宏观-theoryease变现速度本息受损程度

Money

SupplyLiquidity

（流动性）：the

ease

with

which

an

asset

can

beconverted

into

the

economy’s

medium

of

exchange.ease:

变现速度+本息受损的程度How

to

measure

money

supply?How

mu oney

we

have

depends

on

how

much

(or

howlittle)

liquidity

we

accept

for

a

money

form.Based

on

liquidity,

we

define

M0,

M1,

M2,

M3M0:

currency

in

circulation（流通中的货币）,coins

and

p r

moneyLiquidity

as

money

could

beincludesNOTE:

不包括银行等存款机构的库存现金和准备金base

money

orhigh-power

money(基础货币/高能货币）=M0+bank

reserve（In

U.S.) M1:

M0

+

demand

deposits

+

traveler’schecks

+

other

checkable

depositsHighly

liquid

(immedia y

available)我国：M1=M0+单位活期存款；其中单位活期存款包括企业和机关团体活期存款（In

U.S.)

M2:M1+saving

deposit+small

time

deposits+

Money

market

mutual

fund(

金）+a

few

minorcategories我国M2=M1+准货币;其中,准货币包括单位定期存款，个人存款和其它存款2001年6月起，央行将

公司客户保证金计入M2。自2011年10月起，M2已包括住房公积金中心存款和非存款类金融机构在存款类金融机构的存款。(In

U.S.) M3:

M2+large-denomination($100,000

ormore)

time

deposits

（大额定期存款）+Eurodollars+othersEurodollars:

U.S.

dollars

deposits

held

in

foreign

banks和其他资产

（如，国库我国：M3=M2+具有高流动性的券，银行承兑汇票，商业票据等）M0英国现金M1现金，私人部门活期存款，旅行支票M1的M1加上公共部门活期存款M2的M1加上定期存款、

基金M2现金加公共和私人部门存款M2欧元区M1加上定期存款，2年内到期存款M3M2加上大型

金，存款，回购协议，欧洲美元M3欧元区M2加上大型 金，回购协议，2年期到期的债券M3M2加上大额存单M4英国英国M0加上英国非银行的私人部门的英镑存款Q：does

your

Visa

or

Master

credit

Card

belong

toMoney?Q：does

your

Visa

or

Master

credit

Card

belong

toMoney?Credit

card

is

not

a

method

of

payment

but

a

method

ofdeferring

payment.BANKS

AND

THE

MONEY

SUPPLYDeposit

Reserves

存款准备金and

Deposit

Reserve

ratio:Deposit

Reserves:

deposits

that

banks

have

received

buthave

not

loaned

out.Deposit

Reserve

Ratio:

the

fraction

of

deposits

thatbanks

hold

as

reserves.Suppose

if

deposit

reserve

ratio

=

100%

,

will

bank

affectmoney

supply?Theneach

deposit

in

the

bank

reduces

currency

and

raisesdemand

deposits or

saving

deposits

by

exactly

the

sameamount,

leaving

the

money

supply,

M2,

unchanged.Therefore,

if

banks

hold

all

deposits

in

reserve,

banks

do

notinfluencethe

supply

of

money.In

a

fractional-reserve

banking

system,

banks

hold

afraction

of

the

money

deposited

as

reserves

and

lend

outthe

rest.Then

what

will

happen

to

money

supply?This

T-Account

shows

a

bankthat…accepts

deposits,keeps

a

portionas

reserves,and

lendsoutthe

rest.NOTE

that

When

a

bankmakes

a

loan

from

its

reserves,the

money

supply

increases.Moreover,

this

loan

is

generallydeposited

into

this

or

another

bank.National

BankAssets

LiabilitiesReserves$10.00Loans$90.00Deposits$100.00Total

Assets$100.00Total

Liabilities$100.00AssetsLiabilitiesNational

BankReserves$10.00Loans$90.00Deposits$100.00Total

Assets$100.00Total

Liabilities$100.00Second

National

BankAssets

LiabilitiesReserves$9.00Loans$81.00Deposits$90.00Total

Assets$90.00Total

Liabilities$90.00商业银行通过存、创造出来的货币称为存款货币oney

is

eventually

created

in

thisum

amount

of

money

we

couldQ:

Ideally,

How

mueconomy,

or,

theobtain?oney

is

eventually

created

in

thisum

amount

of

money

we

couldQ:

Ideally,

How

mueconomy,

or,

theobtain?The

deposit

reserve

ratio,

R,

matters，

suppose

we

have1￥

initially,

thenM

=

1

+

−

+

−

+

− +

⋯

+

−

=

1/RWith

a

reserve

requirement,

R

=

20%,

we

could

create

5times

of

the

originalmoney.Money

multiplier

（货币乘数）The

money

multiplier

is

the um

amount

of

money

thebanking

system

generates

with

each

dollarof

reserves.money

multiplier

=

1/R(Potential

money

multiplier)Notethat

base

money

only

take

a

small

proportion

of

money,most

money

is

created

by

the

commercial

banks.Excess

reserve

&

LeakageExcess

reserve（超额准备金）:reserves

in

excess

ofthose

legally

required.Leakage

(漏出):money

withdraws

the

banking

systemSuppose

the

rate

of

excess

reserve

is

e,

and

the

leakagerate

is

c,

then

the

adjusted

money

multiplier

will

be:1/(R+e+c)With

excess

reserve

and

leakage,

the

ability

of

moneycreation

by

commercial

banks

will

be

diminished.NOTE

that

the

central

bank’s

control of

the

money

supply

isnot

precise.The

Central

bank

must

wrestle

with

two

problems

that

arisedue

to

fractional-reserve

banking.The

Central

bank

does

not

control

the

amount

of

money

thathouseholds

choose

to

holdas

deposits

in

banks.The

Central

bank

does

not

control

the

amount

of

money

thatbankers

choose

to

lend.In

all,

Centralbank

does

not

have

much

control

on

money

multiplier.计算我国M0,M1和M2央行资产负债表http/diaochatongjisi/resource/cms/2017/10/2017101910330044765.htm注：非金融机构存款计入M2 (

货币资产负债表）其他存款性公司资产负债表http

/diaochatongjisi/resource/cms/2017/10/2017101910353731842.htmM0=货币–库存现金=96762.57-10163.96=86598.61其他存款性公司&其他金融性公司其他存款性公司：指的是除 以外的，主要进行吸收存款、

、办理（支票）转账结算等中介服务的存款性公司或准公司。主要包括商业银行（存款货币银行）、信用合作社以及专门把储蓄存款作为

来源的储蓄机构等。其他存款性公司只是存款性公司的一个组成部分，其他存款性公司与银行共同构成所谓的存款性公司。其他金融性公司：

指除 和其他