复试金融专业英语(传世版)

复旦大学——复试金融专业英语修世版）

1.Howtodefinetheaggregatepricelevel?如何衡量价格指数？

1'hreemeasuresoftheaggregatepricelevelarecommonlyencounteredin

economicdata.

(1)ThefirstistheGDPdeflator(GDP平减指数)，whichisdefinedas

nominalGDPdividedbyrealGDP.

(2)AnotherpopularmeasureoftheaggregatepricelevelistheProducer

PriceIndex(生产者价格指数)whichisameasureofthecostofa

basketofgoodsandservicesboughtbyfirms.

(3)Themeasureoftheaggregatepricelevelthatismostfrequently

reportedinthepressistheConsumerPriceIndex(消费者价格指数),

whichismeasuredbypricingabasketofgoodsandservicesboughtbya

typicalurbanhousehold.

2.Whafsthedisadvantageandadvantageofholdingequityrather

thandebt?持有股权的优劣？

(1)Themaindisadvantageofowningacorporation'sequitiesratherthan

itsdebtisthatanequityholderisaresidualclaimant(剩余求偿权),that

is,thecorporationmustpayallitsdebtholdersbeforeitpaysitsequity

holders.

(2)Themainadvantageofholdingequitiesisthatequityholdersbenefit

directlyfromanyincreasesinthecorporation'sprofitabilityorassetvalue

becauseequitiesconferownershiprightsontheequityholders.Debt

holdersdonotshareinthisbenefit,becausetheirpaymentsarefixed.

3.Whafsthedifferencebetweenprimaryandsecondarymarket?一

级市场与二级市场的区别？

(1)Aprimarymarketisafinancialmarketinwhichnewissuesofa

security,suchasabondorastock,aresoldtoinitialbuyersbythe

corporationorgovernmentagencyborrowingthefunds.

(2)Asecondarymarketisafinancialmarketinwhichsecuritiesthathave

beenpreviouslyissuedcanberesold.

4.WhafsthedifferencebetweenforeignbondandEurobond?外国

债券和欧洲债券的区别？

(1)Foreignbondsaresoldinaforeigncountryandaredenominatedin

thatcountry'scurrency.Forexample,abondissuedbyaChinese

companydenominatedinU.S.dollarssoldinNewYork.

(2)Eurobondisabonddenominatedinacurrencyotherthanthatofthe

countryinwhichitissold.Forexample,abonddenominatedinU.S.

dollarssoldinChina.

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5.What飞assettransformationanddiversification?资产转换和分散

化

(1)Financialintermediariescreateandsellassetswithriskcharacteristics

thatpeoplearecomfortablewith,andtheintermediariesthenusethe

fundstheyacquirebysellingtheseassetstopurchaseotherassetsthat

mayhavefarmorerisk.Thisprocessofrisksharingisreferredasasset

transformation,becauseinasense,riskyassetsareturnedintosafer

assetsforinvestors.

(2)Diversificationentailsinvestinginaportfolioofassetswhosereturns

donotalwaysmovetogetherwiththeresultthatoverallriskislowerthan

forindividualassets.Italsorefersto“Youshouldn'tputallyoureggsin

onebaskef.Diversificationcaneliminatefirm-specificrisk—the

uncertaintyassociatedwiththespecificcompanies.Butdiversification

cannoteliminatemarketrisk——theuncertaintyassociatedwiththeentire

economy,whichaffectsallcompaniestradedonthestockmarket.For

example,whentheeconomygoesintoarecession,mostcompanies

experiencefallingsales,profitandlowstockreturns.Diversification

reducestheriskofholdingstocks,butitdoesnoteliminateit.

6.Explainthefollowingconcepts:asymmetricinformation,adverse

selectionandmoralhazard.

(1)Asymmetricinformation(信息不对称)referstothatonepartyoften

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(2)Thesecondroleofmoneyistoprovideaunitofaccount(价值尺度)，

thatis,itisusedtomeasurevalueofgoodsandservicesintheeconomy.

(3)Moneyalsofunctionsasastoreofvalue(储藏手段).Astoreofvalue

isusedtosavepurchasingpowerfromthetimeincomeisreceiveduntil

thetimeitisspent.Thisfunctionofmoneyisuseful,becausemostofus

donotwanttospendourincomeimmediatelyuponreceivingit,but

ratherprefertowaituntilwehavethetimeorthedesiretoshop.

8.WhafstheFisherequationandFishereffect?费雪等式与费雪效

应？

(1)TheFisherequationstatesthatthenominalinterestrateequalsthe

realinterestrateplustheexpectedrateofinflation.Theequationtellsus

thatallelseequal,ariseinacountry'sexpectedinflationratewill

eventuallycauseanequalriseinthenominalinterestrate.Similarly,afall

intheexpectedinflationratewilleventuallycauseafallinthenominal

interestrate.

(2)Thislong-runrelationshipbetweeninflationandinterestratesiscalled

theFishereffect.TheFishereffectimplies,forexample,thatifU.S.

inflationweretorisepermanentlyfromaconstantlevelof5percentper

yeartoaconstantlevelof1()percentperyear,dollarinterestrateswould

eventuallycatchupwiththehigherinflation,risingby5percentage

pointsperyearfromtheirinitiallevel.Thesechangeswouldleavethe

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realrateofreturnondollarassetsunchanged.TheFishereffectis

thereforeanotherexampleofthegeneralideathatinthelongrun,purely

monetarydevelopmentsshouldhavenoeffectonaneconomy'sreal

variables.

9.Howtoexplainthenegativerelationbetweenthequantityof

moneydemandedandtheinterestrate?

Wecanexplainthatthequantityofmoneydemandedandtheinterestrate

shouldbenegativelyrelatedbyusingtheconceptofopportunitycost

（机会成本），theamountofrevenuesacrificedbytakingonecourseof

actionratherthananother.Astheinterestrateonbondsrises,the

opportunitycostofholdingmoneyrises,thusmoneyislessdesirableand

thequantityofmoneydemandedmustfall.

10.RiskPremium风险溢价

Thespreadbetweentheinterestratesonbondswithdefaultriskand

default-freebonds,bothofthesamematurity,calledtheriskpremium,

indicateshowmuchadditionalinterestpeoplemustearntobewillingto

holdthatriskybond.

11.Brieflyintroduceexpectationstheory,segmentedmarketstheory

andliquiditypremiumtheory.

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（1）Theexpectationstheory（预期假说）ofthetermstructurestatesthe

followingproposition:theinterestrateonalong-termbondwillequalan

averageoftheshort-terminterestratesthatpeopleexpecttooccurover

thelifeofthelong-termbond.

（2）Thesegmentedmarketstheory（市场分割假说）ofthetermstructure

seesmarketsfordifferent-maturitybondsascompletelyseparateand

segmented.Theinterestrateforeachbondwithadifferentmaturityis

thendeterminedbythesupplyofanddemandforthatbond,withno

effectsfromexpectedreturnsonotherbondswithothermaturities.

（3）Theliquiditypremiumtheory（流动性溢价假说）oftheterm

structurestatesthattheinterestrateonalong-termbondwillequalan

averageofshort-terminterestratesexpectedtooccuroverthelifeofthe

long-termbondplusaliquiditypremium.Itisalsocalledpreferred

habitattheory（偏好停留假说）.

12.What'sthedifferencebetweenadaptiveexpectationandrational

expectation?

（1）Adaptiveexpectation（适应性预期）statesthatexpectationsform

frompastexperienceonlyandchangesinexpectationswilloccurslowly

overtimeaspastdatachange.Forexample,expectationsofinflationis

typicallyviewedasbeinganaverageofpastinflationrates.Soifinflation

hadformerlybeensteadyata5%rate,expectationsoffutureinflation

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wouldbe5%also.

（2）Rationalexpectation（理性预期）canbestatedasfollows:

expectationswillbeidenticaltooptimalforecasts（thebestguessofthe

future）usingallavailableinformation.

13.EfficientMarketHypothesis有效市场假说

Theefficientmarkethypothesisstatesthatcurrentpricesinafinancial

marketwillbesetsothattheoptimalforecastofasecurity'sreturnusing

allavailableinformationequalsthesecurity'sequilibriumreturn,because

inanefficientmarketallunexploitedprofitopportunitieswillbe

eliminatedbyarbitrager（套利者）.

14."LemonsProblem”次品问题

Aparticularaspectofthewaytheadverseselectionprobleminterferes

withtheefficientfunctioningofamarketiscalled“lemonsproblem^^.

Wecanusetheused-carmarkettoillustratethisconcept.Potential

buyersofusedcarsarefrequentlyunabletoassessthequalityofthecar,

thatis,theycan'ttellwhetheraparticularusedcarisagoodcarora

lemon（次品）.Thepricethatabuyerpaysmustthereforereflectthe

averagequalityofthecarsinthemarket,somewherebetweenthelow

valueofalemonandthehighvalueofagoodcar.Theownerofaused

car,bycontrast,ismorelikelytoknowwhetherthecarisagoodcarora

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lemon.Ifthecarisalemon,theownerismorethanhappytosellitatthe

pricethebuyeriswillingtopay,which,beingsomewherebetweenthe

valueofalemonandagoodcar,isgreaterthanthelemonsvalue.

However,ifthecarisagoodcar,theownerknowsthatthecaris

undervaluedatthepricethebuyeriswillingtopay,andsotheownermay

notwanttosellit.Asaresultofthisadverseselection,fewgoodused

carswillcometothemarket.Becausetheaveragequalityofausedcar

availableinthemarketwillbelowandbecausefewpeoplewanttobuya

lemon,therewillbefewsales.Theused-carmarketwillfunctionpoorly

orevendisappear.

15.Principal-agentProblem委托•代理问题

Principal-agentproblemreferstothatthemanagersincontrol(the

agents)mayactintheirowninterestratherthanintheinterestofthe

stockholder(theprincipals)becausethemanagershavelessincentiveto

maximizeprofitsthanthestockholderdo.Theprincipal-agentproblem,

whichisanexampleofmoralhazard,arisesonlybecauseamanagerhas

moreinformationabouthisactivitiesthanthestockholderdoes.So,there

isasymmetricinformation.

16.Whafs66irrationalexuberance^proposedbyAlanGreenspan?

非理性繁荣

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Irrationalexuberancereferstoaphenomenonthatassetprices,inthe

stockmarketandrealestate,aredrivenwellabovetheirfundamental

economicvaluesbyinvestorpsychology.Theresultisanasset-price

bubble(资产价格泡沫)，suchasthetechstockmarketbubbleofthelate

1990sortherecenthousingpricebubbleinsubprimecrisis.

17.Howtosolveasymmetricinformationproblems?如何解决信息

不对称的问题？

Asymmciric

InfonnationProblemToolstoSolveIt

AdversesclcaionPrivateproductionandsaleofinformation

Governmentrcguhiiontoincreaseinformation

Rnancialintcrmcduiion

G)llatcralandnetworth

MoralhazardinequityconiraasProductionofinformation:monnonng

(principal-agcmproblem)Governmentrcgulauonioincreaseinformalion

Financialiniermediaiion

Debicontracts

MoralhazardindebtconiraasG)llatcralandnetworth

Moniioringandcnforccmcniofrcsriciivccovenants

Financialiniermediaiion

18.SecuritizationandSubprimemortgage资产证券化与次级抵押贷

款

(l)Subprimemortgagesaremortgagesforborrowerswith

less-than-stellarcreditrecords.

(2)Securitizationistheprocessoftransformingotherwiseilliquid

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financialassets(suchasresidentialmortgages,autoloans,andcreditcard

receivables),whichhavetypicallybeenthemainbusinessofbanking

institutions,intomarketablecapitalmarketsecurities.

19.Whafstime-inconsistencyproblem?时间不一致问题

Thetime-inconsistencyproblemissomethingwedealwithcontinually

ineverydaylife.Weoftenhaveaplanthatweknowwillproduceagood

outcomeinthelongrun,butwhentomorrowcomes,wejustcan'thelp

ourselvesandwedenyourplanbecausedoingsohasshort-rungains.In

otherwords,wefindourselvesunabletoconsistentlyfollowagoodplan

overtime,andthegoodplanissaidtobetime-inconsistentandwillsoon

beabandoned.

20.PoliticalBusinessCycle政治经济周期

Politicalbusinesscycleisaprocessthatcanbeillustratedinthe

followingexample.Justbeforeanelection,expansionarypoliciesare

pursuedtolowerunemploymentandinterestrates.Aftertheelection,the

badeffectsofthesepolicies,thatishighinflationandhighinterestrates,

comehometoroost,requiringcontractionarypoliciesthatpoliticians

hopethepublicwillforgetbeforethenextelection.

21.Whafsmoneymultiplierandwhatarethefactorsthataffectit?

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货币乘数及其影响因素？

(1)Themoneymultiplier,denotedbym,tellsushowmuchthemoney

supplychangesforagivenchangeinthemonetarybase.The

relationshipbetweenthemoneysupply,themoneymultiplierandthe

monetarybaseisdescribedbythefollowingequation:M=mxMB

(2)Themoneymultiplierisafunctionofthecurrencyratiosetby

depositorc,theexcessreservesratiosetbybankse,andtherequired

reserveratiosetbytheFedr.Themoneymultipliermisthus

1+c

m=-----------------

r4-f4-c

22.Whatarethetoolsofmonetarypolicy?货币政策工具

Therearethreetoolsofmonetarypolicythatcanbeconductedbythe

centralbank,suchasopenmarketoperations,discountlendingand

reserverequirements.

(l)Openmarketoperations(公开市场操作)arethemostimportant

monetarypolicytool,becausetheyaretheprimarydeterminantsof

changesininterestratesandthemonetarybase,themainsourceof

fluctuationsinthemoneysupply.Openmarketpurchasesexpand

reservesandthemonetarybase,therebyincreasingthemoneysupplyand

loweringshort-terminterestrates.Openmarketsalesshrinkreserves

andthemonetarybase,decreasingthemoneysupplyandraising

short-terminterestrates.

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Openmarketoperationshavefouradvantagesovertheothertoolsof

monetarypolicy：①Openmarketoperationsoccurattheinitiativeofthe

Fed,whichhascompletecontrolovertheirvolume.②Openmarke

operationsareflexibleandprecise,andtheycanbeusedtoanyextent.

©Openmarketoperationsareeasilyreversed.©Openmarketoperations

canbeimplementedquickly,sincetheyinvolvenoadministrativedelays.

（2）ThefacilityatwhichbankscanborrowreservesfromtheFediscalled

thediscountwindow（贴现窗口）.Thefacilityisintendedtobeabackup

sourceofliquidityforbanksduringfinancialcrisis.

ThemostimportantadvantageofdiscountpolicyisthattheFedcanuse

ittoperformitsroleoflenderoflastresort（最后贷款人）.The

disadvantageofdiscountpolicyisthatthedecisionstotakeoutdiscount

loansaremadebybanksandarethereforenotcompletelycontrolledby

theFed.

（3）Changesinreserverequirements（法定存款准备金）affectthe

moneysupplybycausingthemoneysupplymultipliertochange.Arise

inreserverequirementsreducestheamountofdepositsthatcanbe

supportedbyagivenlevelofthemonetarybaseandwillleadtoa

contractionofthemoneysupply.Ariseinreserverequirementsalso

increasesthedemandforreservesandraisesthefederalfundsrate.

Conversely,adeclineinreserverequirementsleadstoanexpansionofthe

moneysupplyandafallinthefederalfundsrate.

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Reserverequirementshaveatleastthreedisadvantages:①Owingto

financialinnovation,reserverequirementsarenolongerbindingformost

banks,sothistoolismuchlesseffectivethanitoncewas.②Raisingthe

requirementscancauseimmediateliquidityproblemsforbankswhere

reserverequirementsarebinding.③Continually

requirementswouldalsocreatemoreuncertaintyforbanksandmake

theirliquiditymanagementmoredifficult.

23.LawofOnePriceandTheoryofPurchasingPowerParity一价定

理与购买力评价理论

(l)Thelawofonepricestatesthatiftwocountriesproduceanidentical

good,andtransportationcostsandtradebarriersareverylow,thepriceof

thegoodshouldbethesamethroughouttheworldnomatterwhich

countryproducesit.

(2)Thetheoryofpurchasingpowerparity(PPP)statesthatexchange

ratesbetweenanytwocurrencieswilladjusttoreflectchangesinthe

pricelevelsofthetwocountries.ThetheoryofPPPissimplyan

applicationofthelawofonepricetonationalpricelevelsratherthanto

individualprices.Thestatementthatexchangeratesequalrelativeprice

levelsissometimesreferredtoasabsolutePPP(绝对购买力平价).

RelativePPP(相对购买力平价)statesthatthepercentagechangeinthe

exchangeratebetweentwocurrenciesoveranyperiodequalsthe

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differencebetweenthepercentagechangesinnationalpricelevels.

24.RealExchangeRate实际汇率

Therealexchangeratereferstotherateatwhichdomesticgoodscanbe

exchangedforforeigngoods.Ineffect,itisthepriceofdomesticgoods

relativetothepriceofforeigngoodsdenominatedinthedomestic

currency.Forexample,ifabasketofgoodsinNewYorkcosts$50,while

thecostofthesamebasketofgoodsinTokyocosts$75becauseitcosts

750()yenwhiletheexchangerateisat10()yenperdollar,thenthereal

exchangerateis0.66(=$50/$75).Therealexchangerateisbelow1,

indicatingthatitischeapertobuythebasketofgoodsintheUnited

StatesthaninJapan.

25.Whythetheoryofpurchasingpowerparitycannotfullyexplain

exchangerates?购买力平价的缺陷

(1)Contrarytotheassumptionofthelawofoneprice,transportcostsand

restrictionsontradecertainlydoexist.Thesetradebarriersmaybehigh

enoughtopreventsomegoodsfrombeingtradedbetweencountries.

(2)Monopolisticpracticesingoodsmarketsmayinteractwithtransport

costsandothertradebarrierstoweakenfurtherthelinkbetweenthe

pricesofsimilargoodssoldindifferentcountries.

(3)Becausetheinflationdatareportedindifferentcountriesarebasedon

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differentcommoditybaskets,thereisnoreasonforexchangeratechanges

tooffsetofficialmeasuresofinflationdifferences,evenwhenthereareno

barrierstotradeandallproductsaretradable.

26.MonetaryNeutrality货币中性

Monetaryneutralitystatesthatinthelongrun,aone-timepercentage

riseinthemoneysupplyismatchedbythesameone-timepercentagerise

inthepricelevel,leavingunchangedtherealmoneysupplyandallother

realvariablessuchasrealinterestrates.

27.ExchangeRateOvershooting汇率超调

Thephenomenonthattheexchangeratefallsbymoreintheshortrun

thanitdoesinthelongrunwhenthemoneysupplyincreasesiscalled

exchangerateovershooting.Itcanhelpexplainwhyexchangerates

exhibitsomuchvolatility.

Exchangerateovershootingisadirectconsequenceoftheshort-run

rigidityofthepricelevel.Inahypotheticalworldwherethepricelevel

couldadjustimmediatelytoitsnew,long-runlevelafteramoneysupply

increase,theinterestratewouldnotfallbecausepriceswouldadjust

immediatelyandpreventtherealmoneysupplyfromrising.Thus,the

exchangeratewouldmaintainequilibriumsimplybyjumpingtoitsnew,

long-runlevelrightaway.

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28.InterestParityCondition利率平价条件

(1)Theuncoveredinterestparitycondition(非抛补利率平价)states

thatthedomesticinterestrateequalstheforeigninterestrateminusthe

expectedappreciationofthedomesticcurrency,orequivalently,the

domesticinterestrateequalstheforeigninterestrateplustheexpected

appreciationoftheforeigncurrency.Ifthedomesticinterestrateishigher

thantheforeigninterestrate,thereisapositiveexpectedappreciationof

theforeigncurrency,whichcompensatesforthelowerforeigninterest

rate.Thisconditioncanberewrittenas

产=/_5+]一耳

Ei

(2)Thecoveredinterestparitycondition(抛补利率平价)statesthat

theratesofreturnondollardepositsand“covered“foreigndepositsmust

bethesame.Supposeyouwanttobuyaeurodepositwithdollarsbut

wouldliketobecertainaboutthenumberofdollarsitwillbeworthatthe

endofayear.Youcanavoidexchangerateriskbybuyingaeurodeposit

and,atthesametime,sellingtheproceedsofyourinvestmentforward.

Wesayyouhave"covered“yourself,thatis,avoidedthepossibilityofan

unexpecteddepreciationoftheeuro.

29.UnsterilizedForeignExchangeInterventionandSterilized

ForeignExchangeIntervention

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（1）Aforeignexchangeinterventioninwhichacentralbankallowsthe

purchaseorsaleofdomesticcurrencytohaveaneffectonthemonetary

base,iscalledanunsterilizedforeignexchangeintervention（非冲销式

干预）.Anunsterilizedinterventioninwhichdomesticcurrencyissoldto

purchaseforeignassetsleadstoagainininternationalreserves,an

increaseinthemoneysupply,andadepreciationofthedomesticcurrency.

Anunsterilizedinterventioninwhichdomesticcurrencyispurchasedby

sellingforeignassetsleadstoadropininternationalreserves,adecrease

inthemoneysupply,andanappreciationofthedomesticcurrency.

（2）Aforeignexchangeinterventionwithanoffsettingopenmarket

operationthatleavesthemonetarybaseunchangediscalledasterilized

foreignexchangeintervention（冲销式干预）.Asterilizedintervention

leavesthemoneysupplyunchangedandsohasnodirectwayofaffecting

interestratesortheexpectedfutureexchangerate.

30.FixedExchangeRateRegime,FloatingExchangeRateRegime

andManagedFloatRegime

（1）Inafixedexchangerateregime（固定汇率制），thevalueofa

currencyispeggedrelativetothevalueofoneothercurrency,whichis

calledtheanchorcurrency（锚货币），sothattheexchangerateisfixed

intermsoftheanchorcurrency.

（2）Inafloatingexchangerateregime（浮动汇率制）,thevalueofa

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currencyisallowedtofluctuateagainstallothercurrencies.

(3)Whencountriesinterveneinforeignexchangemarketsinanattemptto

influencetheirexchangeratesbybuyingandsellingforeignassets,the

regimeisreferredtoasamanagedfloatingregime(管理浮动汇率制)

oradirtyfloating(肮脏浮动).

31.WhataretheadvantagesanddisadvantagesofGoldStandard?

金本位的利与弊？

(l)BeforeWorldWarI,theworldeconomyoperatedunderthegold

standard,afixedexchangerateregimeinwhichthecun*encyofmost

countrieswasconvertibledirectlyintogoldatfixedrates,soexchange

ratesbetweencurrencieswerealsofixed.

(2)Thefixedexchangeratesunderthegoldstandardhadtheimportant

advantageotencouragingworldtradebyeliminatingtheuncertaintythat

occurswhenexchangeratesfluctuate.

(3)Therearedisadvantagesofgoldstandardasfollows:①Adherenceto

thegoldstandardmeantthatacountryhadnocontroloveritsmonetary

policy,becauseitsmoneysupplywasdeterminedbygoldflowsbetween

countries.②Monetaryp

influencedbytheproductionofgoldandgolddiscoveries.

32.CurrencyBoardandDollarization货币局制度与美元化

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（l）Currencyboard（货币局制度）meansthatthedomesticcurrencyis

backed100%byaforeigncurrencyandinwhichthenote-issuing

authority,whetherthecentralbankorthegovernment,establishesafixed

exchangeratetothisforeigncurrencyandstandsreadytoexchange

domesticcurrencylortheforeigncurrencyatthisralewheneverthe

publicrequestsit.Acurrencyboardisjustavariantofafixed

exchange-ratetargetinwhichthecommitmenttothefixedexchangerate

isespeciallystrongbecausetheconductofmonetarypolicyisineffect

putonautopilot,andtakencompletelyoutofthehandsofthecentral

bankandthegovernment.

（2）Dollarization（美元化）meanstheadoptionofasoundcurrency,like

theU.S.dollar,asacountry'smoney.Indeed,dollarizationisjustanother

variantofafixedexchange-ratetargetwithanevenstrongercommitment

mechanismthanacurrencyboardprovides.Ihecommondisadvantageof

bothregimesisthatacountrythattiesitsexchangeratetoananchor

currencyofalargercountrylosescontrolofitsmonetarypolicy.

33.QuantityTheoryofMoney货币数量论

Thequantitytheoryofmoneystatesthatnominalincomeisdetermined

solelybymovementsinthequantityofmoney.Wecanderivethe

conclusionfromtheequationofexchange（交易方程式）：MV=PY.

Sincetheinstitutionalandtechnologicalfeaturesoftheeconomywould

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affectvelocityofmoney（货币流通速度）onlyslowlyovertime,so

velocityVwouldnormallybereasonablyconstantintheshortrun.

Becausetheclassicaleconomiststhoughtthatwagesandpriceswere

completelyflexible,theybelievedthatthelevelofaggregateoutputY

producedintheeconomyduringnormaltimeswouldremainatthe

full-employmentlevel,soYintheequationofexchangecouldalsobe

treatedasreasonablyconstantintheshortrun.

So,fortheclassicaleconomists,thequantitytheoryofmoneyprovided

anexplanationofmovementsinthepricelevel:movementsintheprice

levelresultsolelyfromchangesinthequantityofmoney.

34.LiquidityPreferenceTheory流动性偏好理论

TheliquiditypreferencetheoryofJohnMaynardKeynespointedoutthat

therearethreemotivesbehindthedemandformoney:thetransactions

motive,theprecautionarymotive,andthespeculativemotive.The

demandofmoneyfortransactionandprecautionarymotivesis

proportionaltoincome,whilethedemandofmoneyforspeculative

motiveisnegativelyrelatedtothelevelofinterestrate.Sothedemandfor

realmoneybalancesisafunctionofinterestrateandincomeasfollow

¥

P3

35.Friedman'sModernQuantityTheoryofMoney弗里德曼的现代

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货币数量论

Friedmanstatedthatthedemandformoneyshouldbeafunctionofthe

resourcesavailabletoindividuals(theirwealth)andtheexpectedreturns

onotherassetsrelativetotheexpectedreturnonmoney.Fromthis

reasoning,Friedmanexpressedhisformulationofthedemandformoney

asfollows:

*

=IQ,”。一GJ-J*一L)