貨幣金融學(xué)（第十三版）課件 英文 第3章 貨幣是什么

TheEconomicsofMoney,Banking,andFinancialMarketsThirteenthEditionChapter3WhatIsMoney?Copyright?2022,2019,2016PearsonEducation,Inc.AllRightsReservedPreviewInthischapter,wedevelopprecisedefinitionsbyexploringthefunctionsofmoney,lookingatwhyandhowitpromoteseconomicefficiency,tracinghowitsformshaveevolvedovertime,andexamininghowmoneyiscurrentlymeasured.LearningObjectives3.1Describewhatmoneyis3.2Listandsummarizethefunctionsofmoney3.3Identifydifferenttypesofpaymentsystems3.4CompareandcontrasttheM1andM2moneysuppliesMeaningofMoney(1of2)Money(orthe“moneysupply”):anythingthatisgenerallyacceptedaspaymentforgoodsorservicesorintherepaymentofdebts.AbroaddefinitionMeaningofMoney(2of2)Money(astockconcept)isdifferentfrom:Wealth:thetotalcollectionofpiecesofpropertythatservetostorevalueIncome:flowofearningsperunitoftime(aflowconcept)FunctionsofMoney(1of2)MediumofExchange:Eliminatesthetroubleoffindingadoublecoincidenceofneeds(reducestransactioncosts)PromotesspecializationAmediumofexchangemust:beeasilystandardizedbewidelyacceptedbedivisiblebeeasytocarrynotdeterioratequicklyFunctionsofMoney(2of2)UnitofAccount:UsedtomeasurevalueintheeconomyReducestransactioncostsStoreofValue:Usedtosavepurchasingpowerovertime.Otherassetsalsoservethisfunction.Moneyisthemostliquidofallassetsbutlosesvalueduringinflation.EvolutionofthePaymentsSystem(1of2)CommodityMoney:valuable,easilystandardized,anddivisiblecommodities(e.g.preciousmetals,cigarettes)FiatMoney:papermoneydecreedbygovernmentsaslegaltenderEvolutionofthePaymentsSystem(2of2)Checks:aninstructiontoyourbanktotransfermoneyfromyouraccountElectronicPayment(e.g.onlinebillpay)E-Money(electronicmoney):DebitcardStored-valuecard(smartcard)E-cashAreWeHeadedforaCashlessSociety?Predictionsofacashlesssocietyhavebeenaroundfordecades,buttheyhavenotcometofruition.Althoughe-moneymightbemoreconvenientandefficientthanapaymentssystembasedonpaper,severalfactorsworkagainstthedisappearanceofthepapersystem.However,theuseofe-moneywilllikelystillincreaseinthefuture.WillBitcoinBecometheMoneyoftheFuture?Bitcoinisatypeofelectronicmoneycreatedin2009.By“mining,”Bitcoiniscreatedbydecentralizeduserswhentheyusetheircomputingpowertoverifyandprocesstransactions.AlthoughBitcoinfunctionsasamediumofexchange,itisunlikelytobecomethemoneyofthefuturebecauseitperformslesswellasaunitofaccountandastoreofvalue.MeasuringMoney(1of2)Howdowemeasuremoney?Whichparticularassetscanbecalled“money”?Constructmonetaryaggregatesusingtheconceptofliquidity:M1(mostliquidassets)=currency+traveler’schecks+demanddeposits+othercheckabledepositsMeasuringMoney(2of2)M2(addstoM1otherassetsthatarenotsoliquid)=M1+smalldenominationtimedeposits+savingsdepositsandmoneymarketdepositaccounts+moneymarketmutualfundsharesTheFederalReserve’sMonetaryAggregates(1of3)Table1MeasuresoftheMonetaryAggregatesBlankValueasofAugust31,2020($billions)M1=Currency1,920.4+Demanddeposits2,317.0+Othercheckabledeposits1,176.4TotalM15,413.8M2=M1Blank+Small-denominationtimedeposits351.9+Savingsdepositsandmoneymarketdepositaccounts11,593.4+Moneymarketmutualfundshares(retail)1,105.2TotalM218,464.3Source:FederalReserveStatisticalRelease,H.6,MoneyStockMeasures:https:///releases/H6/current.TheFederalReserve’sMonetaryAggregates(2of3)TheFederalReserve’sMonetaryAggregates(3of3)M1versusM2:Doesitmatterwhichmeasureofmoneyisconsidered?M1andM2canmoveindifferentdirectionsintheshortrun(seefigure).Conclusion:thechoiceofmonetaryaggregateisimportantforpolicymakers.WhereAreAlltheU.S.Dollars?Themorethan$4,500ofU.S.currencyheldperpersonintheUnitedStatesisasurprisinglylargenumber.Whereareallthesedollarsandwhoisholdingthem?CriminalsForeignersFigure1GrowthRatesoftheM1andM2Aggregates,1960–2020Source:FederalReserveBankofSt.Louis,F

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