= -------------------------- = ----------------------------
1 + p
p - . , .. , , . , , .
, . , , , . (R), ( ) r - pe:
R = r + pe
, , (expected) . , , 5% (r = 5%), , 3% (pe = 3%, 3%- , ), , 8% (5% + 3%). 5% 3% .
( , ). : 1 , 1 . (, 3%, 4%, , 5% , 8%, 9% (5% + 4%)).
:
r = R - pe
, ( 10%), :
R - pe
r = ---------- × 100%
1 + pe
, ( ), . , pe, , , , (1 + pe). 1, , .
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, , , .
, , , (arbitrary redistribution of wealth). . :
.
, , ( ) (R = r + pe). , 5% , 3%, 8% (5% + 3%). 8% 3%, (r = 8 8 = 0), 10%, , 2% (r = 8 10 = - 2) . .
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.
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.
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. . ( ), , . . , , .. , , .
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7. .
.
1. : . .
2. .
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4. . .
. , - . ( : , .).
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, . . () : , , , .. , . () ( ). , : , . , .. . (liquidity liquid, , ) , , . ( , ), . , , , , . , , . , . .
. : 1) , 2) , 3) ,
4) .
(medium of exchange)
, . . - , . . , - , , , - (transaction costs), , , . , , (double coincidence of wills). , - , , , . . , , , , . , . , , , , , . . , . . - . . , . ( ) .
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(unit of account) ,
. , , , () . , , . , , , . , , , , .. . , . , , . , .
- ( , , , ..). , . , , , (, ) (..).
, , . .
(standard of deferred payment - )
( , , ). , , :
- , , , ( , - );
- , , , , , ..
, . .
(store of value),
, . , , , , , , . . , 5 . , .. . , . , . . , , , . , , , . , , , , , .
( , , ., , , ), , , .
, . . , , , , , c , ( ).
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. . , , , . : , , , , ( , ), , - , . .
, . . , - . (, ), , , (, , , 1993-94 ).
( ). , : 1) ( , , ); 2) ( ); 3) ( ); 4) ( ); 5) ( ); 6) ( ); 7) ( , , ).
.
. V - V / , , , IV / .
, , . - , , , .
(token money). , ( ) . . , , (fiat money) , . , , : , .
. 1690 . 1 .., , 1769 II. ( ).
, IOY- money (I owe you-money, : ) . : 1) , 2) , 3) .
(bill) - ( )
( ) , , (). , , , , . , , , . .
(banknote) ( ) .
( ) . ( , ) ( , ). , (liabilities) . , , .
(check)
.
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: 1) , , , , ; 2) , (); 3) -, , , .
. . . , . : . , : 1, 2, 3 L.
1 (currency) ( , , , 0) (demand deposits), , .
1 = + ( ) +
2 1 (saving deposits), ( $100 000) .
2 = 1 + + .
3 2 ( $100 000) (time deposits).
3 = 2 +
L 3 ( treasury bills)
L = 3 +
( L 0), ( 0 L).
1, ( 1980 ).
:
. , , .. . . (.. ) . .
- (near-money). 1 C (currency), , D (demand deposits), :
= + D
(
), D .
, 2, 3 L ,
1, , -, : ) , ) , ) .
. . ( ) :
MV = PY
M , V , , (1 , 1 , 1 ), P- ( ), Y . PY . , , , (.. ). , , . ( , XVII XVIII . . XIX .).
( ) , , , , . ( ) . (, ), , , , , .
( 10%) :
DM (%) + DV (%) = DP (%) + DY (%)
. , . . , () . (.7-1). , , . ( 1 2) ( Y1 Y2) (.7-1 ()), , , , ( 1 2), (Y*) (.7-1 ()). , , . , , , .
(.7-1 ()). , ( SRAS1 SRAS2) ( Y1 Y2) ( 1 2) ( ). (, , Y1), ( 2 3) ( ), . 1 3.
. 7-1.
) ) )
LRAS SRAS2
3 SRAS1
2 SRAS 2 2
1 AD2 1 1
AD2 AD2
AD1 AD1 AD1
Y1 Y2 Y Y* Y Y2 Y1 Y