(. 19.5) LM (liquidity money, ).
. LM , , , .. .
.
II . r0 Md 0.
III . , , , .. , = d,, . Md , .. .
IV . . Md 0 Y0.
I (r0 Y0) LM0.
LM1 , r1. , , LM.
, ? LM . , III , . L, I .
. 16 IS, . IS LM, IS LM, (. 19.6).
, , , :
- . LM (. 19.7).
, ; ; , .
, , .
ISLM , . LM. Tc IS LM ( ) , - (. 19.9).
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LM , .. , .
- LM , . , , , IS.
, . - : a , .
- .