: 1) 2) . . , .. , , .
(transaction demand for money) (transactions), .. . , , .. ( .) ( , .).
( ): M x V= P x Y
. 6.1. ) ) |
P |
k |
Y |
( ) (.12.1.()) (.6.1.()), :
, 30- , , , 2 - - 2 : .
( precautionary demand for money) , . , , , . , . , , .
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(speculative demand for money) ( , ). ( ), . (100%-) , . , , , . , , . , . . , . , .. , , , . , , (.6.2.()). , , . (). . , , , , . . , , , . , . , , , .. . . , , , , , , capital gain. , capital gain, . . , , . : (M/P)DA = (M/P)D = - hR.
|
|
.6.2. |
P |
) |
R |
) |
) |
R |
: (M/P)D = (M/P)D + (M/P)DA = kY hR, Y , R , k - () , .. , , , h () , .. , , ( k , , h , ).
, .. . , . : .
.
1 ( , .. - currency) ( 0) (demand deposits), .. .
1 = + ( ) +
2 1 (save deposits), ( $100 000) .
2 = 1 + + .
3 2 ( $100 000) (time deposits).
3 = 2 + + .
L 3 ( treasury bills)
L = 3 + , ,
( L 0), ( 0 L).
: 1) 2) - (near-money)
,
, .. . . (.. ) . .
1 (..
C (currency), , D (demand deposits), ): = + D
( ), D .
2, 3 L ,
( : ) , ) , ) ).
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|
:
, ();
( ), (D)
( , . ), , ().
:
1) ,
2) ()
,
, (-) .
, , ( ), , , , . , .
(1) ( ) (): = + D
, , , . ( ) ( ). , , (monetary base) (high-powered money) :
= + R
? , .
, : 1) rr (reserve ratio), : rr = R/D , . ; 2) r (), : r = /D. .
= r D, R = rr D, :
= + D = r D + D = (r + 1) D (1)
= + R = r D + rr D = (r + rr) D (2)
(1) (2), :
(r + 1) D (r + 1) (cr + 1)
------ = --------------- = ------------ M = ----------- H
(r + rr) D (r + rr) (cr + rr)
(cr + 1)
= mult x H mult = ----------
(r + rr)
[(r + 1)/ (r + rr)] , .. , , () () . , . , , , .
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, , (=0), , () : multD = 1/ rr. (simple money multiplier), - (money multiplier).
. 6.4. |
M |
H |
H2 |
H1 |
1 r1 r2 ( ), 1 2. ( 1, 2. , . , ( , ), .. , , , .