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.
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2. .
3. . -.
4. . .
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. : 1) , 2) , 3) ,
4) .
(medium of exchange)
, . . - , . . , - , , , - (transaction costs), , , . , , (double coincidence of wills). , - , , , . . , , , , . , . , , , , , . . , . . - . . , . ( ) .
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(unit of account) ,
. , , , () . , , . , , , . , , , , .. . , . , , . , .
- ( , , , ..). , . , , , (, ) (..).
, , . .
(standard of deferred payment - )
( , , ). , , :
- , , , ( , - );
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- , , , , , ..
, . .
(store of value),
, . , , , , , , . . , 5 . , .. . , . , . . , , , . , , , . , , , , , .
( , , ., , , ), , , .
, . . , , , , , c , ( ).
. . , , , . : , , , , ( , ), , - , . .
, . . , - . (, ), , , (, , , 1993-94 ).
( ). , : 1) ( , , ); 2) ( ); 3) ( ); 4) ( ); 5) ( ); 6) ( ); 7) ( , , ).
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.
. V - V / , , , IV / .
, , . - , , , .
(token money). , ( ) . . , , (fiat money) , . , , : , .
. 1690 . 1 .., , 1769 II. ( ).
, IOY- money (I owe you-money, : ) . : 1) , 2) , 3) .
(bill) - ( )
( ) , , (). , , , , . , , , . .
(banknote) ( ) .
( ) . ( , ) ( , ). , (liabilities) . , , .
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(check)
.
,
, . ( - ) , , , .
, ,
: 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 .
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, 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
8.
.
1. . .
2. . .
3. . () .
. ,
, , (), , .. , , , .. . , . . () . : (, .); ; - ; ; .., .. , .
. banco, (). XVI , ( ) /. , , .
. . .
. ( Federal Reserve System), (Bank of England), Bundesbank, .
, :
- , . ( ) ( );
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;
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, : 1) : ( ), ( - ), ( ); 2) : , , ; 3) : , .
, . : - - .
, : - ; () ; ( ); ; .
(). (, .). , , , , , .. , .
. , , , . .
. , . 100%- . $1000 (D = $1000), ( - liabilities) $1000, () $1000 (R = $1000), ( = $0). :
() | |
R = $1000 = $ 0 | D = $1000 |
100%- . , , . . ( ) ( - , , ), , . ( ) .
____________________________________
100% 100%
100%- , , . , . , , .
, , ( ). , , 10% . , , , , . . , , .
(reserve ratio - rr) - , ( rr = R/D), , . I - , 20% - - . :
() | |
R = $ 200 = $ 800 | D = $ 1000 |
$1000 (D = $1000), , 20%, $200 (R = D × rr = $1000 × 0,2 = $200), $800 ( = D R = $1000 - $200 = $800 = D rr × D = D (1 rr) = $1000 (1 0,2) = $800).
, ( 1914 ), . ( )
(required reserve ratio) , , . , (required reserves R.), (D) (rr):
R . = D × rr
, 1, 0 < rr < 1.
, , , .. ():
= D - R . = D D × rr = D (1 rr)
, , . , , , . (excess reserves - R ). :
R . = R . + R .
, 20%, $1000, $200 (1000 × 0.2 = 200) , $800 (1000 200 = 800) . , , $700. $100 (800 700 = 100) . $300 ($200 + $100 = $300).
( ), (R./D) , . , (.) (. < ) :
. = D - R .
:
() , . .
:
() | |
( ) ( , -, ) |
. .
. . . , , .. . ( ), .
, :
. , ;
. , , , , , . , , . , :
- . , ;
- , , , , ( ).
, I , $1000, 20%. $200 (R . = D x rr = 1000 0.2 = 200), $800 ( = D × (1 rr) = 1000 × (1 0.2) = 800). ( ), ( , ) $800.
I
() | |
R = $ 200 = $ 800 | D = $ 1000 |
( , ), (), () (, II). II, , $800, $160 (800 × 0.2 = 160), $640 (800 × (1 0.2) = 640)
II
() | |
R = $ 160 = $ 640 | D = $ 800 |
, () , .. . $640 . $128 (164 × 0.2 = 128), $512 (640 × (1 0.2) = 512).
III
() | |
R = $ 128 = $ 512 | D = $ 640 |
, c IV $409.6, V $327.68 .. :
I D = 1000
K R K = D × (1 rr)
II D = 800 200
K R K = [D × (1 rr)] × (1 rr)
D = 640 160
K R K = [D × (1 rr)2] × (1 rr)
IV D = 512 128
K R K = [D × (1 rr)3] × (1 rr)
V D = 409.6 102.4
K R K = [D × (1 rr)4] × (1 rr)
..
.
( I, , , IV, V ..), , :
= D I + D + D + D IV + D V + =
= D + D × (1 rr) + [D × (1 rr)] × (1 rr) + [D × (1 rr)2] × (1 rr) +
+ [D × (1 rr)3] × (1 rr) + [D × (1 rr)4] × (1 rr) + =
= 1000 + 800 + 640 + 512 + 409.6 + 327.68 +
. (1 rr), .. 1. :
= D × 1/(1 (1 rr)) = D × 1/rr
= 1000 × 1/0.2 = 1000 × 5 = 5000
1/rr ( ) :
mult . = 1/rr
. , : , .
= D × mult
, , 2,7.
, , . 5 .
. , ( ), , ( ). , , , , . , , . ( ) .
(), (D). ( ), .. = + D, I ($1000) , .. , D. , $4000 (D = DI = 5000 1000 = 4000), .. . , II I , $800. , :
D = D + D + D IV + D V + =
= D × (1 rr) + [D × (1 rr)] × (1 rr) + [D × (1 rr)2] × (1 rr) +
+ [D × (1 rr)3] × (1 rr) + [D × (1 rr)4] × (1 rr) + =
= 800 + 640 + 512 + 409.6 + 327.68 + =
= 800 × (1/0.2) = 800 × 5 = 4000
D = [D × (1 rr)] × (1/rr) = × (1/rr) = × mult =
= 800 × (1/0.2) = 4000
, :
- ,
-
,
, (-) .