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Part2
ClassicalTheoryintheLongRun
II.MONEYANDINFLATIONCh.4in6theditionorCh.4-5in7thedition
1.TheMoney1.1TheEvolutionofMoneyBarterCommodityMoney:Commoditymoneyismoneythathasintrinsicvalue.rawgold----goldcoinsCreditMoney(government)gold-backedpaperbillFiatmoneyFiatmoneyismoneywithoutintrinsicvalue.PapermoneyandBankmoney
Fiatmoneyismoneybydeclaration.Ithasnointrinsicvalue.Commoditymoneyismoneythathasintrinsicvalue.Whenpeopleusegoldasmoney,theeconomyissaidtobeonagoldstandard.EvolutionofMoney
1.2FunctionsofMoneyMediumofexchangeUnitofaccountStoreofvalue1.3ComponentsofMoney(HowMoneyisMeasured)M0=CurrencyNarrowMoney:M1=Currency+DemandDepositorCheckingDeposit=CU+DDBroadMoneyM2=M1+SavingDeposit+TimeDeposit
1.4HowMoneyisControlledOpenMarketOperationRequiredReserveRatioDiscountRate2.Theory:HowMoneyInfluenceTheEconomy----TheQuantityTheoryofMoney2.1TransactionQuantityEquationofMoneyM×V＝P×TM----moneyquantityV----TRANSACTIONSvelocityofmoneyP----priceT----thenumberoftransactions
TheFederalReservecontrolsthemoneysupplyin3ways:ConductingOpenMarketOperations(buyingandsellingU.S.Treasurybonds).ChangingtheReserverequirements(neverreallyused).ChangingtheDiscountratewhichmemberbanks(notmeetingthereserverequirements)paytoborrowfromtheFed.ThebeareroftheUnitedStatesTreasurybondisherebypromisedtherepaymentoftheprinciplevalueplustheinterestwhichitincursthroughthetermsstatedthereof.TheUnitedStateswilljustlyrepayitsbearersinitsentiretyandwillnotdefaultunderanycircumstances.SignatureofthePresident___________________US.TreasuryBond
2.1TransactionQuantityEquationofMoneyM×V＝P×TM----moneyquantity(supplysideofmoney）V----TRANSACTIONSvelocityofmoney
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