期末複習CH29～34
0527
CH29
貨幣：
經濟體系中，人們常用來購買商品與服務的資產
• 貨幣的功能
1. Medium of exchange (交易媒介)
2. Unit of Account (計價單位)
3. Store of Value (價值儲藏)
貨幣分類
• M1A = 通貨淨額(硬幣、紙幣)+活期存款、支票存款
• M1B = M1A + 活期儲蓄存款
• M2 = M1B + 準貨幣(定存、定儲、外存、郵儲、貨市基金)
M1(狹義貨幣)，包含貨幣中流動性較高（隨時能領走）的部分
M2(廣義貨幣)，除了貨幣中流動性較高的M1，也包含貨幣中流動性較低的部分（比Ｍ1不太容易
隨時要領就領）
5. Refer to Table 29-2. What is the M1 money supply?
a. $705 billion
b. $570 billion
M2
c. $505 billion M1,M2
M1,M2
d. $585 billion M2
time deposits 定期存款 M1,M2
demand deposits 活期存款 M2
M1,M2
checkable deposits 支票存款
saving deposits 定期儲蓄存款
M2
Traveler’s check 旅行支票
Federal Reserve System
• 確保行體系健全
監督銀行，作為銀行資金來源最後的依靠者
• 控制貨幣供給
公開市場操作，買賣債券
準備金
• 銀行只留一部分存款作為準備金
• 準備金= 法定準備+ 超額準備
• 法定準備(reserve requirement): 規定銀行必須保有的準備金最低金額
• 超額準備(excess reserves): 超過法定最低金額的準備金
貼現率(discount rate)
• 央行貸款給銀行收取的利率
聯邦資金利率(federal fund rate)
• 美國聯邦準備理事會中成員銀行，互相借貸放款的利率，等同我
國之同業拆放利率或同業拆款利率。
貨幣乘數 每一元準備金所能產生的貨幣數量
每回錢存到銀行,當銀行貸出一部分, 貨幣就會創造出來
中央銀行印出鈔票之後，透過金融市場的貨幣創造，可以讓市場上的貨幣供
給倍數成長，其中的倍數，就稱為貨幣乘數。
C: 通貨淨額
D: 存款貨幣
R: 準備金, R = D(R/D) = Dr = D(rr + er)
M: 貨幣數量, M = D + C = D(1 + C/D) = D(1 + c)
B: 貨幣基數, B = R + C = D(R/D + C/D) = D(r + c)
其中, c 通貨比率, rr 法定準備率, er 超額準備率
貨幣乘數 = M/B = D(1+c)/D(r+c) = (1+c)/(r+c) = (1+c)/(rr+er+c)
Suppose the banking system currently has $400 billion in
reserves, the reserve requirement is 8 percent, and excess
reserves amount to $5 billion. What is the level of deposits?
a. $5,000 billion
b. $4,937.5 billion
c. $5,062.5 billion
d. $4,995 billion
Suppose the banking system currently has $400 billion in
reserves, the reserve requirement is 8 percent, and excess
reserves amount to $5 billion. What is the level of deposits?
a. $5,000 billion
準備金：400
b. $4,937.5 billion
c. $5,062.5 billion 超額準備金：5
d. $4,995 billion 法定準備金：395
法定準備利率：0.08
存款：395/0.08
The Fed can reduce the federal funds rate by
a. decreasing the money supply. To decrease the money supply it could sell bonds.
b. decreasing the money supply. To decrease the money supply it could buy bonds.
c. increasing the money supply. To increase the money supply it could sell bonds.
d. increasing the money supply. To increase the money supply it could buy bonds.
The Fed can reduce the federal funds rate by
a. decreasing the money supply. To decrease the money supply it could sell bonds.
b. decreasing the money supply. To decrease the money supply it could buy bonds.
c. increasing the money supply. To increase the money supply it could sell bonds.
d. increasing the money supply. To increase the money supply it could buy bonds.
增加貨幣供給，市場上貨幣增加，銀行有更多的儲備，借貸需求減少，
聯邦資金利率下降。
SKM
消費函數 : C = a + b (Y - T)
C : 消費總量
Y : 總所得
T : 稅額
( Y - T )為扣完稅後的所得，稱為可支配所得
b
• a是不受所得影響的消費，不論是否存在可支配所得，
皆固定有一筆消費a，即為自發性消費
• 可支配所得每增加1單位，消費總額就會增加b單位， a
又1 > b > 0，因此b( Y - T )就是將受到所得變化而影
響的消費，稱為誘發性消費
總支出與產出決定均衡GDP
AE
AE
• Δ Inventories = GDP – AE
Total • AE < GDP → Δ Inventories > 0 GDP↓ in future period
output
AE • AE > GDP → Δ Inventories < 0 GDP↑ in future period
• AE = GDP → Δ Inventories = 0 GDP no change
Total
AE
output
Y
支出乘數(Expenditure multiplier)
• Expenditure multiplier = 1 / (1-MPC)
In Exhibit 23-3, when real disposable income is
equal to $6 billion, saving is equal to
a. 0
b. $1 billion
c. $2 billion
d. $3 billion
e. $4 billion
MPC ?
MPS ?
In Exhibit 23-3, when real disposable income is
equal to $6 billion, saving is equal to
a. 0
b. $1 billion
c. $2 billion
d. $3 billion
e. $4 billion
Which of the following best describes the
situation at point C in Exhibit 24-3?
a. consumption expenditures exceeds disposable income
b. producers are experiencing an unexpected loss in inventory
c. aggregate expenditure is exactly equal to real GDP
d. real GDP exceeds aggregate expenditure
e. producers are experiencing an unexpected accumulation of inventory
Which of the following best describes the
situation at point C in Exhibit 24-3?
a. consumption expenditures exceeds disposable income
b. producers are experiencing an unexpected loss in inventory
c. aggregate expenditure is exactly equal to real GDP
d. real GDP exceeds aggregate expenditure
e. producers are experiencing an unexpected accumulation of inventory
If an initial increase in investment spending of $30
caused equilibrium output to increase by $120, what
is the value of the MPC?
a. 0.25
b. 0.50
c. 0.60
d. 0.75
e. 0.80
If an initial increase in investment spending of $30
caused equilibrium output to increase by $120, what
is the value of the MPC?
a. 0.25 • Expenditure multiplier = 1 / (1-MPC)
b. 0.50
c. 0.60
d. 0.75
e. 0.80 120 30
=4
In the short-run macro model, an increase in the
money supply will
a. move the economy to the right along the aggregate expenditure line
b. move the economy to the left along the aggregate expenditure line
c. shift the aggregate expenditure line downward
d. shift the aggregate expenditure line upward
e. All of the above
In the short-run macro model, an increase in the
money supply will
a. move the economy to the right along the aggregate expenditure line
b. move the economy to the left along the aggregate expenditure line
c. shift the aggregate expenditure line downward
d. shift the aggregate expenditure line upward
e. All of the above
CH30
Inflation 貨幣數量學說
• 貨幣數量決定貨幣價值
• 貨幣數量成長，物價上漲
貨幣需求
• 影響貨幣需求量之因素
物價 : 物價水準越高 (貨幣價值越低)，貨幣需求量越大
貨幣市場均衡
央行掌控貨幣供給量
數量方程式
費雪效果
通貨膨脹
• 菜單成本 (menu cost)
• 皮鞋成本 (shoe leather cost)
• 通貨膨脹稅 (inflation tax)
• 惡性通貨膨脹 (hyper inflation)
Wealth is redistributed from debtors to creditors
when inflation is
a. high, whether it is expected or not.
b. low, whether it is expected or not.
c. unexpectedly high.
d. unexpectedly low.
Wealth is redistributed from debtors to creditors
when inflation is
a. high, whether it is expected or not.
b. low, whether it is expected or not.
c. unexpectedly high.
d. unexpectedly low.
當通貨膨脹比預期低時，財富會從債務人轉移到債權人。
Refer to Figure 30-1. If the money supply is MS2 and
the value of money is 4, then the quantity of money
a. demanded is greater than the quantity supplied; the price level will rise.
b. demanded is greater than the quantity supplied; the price level will fall.
c. supplied is greater than the quantity demanded; the price level will rise.
d. supplied is greater than the quantity demanded; the price level will fall.
Refer to Figure 30-1. If the money supply is MS2 and
the value of money is 4, then the quantity of money
a. demanded is greater than the quantity supplied; the price level will rise.
b. demanded is greater than the quantity supplied; the price level will fall.
c. supplied is greater than the quantity demanded; the price level will rise.
d. supplied is greater than the quantity demanded; the price level will fall.
物價水準越高，貨幣價值越低
CH33
總和供需AD-AS模型
• AD線: 在每一物價水準下, 想買的本國商品數量
• AS線: 在每一物價水準下, 本國生產的商品數量
• 關心的變數: 產出水準(實質)、一般物價水準(名目)
• 分析不同事件、政策對經濟的短期影響。
AD負斜率
財富效果
P↑ 名目財富/P↓ C↓
利率效果
P↑ 貨幣需求↑ R↑ I↓
實質匯率效果
P↑ P/P*↑ 本國商品相對貴 NX↓
長期AS
• LRAS 垂直
• 自然產出水準
• 潛在產出
• 充分就業產出
產出水準決定於L, K, N, 技術
SRAS
對物價水準有一定的預期，後來物價水準變化，
來不及反應，造成供給意願調整。
AD線移動 AS線移動
• P以外的其他條件改變 • P以外的其他條件改變
• 勞動、資本、自然資源、技術
1. 自發性變數: 消費、投資
• 預期物價
2. 擴張/緊縮性政策
3. 預期通膨上升/下降
Which of the following both shift aggregate
demand right?
a. net exports rise for some reason other than a price change and government purchases rise.
b. net exports rise for some reason other than a price change and taxes increase.
c. net exports fall for some reason other than a price change and government purchases fall.
d. net exports fall for some reason other than a price change and taxes fall.
Which of the following both shift aggregate
demand right?
a. net exports rise for some reason other than a price change and government purchases rise.
b. net exports rise for some reason other than a price change and taxes increase.
c. net exports fall for some reason other than a price change and government purchases fall.
d. net exports fall for some reason other than a price change and taxes fall.
淨出口因某種非價格變動的原因增加，政府購買也增加。
繪圖
綜合需求緊縮：前景悲觀、貨幣供給減少
• 哪條線移動? 長短期的物價水準、產出?
綜合供給衝擊：生產成本增加
• 當經濟環境發生供給面的衝擊，總合供給減少則會同時導致物價上升與國民所
得減少之情形，失業率則隨之上升，此時就能觀察到停滯性通貨膨脹的出現。
凱因斯學派 : 流動性偏好理論
• 貨幣需求理論
• Md = f (r , P , Y )
• 利率與貨幣需求呈負向關係
CH34
流動性偏好理論影響AD
貨幣供給影響AD
乘數效果
•G↑
•Y=C+I+G
• Y ↑ = a + b ( Y↑ - T ) + I + G ↑
支出乘數公式
排擠效果
Assuming no crowding-out, investment-accelerator, or
multiplier effects, a $100 billion increase in
government expenditures shifts aggregate demand
a. demand rightward by more than $100 billion.
b. demand rightward by less than $100 billion.
c. supply leftward by more than $100 billion.
d. supply leftward by less than $100 billion.
Assuming no crowding-out, investment-accelerator, or
multiplier effects, a $100 billion increase in
government expenditures shifts aggregate demand
a. demand rightward by more than $100 billion.
b. demand rightward by less than $100 billion.
c. supply leftward by more than $100 billion.
d. supply leftward by less than $100 billion.
CH29
• 貨幣分類、準備金、貨幣乘數
SKM
• 消費函數、總支出與產出、支出乘數
CH30
• 貨幣市場、數量方程式、費雪效果、通膨
CH33
• AD-AS模型、AD緊縮、AS衝擊
CH34
• 流動性偏好理論、乘數效果、排擠效果
• 貨幣乘數 = M/B = D(1+c)/D(r+c) = (1+c)/(r+c) = (1+c)/(rr+er+c)
• Expenditure multiplier = 1 / (1-MPC)
• 數量方程式
