復(fù)旦大學(xué)——復(fù)試金融專業(yè)英語修世版）

1.Howtodefinetheaggregatepricelevel?如何衡量價格指數(shù)？

1'hreemeasuresoftheaggregatepricelevelarecommonlyencounteredin

economicdata.

(1)ThefirstistheGDPdeflator(GDP平減指數(shù))，whichisdefinedas

nominalGDPdividedbyrealGDP.

(2)AnotherpopularmeasureoftheaggregatepricelevelistheProducer

PriceIndex(生產(chǎn)者價格指數(shù))whichisameasureofthecostofa

basketofgoodsandservicesboughtbyfirms.

(3)Themeasureoftheaggregatepricelevelthatismostfrequently

reportedinthepressistheConsumerPriceIndex(消費者價格指數(shù)),

whichismeasuredbypricingabasketofgoodsandservicesboughtbya

typicalurbanhousehold.

2.Whafsthedisadvantageandadvantageofholdingequityrather

thandebt?持有股權(quán)的優(yōu)劣？

(1)Themaindisadvantageofowningacorporation'sequitiesratherthan

itsdebtisthatanequityholderisaresidualclaimant(剩余求償權(quán)),that

is,thecorporationmustpayallitsdebtholdersbeforeitpaysitsequity

holders.

(2)Themainadvantageofholdingequitiesisthatequityholdersbenefit

directlyfromanyincreasesinthecorporation'sprofitabilityorassetvalue

becauseequitiesconferownershiprightsontheequityholders.Debt

holdersdonotshareinthisbenefit,becausetheirpaymentsarefixed.

3.Whafsthedifferencebetweenprimaryandsecondarymarket?一

級市場與二級市場的區(qū)別？

(1)Aprimarymarketisafinancialmarketinwhichnewissuesofa

security,suchasabondorastock,aresoldtoinitialbuyersbythe

corporationorgovernmentagencyborrowingthefunds.

(2)Asecondarymarketisafinancialmarketinwhichsecuritiesthathave

beenpreviouslyissuedcanberesold.

4.WhafsthedifferencebetweenforeignbondandEurobond?外國

債券和歐洲債券的區(qū)別？

(1)Foreignbondsaresoldinaforeigncountryandaredenominatedin

thatcountry'scurrency.Forexample,abondissuedbyaChinese

companydenominatedinU.S.dollarssoldinNewYork.

(2)Eurobondisabonddenominatedinacurrencyotherthanthatofthe

countryinwhichitissold.Forexample,abonddenominatedinU.S.

dollarssoldinChina.

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5.What飛assettransformationanddiversification?資產(chǎn)轉(zhuǎn)換和分散

化

(1)Financialintermediariescreateandsellassetswithriskcharacteristics

thatpeoplearecomfortablewith,andtheintermediariesthenusethe

fundstheyacquirebysellingtheseassetstopurchaseotherassetsthat

mayhavefarmorerisk.Thisprocessofrisksharingisreferredasasset

transformation,becauseinasense,riskyassetsareturnedintosafer

assetsforinvestors.

(2)Diversificationentailsinvestinginaportfolioofassetswhosereturns

donotalwaysmovetogetherwiththeresultthatoverallriskislowerthan

forindividualassets.Italsorefersto“Youshouldn'tputallyoureggsin

onebaskef.Diversificationcaneliminatefirm-specificrisk—the

uncertaintyassociatedwiththespecificcompanies.Butdiversification

cannoteliminatemarketrisk——theuncertaintyassociatedwiththeentire

economy,whichaffectsallcompaniestradedonthestockmarket.For

example,whentheeconomygoesintoarecession,mostcompanies

experiencefallingsales,profitandlowstockreturns.Diversification

reducestheriskofholdingstocks,butitdoesnoteliminateit.

6.Explainthefollowingconcepts:asymmetricinformation,adverse

selectionandmoralhazard.

(1)Asymmetricinformation(信息不對稱)referstothatonepartyoften

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(2)Thesecondroleofmoneyistoprovideaunitofaccount(價值尺度)，

thatis,itisusedtomeasurevalueofgoodsandservicesintheeconomy.

(3)Moneyalsofunctionsasastoreofvalue(儲藏手段).Astoreofvalue

isusedtosavepurchasingpowerfromthetimeincomeisreceiveduntil

thetimeitisspent.Thisfunctionofmoneyisuseful,becausemostofus

donotwanttospendourincomeimmediatelyuponreceivingit,but

ratherprefertowaituntilwehavethetimeorthedesiretoshop.

8.WhafstheFisherequationandFishereffect?費雪等式與費雪效

應(yīng)？

(1)TheFisherequationstatesthatthenominalinterestrateequalsthe

realinterestrateplustheexpectedrateofinflation.Theequationtellsus

thatallelseequal,ariseinacountry'sexpectedinflationratewill

eventuallycauseanequalriseinthenominalinterestrate.Similarly,afall

intheexpectedinflationratewilleventuallycauseafallinthenominal

interestrate.

(2)Thislong-runrelationshipbetweeninflationandinterestratesiscalled

theFishereffect.TheFishereffectimplies,forexample,thatifU.S.

inflationweretorisepermanentlyfromaconstantlevelof5percentper

yeartoaconstantlevelof1()percentperyear,dollarinterestrateswould

eventuallycatchupwiththehigherinflation,risingby5percentage

pointsperyearfromtheirinitiallevel.Thesechangeswouldleavethe

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realrateofreturnondollarassetsunchanged.TheFishereffectis

thereforeanotherexampleofthegeneralideathatinthelongrun,purely

monetarydevelopmentsshouldhavenoeffectonaneconomy'sreal

variables.

9.Howtoexplainthenegativerelationbetweenthequantityof

moneydemandedandtheinterestrate?

Wecanexplainthatthequantityofmoneydemandedandtheinterestrate

shouldbenegativelyrelatedbyusingtheconceptofopportunitycost

（機會成本），theamountofrevenuesacrificedbytakingonecourseof

actionratherthananother.Astheinterestrateonbondsrises,the

opportunitycostofholdingmoneyrises,thusmoneyislessdesirableand

thequantityofmoneydemandedmustfall.

10.RiskPremium風(fēng)險溢價

Thespreadbetweentheinterestratesonbondswithdefaultriskand

default-freebonds,bothofthesamematurity,calledtheriskpremium,

indicateshowmuchadditionalinterestpeoplemustearntobewillingto

holdthatriskybond.

11.Brieflyintroduceexpectationstheory,segmentedmarketstheory

andliquiditypremiumtheory.

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（1）Theexpectationstheory（預(yù)期假說）ofthetermstructurestatesthe

followingproposition:theinterestrateonalong-termbondwillequalan

averageoftheshort-terminterestratesthatpeopleexpecttooccurover

thelifeofthelong-termbond.

（2）Thesegmentedmarketstheory（市場分割假說）ofthetermstructure

seesmarketsfordifferent-maturitybondsascompletelyseparateand

segmented.Theinterestrateforeachbondwithadifferentmaturityis

thendeterminedbythesupplyofanddemandforthatbond,withno

effectsfromexpectedreturnsonotherbondswithothermaturities.

（3）Theliquiditypremiumtheory（流動性溢價假說）oftheterm

structurestatesthattheinterestrateonalong-termbondwillequalan

averageofshort-terminterestratesexpectedtooccuroverthelifeofthe

long-termbondplusaliquiditypremium.Itisalsocalledpreferred

habitattheory（偏好停留假說）.

12.What'sthedifferencebetweenadaptiveexpectationandrational

expectation?

（1）Adaptiveexpectation（適應(yīng)性預(yù)期）statesthatexpectationsform

frompastexperienceonlyandchangesinexpectationswilloccurslowly

overtimeaspastdatachange.Forexample,expectationsofinflationis

typicallyviewedasbeinganaverageofpastinflationrates.Soifinflation

hadformerlybeensteadyata5%rate,expectationsoffutureinflation

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wouldbe5%also.

（2）Rationalexpectation（理性預(yù)期）canbestatedasfollows:

expectationswillbeidenticaltooptimalforecasts（thebestguessofthe

future）usingallavailableinformation.

13.EfficientMarketHypothesis有效市場假說

Theefficientmarkethypothesisstatesthatcurrentpricesinafinancial

marketwillbesetsothattheoptimalforecastofasecurity'sreturnusing

allavailableinformationequalsthesecurity'sequilibriumreturn,because

inanefficientmarketallunexploitedprofitopportunitieswillbe

eliminatedbyarbitrager（套利者）.

14."LemonsProblem”次品問題

Aparticularaspectofthewaytheadverseselectionprobleminterferes

withtheefficientfunctioningofamarketiscalled“l(fā)emonsproblem^^.

Wecanusetheused-carmarkettoillustratethisconcept.Potential

buyersofusedcarsarefrequentlyunabletoassessthequalityofthecar,

thatis,theycan'ttellwhetheraparticularusedcarisagoodcarora

lemon（次品）.Thepricethatabuyerpaysmustthereforereflectthe

averagequalityofthecarsinthemarket,somewherebetweenthelow

valueofalemonandthehighvalueofagoodcar.Theownerofaused

car,bycontrast,ismorelikelytoknowwhetherthecarisagoodcarora

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lemon.Ifthecarisalemon,theownerismorethanhappytosellitatthe

pricethebuyeriswillingtopay,which,beingsomewherebetweenthe

valueofalemonandagoodcar,isgreaterthanthelemonsvalue.

However,ifthecarisagoodcar,theownerknowsthatthecaris

undervaluedatthepricethebuyeriswillingtopay,andsotheownermay

notwanttosellit.Asaresultofthisadverseselection,fewgoodused

carswillcometothemarket.Becausetheaveragequalityofausedcar

availableinthemarketwillbelowandbecausefewpeoplewanttobuya

lemon,therewillbefewsales.Theused-carmarketwillfunctionpoorly

orevendisappear.

15.Principal-agentProblem委托?代理問題

Principal-agentproblemreferstothatthemanagersincontrol(the

agents)mayactintheirowninterestratherthanintheinterestofthe

stockholder(theprincipals)becausethemanagershavelessincentiveto

maximizeprofitsthanthestockholderdo.Theprincipal-agentproblem,

whichisanexampleofmoralhazard,arisesonlybecauseamanagerhas

moreinformationabouthisactivitiesthanthestockholderdoes.So,there

isasymmetricinformation.

16.Whafs66irrationalexuberance^proposedbyAlanGreenspan?

非理性繁榮

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Irrationalexuberancereferstoaphenomenonthatassetprices,inthe

stockmarketandrealestate,aredrivenwellabovetheirfundamental

economicvaluesbyinvestorpsychology.Theresultisanasset-price

bubble(資產(chǎn)價格泡沫)，suchasthetechstockmarketbubbleofthelate

1990sortherecenthousingpricebubbleinsubprimecrisis.

17.Howtosolveasymmetricinformationproblems?如何解決信息

不對稱的問題？

Asymmciric

InfonnationProblemToolstoSolveIt

AdversesclcaionPrivateproductionandsaleofinformation

Governmentrcguhiiontoincreaseinformation

Rnancialintcrmcduiion

G)llatcralandnetworth

MoralhazardinequityconiraasProductionofinformation:monnonng

(principal-agcmproblem)Governmentrcgulauonioincreaseinformalion

Financialiniermediaiion

Debicontracts

MoralhazardindebtconiraasG)llatcralandnetworth

Moniioringandcnforccmcniofrcsriciivccovenants

Financialiniermediaiion

18.SecuritizationandSubprimemortgage資產(chǎn)證券化與次級抵押貸

款

(l)Subprimemortgagesaremortgagesforborrowerswith

less-than-stellarcreditrecords.

(2)Securitizationistheprocessoftransformingotherwiseilliquid

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financialassets(suchasresidentialmortgages,autoloans,andcreditcard

receivables),whichhavetypicallybeenthemainbusinessofbanking

institutions,intomarketablecapitalmarketsecurities.

19.Whafstime-inconsistencyproblem?時間不一致問題

Thetime-inconsistencyproblemissomethingwedealwithcontinually

ineverydaylife.Weoftenhaveaplanthatweknowwillproduceagood

outcomeinthelongrun,butwhentomorrowcomes,wejustcan'thelp

ourselvesandwedenyourplanbecausedoingsohasshort-rungains.In

otherwords,wefindourselvesunabletoconsistentlyfollowagoodplan

overtime,andthegoodplanissaidtobetime-inconsistentandwillsoon

beabandoned.

20.PoliticalBusinessCycle政治經(jīng)濟周期

Politicalbusinesscycleisaprocessthatcanbeillustratedinthe

followingexample.Justbeforeanelection,expansionarypoliciesare

pursuedtolowerunemploymentandinterestrates.Aftertheelection,the

badeffectsofthesepolicies,thatishighinflationandhighinterestrates,

comehometoroost,requiringcontractionarypoliciesthatpoliticians

hopethepublicwillforgetbeforethenextelection.

21.Whafsmoneymultiplierandwhatarethefactorsthataffectit?

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貨幣乘數(shù)及其影響因素？

(1)Themoneymultiplier,denotedbym,tellsushowmuchthemoney

supplychangesforagivenchangeinthemonetarybase.The

relationshipbetweenthemoneysupply,themoneymultiplierandthe

monetarybaseisdescribedbythefollowingequation:M=mxMB

(2)Themoneymultiplierisafunctionofthecurrencyratiosetby

depositorc,theexcessreservesratiosetbybankse,andtherequired

reserveratiosetbytheFedr.Themoneymultipliermisthus

1+c

m=-----------------

r4-f4-c

22.Whatarethetoolsofmonetarypolicy?貨幣政策工具

Therearethreetoolsofmonetarypolicythatcanbeconductedbythe

centralbank,suchasopenmarketoperations,discountlendingand

reserverequirements.

(l)Openmarketoperations(公開市場操作)arethemostimportant

monetarypolicytool,becausetheyaretheprimarydeterminantsof

changesininterestratesandthemonetarybase,themainsourceof

fluctuationsinthemoneysupply.Openmarketpurchasesexpand

reservesandthemonetarybase,therebyincreasingthemoneysupplyand

loweringshort-terminterestrates.Openmarketsalesshrinkreserves

andthemonetarybase,decreasingthemoneysupplyandraising

short-terminterestrates.

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Openmarketoperationshavefouradvantagesovertheothertoolsof

monetarypolicy：①Openmarketoperationsoccurattheinitiativeofthe

Fed,whichhascompletecontrolovertheirvolume.②Openmarke

operationsareflexibleandprecise,andtheycanbeusedtoanyextent.

?Openmarketoperationsareeasilyreversed.?Openmarketoperations

canbeimplementedquickly,sincetheyinvolvenoadministrativedelays.

（2）ThefacilityatwhichbankscanborrowreservesfromtheFediscalled

thediscountwindow（貼現(xiàn)窗口）.Thefacilityisintendedtobeabackup

sourceofliquidityforbanksduringfinancialcrisis.

ThemostimportantadvantageofdiscountpolicyisthattheFedcanuse

ittoperformitsroleoflenderoflastresort（最后貸款人）.The

disadvantageofdiscountpolicyisthatthedecisionstotakeoutdiscount

loansaremadebybanksandarethereforenotcompletelycontrolledby

theFed.

（3）Changesinreserverequirements（法定存款準(zhǔn)備金）affectthe

moneysupplybycausingthemoneysupplymultipliertochange.Arise

inreserverequirementsreducestheamountofdepositsthatcanbe

supportedbyagivenlevelofthemonetarybaseandwillleadtoa

contractionofthemoneysupply.Ariseinreserverequirementsalso

increasesthedemandforreservesandraisesthefederalfundsrate.

Conversely,adeclineinreserverequirementsleadstoanexpansionofthe

moneysupplyandafallinthefederalfundsrate.

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Reserverequirementshaveatleastthreedisadvantages:①Owingto

financialinnovation,reserverequirementsarenolongerbindingformost

banks,sothistoolismuchlesseffectivethanitoncewas.②Raisingthe

requirementscancauseimmediateliquidityproblemsforbankswhere

reserverequirementsarebinding.③Continually

requirementswouldalsocreatemoreuncertaintyforbanksandmake

theirliquiditymanagementmoredifficult.

23.LawofOnePriceandTheoryofPurchasingPowerParity一價定

理與購買力評價理論

(l)Thelawofonepricestatesthatiftwocountriesproduceanidentical

good,andtransportationcostsandtradebarriersareverylow,thepriceof

thegoodshouldbethesamethroughouttheworldnomatterwhich

countryproducesit.

(2)Thetheoryofpurchasingpowerparity(PPP)statesthatexchange

ratesbetweenanytwocurrencieswilladjusttoreflectchangesinthe

pricelevelsofthetwocountries.ThetheoryofPPPissimplyan

applicationofthelawofonepricetonationalpricelevelsratherthanto

individualprices.Thestatementthatexchangeratesequalrelativeprice

levelsissometimesreferredtoasabsolutePPP(絕對購買力平價).

RelativePPP(相對購買力平價)statesthatthepercentagechangeinthe

exchangeratebetweentwocurrenciesoveranyperiodequalsthe

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differencebetweenthepercentagechangesinnationalpricelevels.

24.RealExchangeRate實際匯率

Therealexchangeratereferstotherateatwhichdomesticgoodscanbe

exchangedforforeigngoods.Ineffect,itisthepriceofdomesticgoods

relativetothepriceofforeigngoodsdenominatedinthedomestic

currency.Forexample,ifabasketofgoodsinNewYorkcosts$50,while

thecostofthesamebasketofgoodsinTokyocosts$75becauseitcosts

750()yenwhiletheexchangerateisat10()yenperdollar,thenthereal

exchangerateis0.66(=$50/$75).Therealexchangerateisbelow1,

indicatingthatitischeapertobuythebasketofgoodsintheUnited

StatesthaninJapan.

25.Whythetheoryofpurchasingpowerparitycannotfullyexplain

exchangerates?購買力平價的缺陷

(1)Contrarytotheassumptionofthelawofoneprice,transportcostsand

restrictionsontradecertainlydoexist.Thesetradebarriersmaybehigh

enoughtopreventsomegoodsfrombeingtradedbetweencountries.

(2)Monopolisticpracticesingoodsmarketsmayinteractwithtransport

costsandothertradebarrierstoweakenfurtherthelinkbetweenthe

pricesofsimilargoodssoldindifferentcountries.

(3)Becausetheinflationdatareportedindifferentcountriesarebasedon

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differentcommoditybaskets,thereisnoreasonforexchangeratechanges

tooffsetofficialmeasuresofinflationdifferences,evenwhenthereareno

barrierstotradeandallproductsaretradable.

26.MonetaryNeutrality貨幣中性

Monetaryneutralitystatesthatinthelongrun,aone-timepercentage

riseinthemoneysupplyismatchedbythesameone-timepercentagerise

inthepricelevel,leavingunchangedtherealmoneysupplyandallother

realvariablessuchasrealinterestrates.

27.ExchangeRateOvershooting匯率超調(diào)

Thephenomenonthattheexchangeratefallsbymoreintheshortrun

thanitdoesinthelongrunwhenthemoneysupplyincreasesiscalled

exchangerateovershooting.Itcanhelpexplainwhyexchangerates

exhibitsomuchvolatility.

Exchangerateovershootingisadirectconsequenceoftheshort-run

rigidityofthepricelevel.Inahypotheticalworldwherethepricelevel

couldadjustimmediatelytoitsnew,long-runlevelafteramoneysupply

increase,theinterestratewouldnotfallbecausepriceswouldadjust

immediatelyandpreventtherealmoneysupplyfromrising.Thus,the

exchangeratewouldmaintainequilibriumsimplybyjumpingtoitsnew,

long-runlevelrightaway.

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28.InterestParityCondition利率平價條件

(1)Theuncoveredinterestparitycondition(非拋補利率平價)states

thatthedomesticinterestrateequalstheforeigninterestrateminusthe

expectedappreciationofthedomesticcurrency,orequivalently,the

domesticinterestrateequalstheforeigninterestrateplustheexpected

appreciationoftheforeigncurrency.Ifthedomesticinterestrateishigher

thantheforeigninterestrate,thereisapositiveexpectedappreciationof

theforeigncurrency,whichcompensatesforthelowerforeigninterest

rate.Thisconditioncanberewrittenas

產(chǎn)=/_5+]一耳

Ei

(2)Thecoveredinterestparitycondition(拋補利率平價)statesthat

theratesofreturnondollardepositsand“covered“foreigndepositsmust

bethesame.Supposeyouwanttobuyaeurodepositwithdollarsbut

wouldliketobecertainaboutthenumberofdollarsitwillbeworthatthe

endofayear.Youcanavoidexchangerateriskbybuyingaeurodeposit

and,atthesametime,sellingtheproceedsofyourinvestmentforward.

Wesayyouhave"covered“yourself,thatis,avoidedthepossibilityofan

unexpecteddepreciationoftheeuro.

29.UnsterilizedForeignExchangeInterventionandSterilized

ForeignExchangeIntervention

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（1）Aforeignexchangeinterventioninwhichacentralbankallowsthe

purchaseorsaleofdomesticcurrencytohaveaneffectonthemonetary

base,iscalledanunsterilizedforeignexchangeintervention（非沖銷式

干預(yù)）.Anunsterilizedinterventioninwhichdomesticcurrencyissoldto

purchaseforeignassetsleadstoagainininternationalreserves,an

increaseinthemoneysupply,andadepreciationofthedomesticcurrency.

Anunsterilizedinterventioninwhichdomesticcurrencyispurchasedby

sellingforeignassetsleadstoadropininternationalreserves,adecrease

inthemoneysupply,andanappreciationofthedomesticcurrency.

（2）Aforeignexchangeinterventionwithanoffsettingopenmarket

operationthatleavesthemonetarybaseunchangediscalledasterilized

foreignexchangeintervention（沖銷式干預(yù)）.Asterilizedintervention

leavesthemoneysupplyunchangedandsohasnodirectwayofaffecting

interestratesortheexpectedfutureexchangerate.

30.FixedExchangeRateRegime,FloatingExchangeRateRegime

andManagedFloatRegime

（1）Inafixedexchangerateregime（固定匯率制），thevalueofa

currencyispeggedrelativetothevalueofoneothercurrency,whichis

calledtheanchorcurrency（錨貨幣），sothattheexchangerateisfixed

intermsoftheanchorcurrency.

（2）Inafloatingexchangerateregime（浮動匯率制）,thevalueofa

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currencyisallowedtofluctuateagainstallothercurrencies.

(3)Whencountriesinterveneinforeignexchangemarketsinanattemptto

influencetheirexchangeratesbybuyingandsellingforeignassets,the

regimeisreferredtoasamanagedfloatingregime(管理浮動匯率制)

oradirtyfloating(骯臟浮動).

31.WhataretheadvantagesanddisadvantagesofGoldStandard?

金本位的利與弊？

(l)BeforeWorldWarI,theworldeconomyoperatedunderthegold

standard,afixedexchangerateregimeinwhichthecun*encyofmost

countrieswasconvertibledirectlyintogoldatfixedrates,soexchange

ratesbetweencurrencieswerealsofixed.

(2)Thefixedexchangeratesunderthegoldstandardhadtheimportant

advantageotencouragingworldtradebyeliminatingtheuncertaintythat

occurswhenexchangeratesfluctuate.

(3)Therearedisadvantagesofgoldstandardasfollows:①Adherenceto

thegoldstandardmeantthatacountryhadnocontroloveritsmonetary

policy,becauseitsmoneysupplywasdeterminedbygoldflowsbetween

countries.②Monetaryp

influencedbytheproductionofgoldandgolddiscoveries.

32.CurrencyBoardandDollarization貨幣局制度與美元化

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（l）Currencyboard（貨幣局制度）meansthatthedomesticcurrencyis

backed100%byaforeigncurrencyandinwhichthenote-issuing

authority,whetherthecentralbankorthegovernment,establishesafixed

exchangeratetothisforeigncurrencyandstandsreadytoexchange

domesticcurrencylortheforeigncurrencyatthisralewheneverthe

publicrequestsit.Acurrencyboardisjustavariantofafixed

exchange-ratetargetinwhichthecommitmenttothefixedexchangerate

isespeciallystrongbecausetheconductofmonetarypolicyisineffect

putonautopilot,andtakencompletelyoutofthehandsofthecentral

bankandthegovernment.

（2）Dollarization（美元化）meanstheadoptionofasoundcurrency,like

theU.S.dollar,asacountry'smoney.Indeed,dollarizationisjustanother

variantofafixedexchange-ratetargetwithanevenstrongercommitment

mechanismthanacurrencyboardprovides.Ihecommondisadvantageof

bothregimesisthatacountrythattiesitsexchangeratetoananchor

currencyofalargercountrylosescontrolofitsmonetarypolicy.

33.QuantityTheoryofMoney貨幣數(shù)量論

Thequantitytheoryofmoneystatesthatnominalincomeisdetermined

solelybymovementsinthequantityofmoney.Wecanderivethe

conclusionfromtheequationofexchange（交易方程式）：MV=PY.

Sincetheinstitutionalandtechnologicalfeaturesoftheeconomywould

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affectvelocityofmoney（貨幣流通速度）onlyslowlyovertime,so

velocityVwouldnormallybereasonablyconstantintheshortrun.

Becausetheclassicaleconomiststhoughtthatwagesandpriceswere

completelyflexible,theybelievedthatthelevelofaggregateoutputY

producedintheeconomyduringnormaltimeswouldremainatthe

full-employmentlevel,soYintheequationofexchangecouldalsobe

treatedasreasonablyconstantintheshortrun.

So,fortheclassicaleconomists,thequantitytheoryofmoneyprovided

anexplanationofmovementsinthepricelevel:movementsintheprice

levelresultsolelyfromchangesinthequantityofmoney.

34.LiquidityPreferenceTheory流動性偏好理論

TheliquiditypreferencetheoryofJohnMaynardKeynespointedoutthat

therearethreemotivesbehindthedemandformoney:thetransactions

motive,theprecautionarymotive,andthespeculativemotive.The

demandofmoneyfortransactionandprecautionarymotivesis

proportionaltoincome,whilethedemandofmoneyforspeculative

motiveisnegativelyrelatedtothelevelofinterestrate.Sothedemandfor

realmoneybalancesisafunctionofinterestrateandincomeasfollow

￥

P3

35.Friedman'sModernQuantityTheoryofMoney弗里德曼的現(xiàn)代

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貨幣數(shù)量論

Friedmanstatedthatthedemandformoneyshouldbeafunctionofthe

resourcesavailabletoindividuals(theirwealth)andtheexpectedreturns

onotherassetsrelativetotheexpectedreturnonmoney.Fromthis

reasoning,Friedmanexpressedhisformulationofthedemandformoney

asfollows:

*

=IQ,”。一GJ-J*一L)