(Theory of Money)

292

6

/(Theorys and Policys of Monetary and Fiscal)

3 ( 125 126)

1. .. 1929 (The Quantity Theory) 2. .. 1930 1960 .. 1930 (Aggregate Demand) (Discretionary Fiscal Policy) 3. .. 1960 ( 2) 3 1. 2. 3. (Crude Quantity Theory of Money)

Classic : 10 10 (Equation Of Exchange)

MV = PQ

MV= (Money Supply)

V=(Velocity of Circulation)

P= (Price Level)

Q= (Quantity of Product)

Velocity of Circulation : 1 1 4 4 (4 / 1 ) ( V )

2 Classic AS

P1 AD1 =

P2 AD2

0 Q

1 : AS AD2 AD1 P2 P1

1

0 4

2 : / / GNP = P x Q Prove

MV=PQ

GNP = P x Q

MV=GNP

M=1

GNPV

M = 1 , GNP = 4

11

4V

2 (1/V) .. 1930 : John Maynard Keynes The General Theory Of Employment Invest and Money The General Theory () .. 1936 (Liquidity Preference Theory) 1. 2. 3.1. (Transaction Demand for Money)

/ / (Gross National Product : GNP) (National Income) (Linear Equation) Mt=k Y ------------------------------- (1)

Mt

k

Y

(- Mt) ()

Mt = kY140 b Mt = kY

100 a c

0 (Y)

100 200 300 400 500 600 700 () 3 3 100 500 ( a) kY k 1/5 () 100 ( c) 700 k 1/7 kY Mt=k Y

100=k 700

100=k

700

1=k

7

8 Y2 7 Y1 6

5

4

3

2

1 0 20 40 60 80 100 110 120 ()

4 4 500 k 1/4 100 4% Y1 100 5% 4% (Y1) 4% 600 120 k Y2 Y1 2. (Precautionary Demand for Money)

( 280 68)

Mp=f(y ,r) ------------------------------- (2)

MP

r

y

3. (Speculative Demand for Money)

(Capital Loss) ( 280 - 281)

MS=l(r) ------------------------------- (3)

MS

r

R Ms

Liquidity

Trap

0 5 5 (Liquidity Trap) 1. 2. (Postponable Goods) 3. ()

r1

r0

r2 r 0 6 S1 S2

r1

r2 D

0 M1 M2 7 M1 M2 r2 (Monetarist Theory)

Monetarist School) Classic

()

Pm

P m Md 0 M1 M2 8 S1 S0 S2

Md P m Pm

P m Md 0 M1 M0 M2 9

:

:

:

(Monetary Policy)

1. 1.1 (Discount Rate) () (Restrictive Monetary Policy) (Expansionary Monetary Policy) 1.2 (Open Market Operation)

1.3 (Legal Reserve Ratio)

2. / () 1. / ()

2. 3. 4. 1. 2. 3. 4. (Fiscal Policy)

2 1. (Non discretionary Fiscal Policy)

2. (Discretionary Fiscal Policy)

2 1. 2. Potential GNP 45 ()

(C + I + G1)

F (C + I + G0)

E Recessionary gap

Y YF

10 10 Potential GNP 45 ()

(C + I + G0)

F (C + I + G1)

E Inflationary gap

0 YF Y

11 11 10 (Inflation)(Hyper Inflation)Barter System

- - - / 1. (Accurate Data) 2. (Time lag) 3. (Political difficulties) 4. (Uncontrollable factors) . . : ,2541. . .:

, 2543.