The Money Market · 货币市场
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| money market/ˈmʌni ˈmɑːkɪt/ | 货币市场 | huò bì shì chǎng |
| central bank/ˈsentrəl bæŋk/ | 中央银行 | zhōng yāng yín háng |
| money supply/ˈmʌni səˈplaɪ/ | 货币供给 | huò bì gōng jǐ |
| demand for money/dɪˈmænd fɔː ˈmʌni/ | 货币需求 | huò bì xū qiú |
| equilibrium nominal interest rate/ˌiːkwɪˈlɪbrɪəm ˈnɒmɪnl ˈɪntrest reɪt/ | 均衡名义利率 | jūn héng míng yì lì lǜ |
What sets the interest rate
- Just like any market, money has a demand side and a supply side.
- Bring them together and you get the nominal interest rate.
- This is the money market 货币市场.
- It is the lever the central bank pulls to steer the economy.
是什么决定利率
- 和任何市场一样,货币也有需求侧和供给侧。
- 把它们放到一起,就得出名义利率。
- 这就是货币市场(money market)。
- 它是中央银行用来引导经济的杠杆。
Money demand slopes down
- The demand for money 货币需求 slopes downward against the interest rate.
- The interest rate is the opportunity cost of holding cash (cash earns no interest).
- So when rates are high, people hold less money and buy bonds instead.
货币需求向下倾斜
- 货币需求(demand for money)相对利率向下倾斜。
- 利率是持有现金的机会成本(现金不生息)。
- 所以利率高时,人们持有更少货币,转而买债券。
Which way does the interest rate move? · 利率朝哪个方向变?
A higher money supply lowers the equilibrium interest rate; higher money demand raises it. Money demand slopes down; money supply is vertical. · 更高的货币供给降低均衡利率;更高的货币需求提高它。货币需求向下倾斜;货币供给竖直。
The demand for money slopes downward against the interest rate because: · 货币需求相对利率向下倾斜,因为:
When rates are high, holding cash costs more, so people hold less and buy bonds. · 利率高时,持有现金代价更大,所以人们持有更少、转买债券。
When interest rates are high, people tend to: · 当利率高时,人们往往:
High rates make holding non-interest cash costly, so people move into bonds. · 高利率使持有不生息的现金代价高,所以人们转向债券。
Money supply is vertical
- The money supply 货币供给 is set by the central bank 中央银行, so it is a vertical line — it does not depend on the interest rate.
- Where demand and supply cross is the equilibrium nominal interest rate 均衡名义利率.
货币供给是竖直的
- 货币供给(money supply)由中央银行(central bank)设定,所以是一条竖直线——它不取决于利率。
- 需求与供给相交处,是均衡名义利率(equilibrium nominal interest rate)。
The money supply curve is drawn as: · 货币供给曲线画成:
The central bank fixes the quantity of money, so it does not depend on the interest rate. · 中央银行固定货币数量,所以它不取决于利率。
Where money demand crosses money supply is the equilibrium ______ interest rate. · 货币需求与货币供给相交处,是均衡______利率。
The money market sets the nominal interest rate. · 货币市场决定名义利率。
Shifting the market
- If the central bank raises the money supply (the vertical line slides right), the equilibrium interest rate falls.
- Worked idea. More money than people want to hold → they buy bonds → bond prices rise, yields fall → the interest rate settles lower.
- If money demand rises (say output grows and people need more cash), the interest rate rises.
- That fall in the interest rate is the first step of expansionary monetary policy.
移动市场
- 如果中央银行增加货币供给(竖直线右移),均衡利率下降。
- 例题。 货币多于人们想持有的量 → 他们买债券 → 债券价格上升、收益率下降 → 利率稳定在更低处。
- 如果货币需求上升(比如产出增长、人们需要更多现金),利率上升。
- 利率的这次下降,是扩张性货币政策的第一步。
If the central bank raises the money supply, the equilibrium interest rate: · 如果中央银行增加货币供给,均衡利率:
More money than people want to hold → they buy bonds → yields fall → the rate settles lower. · 货币多于人们想持有的 → 他们买债券 → 收益率下降 → 利率稳定在更低处。
If real output grows and people need more cash to shop, money demand rises and the interest rate rises. · 如果实际产出增长、人们购物需要更多现金,货币需求上升,利率上升。
A rightward shift in money demand pushes the equilibrium interest rate up. · 货币需求右移把均衡利率顶上。
The money market sets the nominal interest rate where money demand (downward) meets money supply (a vertical line fixed by the central bank). Raising the money supply lowers the equilibrium interest rate; a rise in money demand raises it.
货币市场在货币需求(向下)与货币供给(由中央银行固定的竖直线)相遇处决定名义利率。增加货币供给会降低均衡利率;货币需求上升会提高它。