Determinants of Money Demand

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Do curso por University of California, Irvine

O Poder da Macroeconomia: Princípios Econômicos no Mundo Real

1270 classificações

University of California, Irvine

O Poder da Macroeconomia: Princípios Econômicos no Mundo Real

1270 classificações

Neste curso, você conhecerá os princípios fundamentais da macroeconomia geralmente ensinados em cursos trimestrais ou semestrais para alunos de graduação ou MBA. E, talvez mais importante ainda, você também aprenderá a aplicar esses princípios a uma grande variedade de situações, tanto de sua vida particular quanto profissional. Assim, o Poder da Macroeconomia vai ajudá-lo a ser bem-sucedido em um ambiente globalizado e cada vez mais competitivo. Esse curso também está disponível em inglês. Para se inscrever na versão em inglês, visite esta página: https://www.coursera.org/learn/principles-of-macroeconomics

Na lição

The Federal Reserve and Monetary Policy

The Federal Reserve and Monetary Policy 3:06

All About Money 3:35

All About Interest Rates 3:46

Determinants of Money Demand 3:05

How Paper Money is Created and the Money Multiplier 8:02

Conheça os instrutores

Dr. Peter Navarro
Professor
Paul Merage School of Business

[MUSIC]

So far, we have talked about the functions of money, and the price of money.

These discussions lead logically, to a

broader discussion of the demand for money.

The two major determinants of money demand, are

known as the Transactions Demand, and the Asset Demand.

The transactions demand for money arises because people

and firm use it as a medium of exchange.

For example, households need money to buy groceries and

firms need money to pay for materials and labor.

This figure illustrates the mechanics of transactions demand.

The figure shows the average money holdings of a

family that earns a three thousand dollar paycheck per month.

Keeps it only in money, and spends the money during the month.

A simple calculation will show that

the family holds $1,500 on average in money balances.

Basic determinant of the amount of money demanded

for transactions, is the level of nominal GDP.

The larger the total money value of all goods and services that are exchanged in

the economy, the larger amount of money need, to negotiate these transactions.

So, what do you think will happen

to the transactions demand for money if prices and nominal GDP double?

If prices and nominal GDP double, the transactions demand for money will double.

The asset demand or, speculative motive for holding money,

arises because people use money as a store of value.

As an example of the asset demand for money,

suppose you were interested in buying some stocks or bonds.

But maybe you think that the present prices are too high.

In this case, you might want to hold some money, so that you can

be ready to buy the stocks or bonds when the price becomes more attractive.

Essentially then, you are speculating that

a better financial opportunity will appear soon.

Note, however, that while money is an asset, money provides no rate of

return or interest, like other assets, such as stocks and savings accounts do.

Moreover, when you hold money, it's value can depreciate, because of inflation.

So here's the punch line, there is an opportunity cost of holding money.

That includes the interest or rate of return that

could have been earned by lending or investing the money.

As well as the loss in value from holding money during inflation.

So what do you think will happen to the Asset Demand

for money, if interest rates rise, or the expectation of inflation increases?

If either the interest rate, or the expectation of

inflation increases, the opportunity cost of holding money increases.

So, the Asset Demand for money must decrease.

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