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  • - [Instructor] So we've spent a lot of time justifying

  • why we have this downward-sloping demand curve for money.

  • But you're probably asking, well, this is a market, what,

  • we didn't think about an equilibrium point.

  • And to do that, we need to think about the supply of money.

  • And in previous videos,

  • we've started thinking about the supply of money,

  • and we'll think more in future videos

  • about different monetary policies.

  • But in a classical model,

  • we assume a perfectly inelastic supply of money.

  • So we draw it as a vertical line,

  • which is another way of saying that the supply of money

  • is not impacted by the nominal interest rate.

  • So this is the supply of money.

  • I'll call that money supply one.

  • Where it intersects the quantity of money,

  • I'll just call that M sub one right over here.

  • And so this point where it intersects

  • is the equilibrium point in our money market.

  • The equilibrium nominal interest rate right over here,

  • we could call R one.

  • This would be the opportunity cost for holding money.

  • Now I have to give a little bit of a disclaimer.

  • This is a classical model here,

  • and we'll talk more about it in future videos.

  • And most introductory economics class

  • talk about this classical model

  • where the central bank might set the supply of money,

  • and that doesn't change according

  • to the nominal interest rate.

  • And then the nominal interest rate gets set

  • essentially by this equilibrium point.

  • Now, in the world that we live in,

  • it actually goes the other way around.

  • Central banks actually target a nominal interest rate.

  • And if the central bank is able

  • to achieve that target interest rate,

  • well, that's going to impact the actual quantity of money.

  • So keep that little disclaimer in the back of your mind.

  • But in an introductory economics class,

  • we assume this world.

  • So now that we have this neat little model

  • for our money market,

  • let's think about what would happen in different situations.

  • Let's think about a situation where, for whatever reason,

  • people lose confidence in the electrical grid.

  • What would happen to the demand curve for money?

  • And let's call this the MD sub one.

  • Pause this video, and think about it.

  • Well, if people lose trust in the electrical grid,

  • then this precautionary motive

  • for holding money becomes stronger.

  • Regardless of what the opportunity cost is of holding money,

  • people would want to hold more of it because,

  • like, hey, you know, I don't know if I'll be able

  • to access money if the lights go out again.

  • I'm not gonna be able to go to an ATM,

  • or the banks are gonna close.

  • And so at any nominal interest rate, I would

  • or, and in aggregate, people

  • are going to want to hold more money.

  • And so that would shift the demand curve for money to

  • the right.

  • I could've drawn it a little less hairy, but there you go.

  • That would be MD sub two.

  • We have this shift to the right.

  • And then if that happened,

  • if you had this demand for money increase,

  • well, then what happens

  • to the actual equilibrium nominal interest rate?

  • If you look at this point right over here,

  • assuming that the quantity of money has not changed,

  • you have a new equilibrium interest rate,

  • nominal interest rate.

  • It has gone up,

  • and that makes sense.

  • If more people want to hold money,

  • in order to get people to part with that money,

  • you have to offer them more.

  • The opportunity cost of holding that money has to go up.

  • And you could imagine the reverse scenario.

  • If, for some reason, people thought it's a lot less likely

  • that the lights are gonna go out, or they said, you know,

  • I don't need as much cash around for transactions

  • or I'm not really into speculation,

  • well, then the demand curve for money

  • would shift to the left.

  • And in that situation, you would have a decrease

  • in the equilibrium nominal interest rate.

  • I will leave you there.

  • Always keep these models with a grain of salt.

  • They're simplifications of the real world, especially here,

  • where we're assuming a perfectly inelastic supply of money,

  • which actually isn't the case in the real world.

  • But we can go with this for just,

  • for the purposes of starting to study the money market.

- [Instructor] So we've spent a lot of time justifying

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貨幣市場中的均衡名義利率|AP宏觀經濟學|可汗學院 (Equilibrium nominal interest rates in the money market | AP Macroeconomics | Khan Academy)

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    林宜悉 發佈於 2021 年 01 月 14 日
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