February 2021
Beginner
288 pages
7h 13m
English
Content preview from Macroeconomics, Third Edition, 3rd Edition
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In the preceding chapters, we ignored the fact that people have a demand for money as well as for the goods that they use their money to buy. But people want to hold money to pay for their day-to-day transactions, and holding money incurs an opportunity cost measured by the return people could receive by using their money to buy interest-earning assets. Let’s call these assets “bonds.”
We can begin our discussion of the demand for money with the identity:
where M is the stock of money, V is the velocity, which is to say, the turnover rate of money, P is the price level, and Y is real income. In a fiat money system, money, ...
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