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Money and Income
內容大綱
Money and Banking: An Intermediate Market-Based Approach is a six-chapter book published by Business Expert Press in 2017 and written by William D. Gerdes, Professor of Economics at Clarke University. This book is intended to give students a broad understanding of money and how the money we use today differs from money used in the past and money discovered in isolated subcultures. It examines money as a medium of exchange, a fundamental ingredient in credit markets, and an instrument of monetary policy. In Chapter 2, Gerdes discuss ways to determine the relationship between money and economic activity. He highlights Fisher's equation, MV=Py, to show that the money supply and the price of goods are directly related and that the production of goods and services and price of goods are indirectly related. He also uses this equation of exchange to analyze the relationship between money and the economy, highlighting what this relationship can tell us about inflation, real GDP, and the long-run purchasing power of money. He then discusses a version of the equation that expresses the same relationships between variables but in terms of growth rates: dM/M + dV/V = dP/P + dy/y