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Four kinds of three monies (December 2000). Table 8.1. Currency substitution* in Central/Eastern Europe (1993). *Ratio of foreign currency deposits to broad money. Table 8.2. Source: Sahay and Végh (1995). Assets of some central banks, mid year 2000 (bn euros). Table 8.3. Source: IMF.

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table 8 2

Currency substitution* in Central/Eastern Europe(1993)

*Ratio of foreign currency deposits to broad money

Table 8.2

Source: Sahay and Végh (1995)

table 8 4

Elasticities of real money demand

Table 8.4

short run = adjustment within one quarter, long run=complete adjustment

table 8 5

Inflation and money growth in the long run

(Rule of thumb*)

*Assuming real money demand grows at 3% p.a.

Table 8.5
figure 8 1

Central Bank

Assets

Liabilities

Consolidated Governmentand Nonbank Private Sector

Reserves of commercial banks

Foreign assets

Assets

Liabilities

Loans to comm. banks

Bank notes held by nonbanks

Government and private debt

Bank notes held by nonbanks

Claims on governments

Deposits of private sector

Deposits of government

Where’sM1?

Net worth

Commercial Banks

Assets

Liabilities

Vault cash and reserves at Central Bank

Deposits of government

Liabilities to Central Bank

Deposits of private sector

Real assets, incl. net worth of banking sector

Loans and securities

Net worth

Figure 8.1

Net worth

figure 8 3

Money demand and prices(assuming no real GDP growth)

M/P

M/P

M/P

M

M

P

P

M

P

DP/P

DP/P>0

DP/P=0

0

0

0

Time

Time

Time

(a) Zero inflation

(b) Constant inflation

(c) Rising inflation

Figure 8.3
figure 8 4

Equilibrium in the money market

Nominal interest rate

0

Figure 8.4

Real money stock

figure 8 5

Expansionary monetary policy

A

Nominal interest rate

0

Figure 8.5

Real money stock

figure 8 6

Increase in real economic activity

Nominal interest rate

A

0

Figure 8.6

Real money stock

figure 8 7

Decline in transaction costs

A

Nominal interest rate

0

Figure 8.7

Real money stock

figure 8 8

Money market disequilibrium

B

Nominal interest rate

A

C

0

Figure 8.8

Real money stock

figure 8 10

Money and long-run growth

Nominal interest rate

A

B

0

Figure 8.10

Real money stock

figure 8 13

one trip

Trips to the bank andaverage money holdings

t=0

t=1

two trips

t=0

t=1

three trips

t=0

t=1

four trips

t=0

t=1

Figure 8.13