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czyli popyt, wynosi

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posiadaniu Magistra wyniesie:

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mandatu.

7

3RGVWDZ E\á\dwie prace:

William

Baumol,

The

Transactions Demand for Cash: An Theoretic Approach,

4XDUWHUO\-RXUQDORI(FRQRPLFV

vol

56,

November

1952) i

James

Tobin,

The

Interest Rate Elasticity of the

Transactions Demand for Cash,

5HYLHZ RI(FRQRPLFVDQG6WDWLVWLFV

vol

.36,

September

1956.

8

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]DEH]SLHF]HQLH SU]HG SUDZGRSRGREQ\PL VWUDWDPL NDSLWDáRZ\PL QD DNW\ZDFK NWyU\FK FHQ\

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E\ü SLHQL G] NWyUHJR ZDUWR ü QRPLQDOQD MHVW ]QDQD L SHZQD FKRFLD  SU]\QRVL RQ GRFKyG

QL V]\QL SU]HFL WQLHGDM DNW\ZDU\]\NRZQH

11

:\QLND]WHJR HF]\QQLNDPLGHF\GXM F\PL

R SRS\FLH QD SLHQL G] MDNR QDMEDUG]LHM EH]SLHF]Q\P URG]DMX DNW\ZyZ ILQDQVRZ\FK V 

RF]HNLZDQLD]PLDQVWRS\SURFHQWRZHMLVWRSLH U\]\ND]ZL ]DQ\]QLHSLHQL Q\PLURG]DMDPL

aktywów finansowych.

12

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SRS\WQDSLHQL G]E G]LHZ]UDVWDá

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&]\QQLNLRNUH ODM FHSRS\WQDSLHQL G]WR]JRGQLH]DQDOL] ZSLSVWRSDLQIODFML

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10

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11

5\]\NR]ZL ]DQH]WU]\PDQLHPSLHQL G]DPR HURVQ üJG\LQIODFMDMHVWWUXGQDGRSU]HZLG]HQLD=QDQDMHVW

ZyZF]DVZSUDZG]LHQRPLQDOQDZDUWR üSLHQL G]DDOHZDUWR üUHDOQDPR H]PLHQLDüVL QLHRF]HNLZDQLHF]\QL F

SLHQL G]PQLHMEH]SLHF]Q\PURG]DMHPDNW\ZX:UHODFMLGRZ\VRNLHMQLHSHZQR FL]ZL ]DQHMQS]ZDUWR FL

DNFMLSLHQL G]QDZHWZyZF]DV]DFKRZXMHRSLQL GR üSHZQHJRURG]DMXDNW\ZyZ

12

Por.

James

Tobin, Liquidity Preference as Behavior toward Risk,

5HYLHZRI(FRQRPLFV6WXGLHV

February

1958.

M

AKROEKONOMIA

J.

K

UROWSKI

-

3,(1, '=L32/,7<.$3,(1,

1$

11

/

26

SU]\QRV] FH GRFKyG NRV]W\ WUDQVDNF\MQH 3U]\MPXM F NRV]W\ WUDQVDNF\MQH ]D QLH]PLHQQH

PR HP\SRS\WQDUHDOQ\SLHQL G]SU]HGVWDZLüZSRVWDFLQDVW SXM FHMIXQNFMLOLQLRZHM

13

0

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(11)

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RJUDQLF]\üVL GRGZyFK]PLHQQ\FK Z\]QDF]DM F\FK ]DSRWU]HERZDQLH QD URGNL SLHQL QH

3RS\WQDUHDOQ\SLHQL G]UR QLHZUD]]HZ]URVWHPUHDOQHJRGRFKRGX<LPDOHMHJG\UR QLH

stopa procentowa (

L). Parametr N to ZUD OLZR ü UHDOQHJR SRS\WX QD SLHQL G] QD ]PLDQ\

UHDOQHJR GRFKRGX SURGXNWX :]URVW GRFKRGX R MHGQRVWN  SRZRGXMH Z]URVW SRS\WX QD

SLHQL G]RNZ kolei ZUD OLZR üUHDOQHJRSRS\WXQDSLHQL G]QD]PLDQ\VWRS\SURFHQWRZHM K

RNUH ODRLOHZ]UR QLHSRS\WQDUHDOQ\SLHQL G]SU]\VSDGNXVWRS\SURFHQWRZHMRMHGHQSXQNW

SURFHQWRZ\ :LHONR ü P PR QD ]LQWHUSUHWRZDü MDNR SRS\W QD SLHQL G] R FKDUDNWHU]H

autonomicznym.

6NáDGQLN SRS\WX QD SLHQL G] ]ZL ]DQ\ ] SR]LRPHP GRFKRGX N< ]DOH \ RG ZDUWR FL

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… &

: SRGUR]G]LDOH  RNUH OLOL P\ SRGVWDZRZH DJUHJDW\ SLHQL QH ED]  PRQHWDUQ  DJUHJDW\

M

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13

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uproszczony do funkcji liniowej.

12/

26

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LQQHJR URG]DMX DNW\ZX E G  ]DWU]\PDü MDNR IRUP  PDM WNX = GUXJLHM VWURQ\ MHVW

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krokach.

3.2.

)XQNFMHEDQNXFHQWUDOQHJRQDSU]\NáDG]LH1%3

Narodowy Bank Polski jako bank centralny realizuje trzy podstawowe funkcje:

”

HPLV\MQ 

”

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”

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Przez

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(monetarnej) takich jak: operacje kredytowo - depozytowe, operacje otwartego rynku, stopa

RERZL ]NRZ\FKUH]HUZ

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” wykorzystywanie zgromadzonych zasobów do udzielania kredytów,

” prowadzenie innych rachunków bankowych,

” udzielanie gwarancji bankowych,

”

HPLWRZDQLHEDQNRZ\FKSDSLHUyZZDUWR FLRZ\FK

M

AKROEKONOMIA

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1$

13

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15

Komentarz

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Tablica

.4.

%LODQVEDQNXKDQGORZHJR

Aktywa

Pasywa

3à<11(5(=(5:<

:.à$'<1$ '$1,(

AKTYWA ZAGRANICZNE

:.à$'<7(50,12:(

14

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15

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komercyjnej (commercial banking) i inwestycyjnej (investment banking) ma charakter umowny, a w warunkach

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14/

26

KREDYTY KRAJOWE

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wzrost rezerw o 20 % sumy depozytowej, czyli 800

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16

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przypadek. Przy stopie rezerw równej 20% i braku zatrzymywania gotówki przez ludzi i firmy

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Tablica. 5.

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%$1.%$à7<&.,%$1.%$à7<&.,

(a) (b)

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16

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|

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0,25

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100

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b)

w obligacjach B.

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w obligacje B

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6.

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oprocentowania depozytu terminowego jest równa 10%, a depozytu

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e)

10 wizyt

f)

2 wizyty

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banku.