The Money View, Micro and Macro
微观和宏观的货币观
(see full matrix at beginning) Notable features—household deleveraging, switching from credit to money, instrument discrepancy is repo, sectoral discrepancies
(⻅开始的完整矩阵)显着特征——家庭去杠杆化，信贷向货币的转变，回购⼯具分化，部⻔分化Last time we saw how the US banking system was born from the strains of war finance and
financial crisis, and we also saw how understanding balance sheet relationships can help us to understand the underlying processes. Today we focus more specifically on the balance sheet approach that will be used throughout the course, and to aid that focus we confine our discussion to the most placid of events, namely the use of the banking system to facilitate ordinary daily exchange.
上⼀次，我们看到了美国银⾏体系是如何在战争⾦融和⾦融危机的压⼒下诞⽣的，我们还看到了理解资产负债表的关系如何帮助我们理解基本流程。今天，我们将更具体地关注在整个课程中使⽤的资产负债表⽅法，为了有助于集中精⼒，我们将讨论限制在最普遍的事件上，即使⽤银⾏系统促进⽇常交易。
Payment Systems: Money and Credit
⽀付系统：货币和信贷
Suppose you and I do regular business with each other. You produce a good that I want, and I produce a good that you want, but for some reason supply and demand for the two goods are not precisely coordinated over time. One way of organizing our interaction is with the help of money. I buy your goods by giving you money, and you buy my goods by giving me money. Over time, my money balances fluctuate and so do yours, while total money stays the same.
假设你和我经常做⽣意。你⽣产我想要的商品，我⽣产你想要的商品，但由于某种原因，这两种商品的供需并没有随着时间的推移⽽精确协调。组织我们互动的⼀种⽅式是借助⾦钱。我给你钱买你的商品，你给我钱买我的商品。随着时间的推移，我的资⾦余额会波动，你的也会波动，⽽总资⾦保持不变。
我你
资产负债资产负债
Note however that another way of organizing our interaction is with credit or promises to pay. I buy your goods by giving you an IOU and you buy my goods by giving me an IOU of your own,or giving me back one of my own, so there is only net indebtedness between us. Note that the promise to pay is never actually paid, only o ffset by other promises, so there is no real need for money as such. We could organize the whole thing by promising to pay some abstract unit of account with no physical existence. In some ways this pure credit payment system is more flexible than the pure money payment system, since we are not limited by the total money supply, only by mutually agreed credit limits. Observe that in this system, unlike the money system, the quantity of outstanding IOUs fluctuates over time.
请注意，组织我们互动的另⼀种⽅式是信⽤或付款承诺。我通过给你⼀张借据来购买你的商品，⽽你通过给我⼀张你⾃⼰的借据来购买我的商品，或者给我⼀张我⾃⼰的借据，所以我们之间只有净负债。请注意，付款的承诺从来没有实际⽀付过，只是被其他承诺抵消了，因此没有真正的⾦钱需求。我们可以通过承诺⽀付⼀些抽象的账户单位来组织整个事情，⽽不存在实体。在某些⽅⾯，这种纯信⽤⽀付系统⽐纯货币⽀付系统更灵活，因为我们不受总货币供应量的限制，只受双⽅商定的信⽤限额的限制。请注意，在这个系统中，与货币系统不同的是未偿付借据的数量会随着时间的推移⽽波动。
Now consider yet a third way we might organize our interaction. Suppose neither of us trusts one another su fficiently to extend bilateral credit, so the bilateral credit limit is zero. But we both trust some third party, and that third party also trusts each one of us. In this case we can organize our exchange by issuing IOUs to and accepting IOUs from the third party. It seems reasonable to call these third party IOUs “money ”, and to call the third party a “bank ”. Then the relevant balance sheet entries are as follows:
现在再考虑⼀下组织我们互动的第三种⽅式。假设我们双⽅都没有⾜够的信任来扩⼤双边信贷，那么双边信贷限额为零。但我们都信任某个第三⽅，该第三⽅也信任我们每个⼈。在这种情况下，我们可
+商品
-
Δ货币 -商品+Δ货币
我
你资产
负债资产负债
+商品+Δ借据-商品
+Δ借据
以通过向第三⽅签发和接受借据来组织我们的交易。将这些第三⽅借据称为“货币”，并将第三⽅称为“银⾏”，似乎是合理的。相关资产负债表分录如下：
Note how the quantity of bank money fluctuates over time, as bank credit expands and
contracts in order to facilitate the time pattern of trade. It is of course this third system that most resembles the institutions of the modern developed economy.
请注意，随着银⾏信贷的扩张和收缩，银⾏货币的数量是如何随着时间的推移⽽波动的，以促进交易的时间模式。当然，这第三种制度与现代发达经济体的制度最为相似。
Discipline and Elasticity
纪律和弹性
I have emphasized before that at every moment in time there is a balance between discipline (which comes from the scarcity of money) and elasticity (which comes from the availability of credit). In our first example, the discipline came from the limited quantity of money —when either side ran out of money, they could no longer buy and trade stopped. In the second
example, the discipline comes from the bilateral credit limit. In the third example the discipline comes from the credit limit and terms imposed by the bank on each borrower, and the elasticity comes from the willingness of the bank to swap its own IOU (which is money) for IOUs farther down the hierarchy (which are credit). We can understand these three examples as representing di fferent balance between discipline and elasticity.
time is money
我之前强调过，在任何时候，纪律(来⾃于资⾦短缺)和弹性(来⾃于信贷的可⽤性)之间存在⼀种平衡。在我们的第⼀个例⼦中，纪律来⾃有限的资⾦量，当任何⼀⽅资⾦耗尽时，他们就不能再购买，交易也就停⽌了。在第⼆个例⼦中，纪律来⾃双边信贷限额。在第三个例⼦中，纪律来⾃银⾏对每个借款⼈施加的信贷限额和条款，⽽弹性来⾃银⾏将⾃⼰的借据(即货币)换成层级较低的借据(即信贷)的愿意。我们可以理解这三个例⼦代表了纪律和弹性之间的不同平衡。
我
银⾏你资产
负债资产负债资产负债+商品
+Δ借据+Δ借据+Δ货币-商品+Δ货币
Money and The Real World: Micro
货币与现实世界：微观
Cash Flow is the most basic concept in this course. Here we follow the lead of Hyman Minsky who writes:
现⾦流量是本课程最基本的概念。在这⾥，我们遵循海曼·明斯基的指导，他写道：
To analyze how financial commitments affect the economy it is necessary to look at economic units in terms of their cash flows. The cash-flow approach looks at all units—be they households, corporations, state and municipal governments, or even national
governments—as if they were banks. (Minsky 1986, p. 198)
为了分析财务承诺如何影响经济，有必要从现⾦流的⻆度来审视经济单位。现⾦流法将所有单位都视为银⾏，⽆论是家庭、公司、州和市政府，甚⾄是国家政府。（明斯基1986，第198⻚）What this means is that we view every economic agent as an entity experiencing a certain
inflow of cash (receipts of various kinds) and outflow of cash (expenditures of various kinds)
over time. The most basic survival constraint (or “reserve constraint ”, also Minsky ’s
terminology) facing the agent is that the in flow must be at least as big as the out flow. Receipts and
expenditures on commodities fluctuate over time relative to one another. If at a moment in time expenditures are greater than receipts, then cash flows out from hoards. If hoards are
exhausted they may be replenished by borrowing, but that just puts o ff the day of reckoning, so it only works if there is a date when receipts are expected to be greater than expenditures.这意味着，我们将每⼀个经济主体视为⼀个实体，随着时间的推移，都会经历⼀定的现⾦流⼊(各种收⼊)和现⾦流出(各种⽀出)。实体⾯临的最基本⽣存约束(或“储备约束”，也是明斯基的术语)是流⼊必须⾄少与流出⼀样⼤。商品的收⼊和⽀出会随着时间的推移⽽波动。如果在某⼀时刻⽀出⼤于收⼊，那么现⾦就会从囤积中流出。如果库存耗尽，可能会通过借贷来补充，但这只是推迟了清算的⽇期，因此只有在预计收⼊⼤于⽀出的⽇期时，才有效。
Cash Flow – Cash Commitment ≥ 0 ｜ 现⾦流–现⾦承诺 ≥ 0
Sources and Uses accounts can help us to understand all this in more detail. Every transaction can be captured as a simultaneous 4-part entry (at least) in this system of accounts.
帐户的来源和使⽤可以帮助我们更详细地了解所有这些。在此账户系统中，每笔交易都可以(⾄少)获得⼀个由4部分组成的分录。
This set of accounts di ffers from the T-accounts of last lecture in that all entries are flows, not
stocks.这组账户与上节课的T 账户不同，因为所有条⽬都是流量，⽽不是存量。
You can see the hierarchy of money below the line, and real expenditures above the line. (Note that I have a separate entry for Financial Assets and Financial Debts, in order to capture the feature that individuals are responsible for their gross debts, not just their net debts.) We could subdivide even more finely to take account of the di fferent kinds of money and the di fferent
使⽤来源 商品和服务
⽀出收据 ⾦融资产
⾦融负债
钱
囤积还款储蓄清货借款⽀出信⽤借记钱