1.

Asumsi:
(i). Masyarakat tidak memegang uang tunai 𝐶𝑈 𝑑 = 0 → 𝑐 = 0;
(ii). Ratio reserve deposit 𝜃 = 0.1; (iii). Permintaan uang
𝑀𝑑 = $𝑌(0.8 − 4𝑖)
Awalnya, supply monetary base (uang inti) 𝐻 = $100 𝑏𝑖𝑙𝑙𝑖𝑜𝑛,
income nominal 𝑌 = $5 𝑡𝑟𝑖𝑙𝑙𝑖𝑜𝑛.
a. Dapatkan persamaan permintaan monetary base 𝐻 𝑑
b. Dapatkan equilibrium interest rate 𝑖 dengan menyamakan
permintaan monetary base 𝐻 𝑑 dengan supply monetary base
𝐻.
c. Berapa total supply uang 𝑀? Apakah nilainya sama dengan
total permintaan uang 𝑀𝑑 pada tingkat interest rate point b
d. Apa dampak terhadap interest rate jika supply monetary base
naik menjadi 𝐻 = $300 𝑏𝑖𝑙𝑙𝑖𝑜𝑛.
e. Jika total uang supply naik menjadi 𝑀 = $3000 𝑏𝑖𝑙𝑙𝑖𝑜𝑛,
bagaimana dampaknya terhadap interest rate 𝑖 ?
2. Asumsi:
(i). Masyarakat tidak memegang uang tunai 𝐶𝑈 𝑑 = 0 → 𝑐 = 0;
(ii). Ratio reserve deposit 𝜃 = 0.15; (iii). Permintaan uang
𝑀𝑑 = $𝑌(0.9 − 4𝑖)
Awalnya, supply monetary base (uang inti) 𝐻 = $450 𝑏𝑖𝑙𝑙𝑖𝑜𝑛,
income nominal 𝑌 = $10 𝑡𝑟𝑖𝑙𝑙𝑖𝑜𝑛.
a. Dapatkan persamaan permintaan monetary base 𝐻 𝑑
b. Dapatkan equilibrium interest rate 𝑖 dengan menyamakan
permintaan monetary base 𝐻 𝑑 dengan supply monetary base
𝐻.
c. Berapa total supply uang 𝑀? Apakah nilainya sama dengan
total permintaan uang 𝑀𝑑 pada tingkat interest rate point b
d. Apa dampak terhadap interest rate jika Ratio reserve deposit
dinaikkan oleh bank sentral menjadi naik menjadi 𝜃 = 0.2
3. Suppose that a person’s yearly income is $60,000. Also
suppose that this person’s money demand function is given
by Md = $Y (.35 - i)
a. What is this person’s demand for money when the
interest rate is 5%? 10%?
b. Explain how the interest rate affects money demand.
c. Suppose that the interest rate is 10%. In percentage
terms, what happens to this person’s demand for money if
her yearly income is reduced by 50%?
d. Suppose that the interest rate is 5%. In percentage terms,
what happens to this person’s demand for money if her
yearly income is reduced by 50%?
e. Summarize the effect of income on money demand. In
percentage terms, how does this effect depend on the
interest rate?
4. Consider a bond that promises to pay $100 in one year.
a. What is the interest rate on the bond if its price today is $75?
$85? $95?
b. What is the relation between the price of the bond and the
interest rate?
c. If the interest rate is 8%, what is the price of the bond today?
5. Suppose that money demand is given by Md = $Y (.25 - i)
where $Y is $100. Also, suppose that the supply of money is
$20.
a. What is the equilibrium interest rate?
b. If the Federal Reserve Bank wants to increase i by 10 per-
centage points (e.g., from 2% to 12%), at what level should it
set the supply of money?
JAWAB
1. Asumsi:
(i). Masyarakat tidak memegang uang tunai 𝐶𝑈 𝑑 = 0 → 𝑐 = 0;
(ii). Ratio reserve deposit 𝜃 = 0.1; (iii). Permintaan uang
𝑀𝑑 = $𝑌(0.8 − 4𝑖)
Awalnya, supply monetary base (uang inti) 𝐻 = $100 𝑏𝑖𝑙𝑙𝑖𝑜𝑛,
income nominal 𝑌 = $5 𝑡𝑟𝑖𝑙𝑙𝑖𝑜𝑛.
a. Dapatkan persamaan permintaan monetary base 𝐻 𝑑
b. Dapatkan equilibrium interest rate 𝑖 dengan menyamakan
permintaan monetary base 𝐻 𝑑 dengan supply monetary base
𝐻.
c. Berapa total supply uang 𝑀? Apakah nilainya sama dengan
total permintaan uang 𝑀𝑑 pada tingkat interest rate point b
d. Apa dampak terhadap interest rate jika supply monetary base
naik menjadi 𝐻 = $300 𝑏𝑖𝑙𝑙𝑖𝑜𝑛.
e. Jika total uang supply naik menjadi 𝑀 = $3000 𝑏𝑖𝑙𝑙𝑖𝑜𝑛,
bagaimana dampaknya terhadap interest rate 𝑖 ?
 Billion: 1,000,000,000
Trillion: 1,000,000,000,000
Jawab:
Asumsi : (i). 𝐶𝑈 𝑑 = 0 ↔ 𝑐 = 0; (ii). Ratio reserve 𝜃 = 0.1;
(iii). Demand for money 𝑀𝑑 = $𝑌 0.8 − 4𝑖
a. Demand for central bank money: 𝐻
𝐻 𝑑 = 𝐶𝑈 𝑑 + 𝑅𝑑
𝐻 𝑑 = 0 + 𝜃 1 − 𝑐 𝑀𝑑 = 𝜃𝑀𝑑 = 𝜃 $𝑌 0.8 − 4𝑖
𝐻 𝑑 = 0.1 $5 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 0.8 − 4𝑖
b. Equilibrium interest rate: 𝑖
𝐻 = 𝐻 𝑑 → $100 billion = 0.1 $5 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 0.8 − 4𝑖
$100 𝑏𝑖𝑙𝑙𝑖𝑜𝑛
0.8 − 4𝑖 = = 0,20
$500 𝑏𝑖𝑙𝑙𝑖𝑜𝑛
0,8−0.2
𝑖= = 0,15
4
c. Overall supply of money: 𝑀
1 1
𝑀= 𝐻= $100 𝑏𝑖𝑙𝑙𝑖𝑜𝑛 = $1000 𝑏𝑖𝑙𝑙𝑖𝑜𝑛
𝑐+𝜃 1−𝑐 0.1
𝑀 = $1 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛
Point b.
𝑀 = 𝑀𝑑 = $𝑌 0.8 − 4𝑖
𝑀 = $5 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 0.8 − 4 0.15 = $1 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛
d. Jika 𝐻 = $300 𝑏𝑖𝑙𝑙𝑖𝑜𝑛
1
𝑀 = $300 𝑏𝑖𝑙𝑙𝑖𝑜𝑛 = $3000 𝑏𝑖𝑙𝑙𝑖𝑜𝑛 = $3 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛
0.1
𝑀 = 𝑀𝑑 → $3 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 = $5 𝑇𝑟𝑖𝑙𝑙𝑖𝑢𝑛 0.8 − 4𝑖
$3 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 0.2
0.8 − 4𝑖 = = 0.6 → 𝑖 = = 0,05
$5 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 4
Jadi interest rate turun dari 𝑖 = 0,15 menjadi 𝑖 = 0,05
e. Jika 𝑀 = $3000 𝑏𝑖𝑙𝑙𝑖𝑜𝑛
3000 𝑏𝑖𝑙𝑙𝑖𝑜𝑛 = $5 𝑡𝑟𝑖𝑙𝑙𝑖𝑜𝑛(0.8 − 4𝑖)
$3 𝑡𝑟𝑖𝑙𝑙𝑖𝑜𝑛 = $5 𝑡𝑟𝑖𝑙𝑙𝑖𝑜𝑛(0.8 − 4𝑖)
0.8 − 4𝑖 = 0.6
𝑖 = 0.05
2. Asumsi:
(i). Masyarakat tidak memegang uang tunai 𝐶𝑈 𝑑 = 0 → 𝑐 = 0;
(ii). Ratio reserve deposit 𝜃 = 0.15; (iii). Permintaan uang
𝑀𝑑 = $𝑌(0.9 − 4𝑖)
Awalnya, supply monetary base (uang inti) 𝐻 = $450 𝑏𝑖𝑙𝑙𝑖𝑜𝑛,
income nominal 𝑌 = $10 𝑡𝑟𝑖𝑙𝑙𝑖𝑜𝑛.
a. Dapatkan persamaan permintaan monetary base 𝐻 𝑑
b. Dapatkan equilibrium interest rate 𝑖 dengan menyamakan
permintaan monetary base 𝐻 𝑑 dengan supply monetary base
𝐻.
c. Berapa total supply uang 𝑀? Apakah nilainya sama dengan
total permintaan uang 𝑀𝑑 pada tingkat interest rate point b
d. Apa dampak terhadap interest rate jika Ratio reserve deposit
dinaikkan oleh bank sentral menjadi naik menjadi 𝜃 = 0.2
 Billion: 1,000,000,000
Trillion: 1,000,000,000,000
Jawab:
Asumsi : (i). 𝐶𝑈 𝑑 = 0 ↔ 𝑐 = 0; (ii). Ratio reserve 𝜃 = 0.15;
(iii). Demand for money 𝑀𝑑 = $𝑌 0.9 − 4𝑖
a. Demand for central bank money: 𝐻
𝐻 𝑑 = 𝐶𝑈 𝑑 + 𝑅𝑑
𝐻 𝑑 = 0 + 𝜃 1 − 𝑐 𝑀𝑑 = 𝜃𝑀𝑑 = 𝜃 $𝑌 0.9 − 4𝑖
𝐻 𝑑 = 0.15 $10 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 0.9 − 4𝑖
b. Equilibrium interest rate: 𝑖
𝐻 = 𝐻 𝑑 → $450 billion = 0.15 $10 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 0.9 − 4𝑖
$450 𝑏𝑖𝑙𝑙𝑖𝑜𝑛
0.9 − 4𝑖 = = 0,30
$1500 𝑏𝑖𝑙𝑙𝑖𝑜𝑛
0,9−0.3
𝑖= = 0,15
4
c. Overall supply of money: 𝑀
1 1
𝑀= 𝐻= $4500 𝑏𝑖𝑙𝑙𝑖𝑜𝑛 = $3000 𝑏𝑖𝑙𝑙𝑖𝑜𝑛
𝑐+𝜃 1−𝑐 0.15
𝑀 = $3 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛
Point b.
𝑀 = 𝑀𝑑 = $𝑌 0.9 − 4𝑖
𝑀 = $10 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 0.9 − 4 0.15 = $3 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛
d. 𝐻 𝑑 = 𝜃 $𝑌 0.9 − 4𝑖 = 0.2 $10 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 0.9 − 4𝑖
𝐻 = 𝐻 𝑑 → $450 𝑏𝑖𝑙𝑙𝑖𝑜𝑛 = 0.2 $10 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 0.9 − 4𝑖
$450 𝑏𝑖𝑙𝑙𝑖𝑜𝑛 $450 𝑏𝑖𝑙𝑙𝑖𝑜𝑛
0.9 − 4𝑖 = = = 0.225
$2 𝑇𝑟𝑖𝑙𝑙𝑖𝑜𝑛 $2000 𝑏𝑖𝑙𝑙𝑖𝑜𝑛
0.9−0.225
𝑖= = 0.17
4
Jadi jika ratio reserve dinaikkan dari 𝜃 = 0.15 menjadi
𝜃 = 0.2 maka interest rate naik dari 𝑖 = 0.15 menjadi
𝑖 = 0.17.
3. Suppose that a person’s yearly income is $60,000. Also
suppose that this person’s money demand function is given
by Md = $Y (.35 - i)
a. What is this person’s demand for money when the
interest rate is 5%? 10%?
b. Explain how the interest rate affects money demand.
c. Suppose that the interest rate is 10%. In percentage
terms, what happens to this person’s demand for money if
her yearly income is reduced by 50%?
d. Suppose that the interest rate is 5%. In percentage terms,
what happens to this person’s demand for money if her
yearly income is reduced by 50%?
e. Summarize the effect of income on money demand. In
percentage terms, how does this effect depend on the
interest rate?
Jawab:
$Y = 60000; Md = $Y (.35 - i)
a. Jika i = 0,05 Md = $60000 (0,35 – 0,05) = $18000
Jika i = 0,10 Md = $60000 (0,35 – 0,10) = $15000
b. Jika interest rate naik maka harga Bond turun sehingga
masyarakat tertarik untuk membeli Bond sebagai spekulasi
memperoleh keuntungan bunga (interest rate). Peningkatan
pembelian bond ini akan menurunkan Md.
c. Jika i= 10% dan $Y = $30000, maka Md = $30000 (0,35 –
0,10) =$7500, jika $Y turun 50% maka Md juga turun 50%.
d. Jika i = 5% dan $Y = $30000, maka Md = $30000 (0,35 – 0,05)
=$9000 atau $Y turun 50% maka Md juga turun 50%
e. Jadi penurunan yearly income maka secara proporsional
dalam persentase akan diikuti penurunan demand for
money.
4. Consider a bond that promises to pay $100 in one year.
a. What is the interest rate on the bond if its price today is
$75? $85? $95?
b. What is the relation between the price of the bond and
the interest rate?
c. If the interest rate is 8%, what is the price of the bond
today?
100 − 𝑃𝐵
Jawab: $100 = (1 + i) PB. → 𝑖 =
𝑃𝐵
a. Jika PB = $75 → i = ⅓ = 33%; PB = $85 → i = 18% dan
PB = $95 → i = 5%.
b. Tingkat harga bond (PB) memiliki hubungan terbalik
dengan interest rate (i) jika harga bond meningkat maka
interest rate turun dan sebaliknya.
100
c. 𝑃𝐵 = 1+0,08 = 92,59
5. Suppose that money demand is given by Md = $Y (.25 - i)
where $Y is $100. Also, suppose that the supply of money is
$20.
a. What is the equilibrium interest rate?
b. If the Federal Reserve Bank wants to increase i by 10 per-
centage points (e.g., from 2% to 12%), at what level should it set
the supply of money?
Jawab:
a. 𝑀 = 𝑀𝑑 = $𝑌(0,25 − 𝑖) → $20 = $100(0,25 − 𝑖)
→ 𝑖 = 0,05
b. Jika 𝑖 = 0,05 + 0,10 = 0,15 maka
𝑀 = $100 0,25 − 0,15 = $10