米什金_货币金融学_第9版各章学习指导

P ART T WO

Overviews

of the Textbook Chapters and Teaching Tips

Chapter 1

Why Study Money, Banking,

and Financial Markets?

Before embarking on a study of money, banking, and financial markets, the student must be convinced that this subject is worth studying. Chapter 1 pursues this goal in two ways. First, it shows the student that money and banking is an exciting field because it focuses on economic phenomena that affect everyday life. Second, using eight figures, this chapter encourages the student to look at data that bear on the central issues in this field. An additional purpose of Chapter 1 is to provide an overview for the entire book, previewing the topics that will be covered in later chapters, and to indicate how the book will be taught. In teaching this chapter, the most important goal should be to get the student excited about the material.

I have found that talking about the data presented in the figures helps achieve this goal. Furthermore, it shows the student that the subject matter of money and banking has real-world implications that the student should care about.

The Web appendix to this chapter reviews concepts regarding the definitions of aggregate output, income, and the price level that the student already has seen in an economic principles course. Since these concepts are extremely important, it might be worthwhile to have your students read this appendix outside of class to jog their memories.

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26 Mishkin ? The Economics of Money, Banking, and Financial Markets, Ninth Edition

Chapter 2

An Overview of the Financial System

Chapter 2 is an introductory chapter that contains the background information on the structure and operation of financial markets that is needed in later chapters of the book. This chapter allows the instructor to branch out to various choices of later chapters, thus allowing different degrees of coverage of financial markets and institutions.

The most important point to transmit to the student is that financial markets and financial intermediaries are crucial to a well-functioning economy because they channel funds from those who do not have a productive use for them to those who do. Professors who emphasize financial markets and institutions in their course will want to teach this chapter in detail, and those who focus on international issues will want to spend some time on the section “Internationalization of Financial Markets.” However, those who slant their course to monetary theory and policy may want to give this chapter a more cursory treatment. No matter how much class time is devoted to this chapter, I have found that it is a good reference chapter for students. You might want to tell them that if in later chapters they do not recall what some financial instrument is or who regulates whom, they can refer back to this chapter, especially to summary tables, such as Tables 3 and 5.

The chapter introduces Global boxes, which are sprinkled throughout the text, to get students to recognize the growing importance of the global economy. The Global box in this chapter gets students to think about how the financial system in the U.S. is both similar to and different from financial systems in other countries.

Part Two: Overviews of the Textbook Chapters and Teaching Tips 27 Chapter 3

What Is Money?

Before becoming immersed in the study of money and banking, the student must understand how money is defined and measured. The first half of Chapter 3 discusses the definition of money: how the economist’s definition differs from that of common speech, the functions of money, and a historical view of how what serves as money has changed over time. The second half of the chapter describes the tricky issues involved in applying the definition of money in order to measure it.

Once the student understands what money is, the most important point to get across to him or her is that economists are not exactly sure how to measure money. This presents to policymakers a serious problem: Although they might want to control the money supply to affect the economy, they are not sure which measure of money is the right one to control. In many situations, knowing which measure of money is

the right one is not crucial because different measures (such as Ml, M2, and M3) move together. But, as Figure 1 illustrates, this is sometimes not the case, presenting the policymaker with a dilemma.

A second point to emphasize is illustrated in Table 2: We should not pay very much attention to short-run movements in the published money supply numbers, because data revisions can be substantial. Rather, we should focus on longer-run movements, such as growth rates over a year’s time.

28 Mishkin ? The Economics of Money, Banking, and Financial Markets, Ninth Edition

Chapter 4

Understanding Interest Rates

In my years of teaching money and banking, I have found that students have trouble with what I consider to be easy material because they do not understand what an interest rate is—that it is negatively associated with the price of a bond, that it differs from the return on a bond, and that there is an important distinction between real and nominal interest rates.

This chapter spends more time on these issues than does any other competing textbook. Furthermore, it contains many numerical applications to drive home the concepts. My experience has been that giving this material so much attention is well rewarded. After putting more emphasis on this material in my money and banking courses, I witnessed a dramatic improvement in students’ understanding of bank asset and liability management, portfolio choice, models of the demand for money, and other topics in monetary theory. I also have found that students very much enjoy this chapter, especially the “Reading the Wall Street Journal” application in which they learn to read the bond page. They feel that this chapter is very “real world” and will be useful to them in their careers.

This chapter introduces Following the Financial News boxes which contain news items and data that are reported daily in the press. These boxes help explain how to read the data and help encourage students to start reading financial newspapers. An additional innovative feature of the book that first appears in this chapter are the special applications, “Reading the Wall Street Journal.” These applications show students how the analytical framework in the book can be used directly to understand the daily data and columns in the United States’ leading financial newspaper. The students particularly like the application on reading the bond page of the Wall Street Journal because it shows them that the concepts developed in the chapter are actually used in the real world.

Because the analytical material in this chapter is somewhat dry (although important), it is worthwhile spicing it up with discussion of the boxes to liven it up for students. The Global box on negative T-bill rates shows that strange things do indeed happen in the world. This chapter also introduces FYI boxes, which highlight dramatic historical episodes, interesting ideas, and intriguing facts to keep students excited about the material.

Part Two: Overviews of the Textbook Chapters and Teaching Tips 29 Chapter 5

The Behavior of Interest Rates

As is clear in the Preface to the textbook, I believe that money and banking is taught effectively by emphasizing a few economic principles and then applying them over and over again to the subject matter of this exciting field. Chapter 5 introduces one of these basic economic principles: the theory of asset demand. This theory indicates that there are four primary factors that influence people’s decisions to hold assets: wealth, expected returns, risk, and liquidity. The simple idea that these four factors explain the demand for assets is, in fact, an extremely powerful one. It is used continually throughout the study of money and banking and makes it much easier for the student to understand how interest rates are determined, how banks manage their assets and liabilities, why financial innovation takes place, how prices are determined in the stock market and the foreign exchange market, and how various theories explain the demand for money.

One teaching device that I have found helps students develop their intuition is the use of summary tables such as Table 1 in class. I use the blackboard to write a list of changes in variables that affect the demand for an asset and then ask students to fill in the table by reasoning how demand responds to each change. This exercise gives them good practice in developing their analytic abilities. I use this device continually throughout my course and in this book, as is evidenced from similar summary tables in later chapters.

I recommend this approach highly.

Chapter 5 goes on to lay out two partial equilibrium approaches to the determination of interest rates: supply and demand in the bond market and the liquidity preference framework (supply and demand in the money market). As is made clear in this chapter, these approaches are not inconsistent with each other but are two different and useful ways of looking at the same thing.

An important feature of the analysis in this chapter is that supply and demand is always done in terms of stocks of assets, not in terms of flows. Recent literature in the professional journals almost always analyzes the determination of prices in financial markets with an asset-market approach: that is, stocks of assets are emphasized rather than flows. The reason for this is that keeping track of stocks of assets is easier than dealing with flows. Correctly conducting analysis in terms of flows is very tricky, for example, when we encounter inflation. Thus there are two reasons for using a stock approach rather than a flow approach: (1) It is easier, and (2) it is more consistent with modern treatment of asset markets by economists. Another important feature of this chapter is that it lays out supply and demand analysis of the bond and money markets at a similar level to that found in principles of economics textbooks. The ceteris paribus derivation of supply and demand curves with numerical examples are presented, the concept of equilibrium is carefully developed, the factors that shift the supply and demand curves are outlined, and the distinction between movements along a demand or supply curve and shifts in the curve are clearly drawn. My feeling is that the step-by-step treatment in this chapter is worthwhile because supply and demand analysis is such a basic tool throughout the study of money, banking, and financial markets.

I have found that even those students who have had excellent training in their principles course find that this chapter provides a valuable review of supply and demand analysis.

30 Mishkin ? The Economics of Money, Banking, and Financial Markets, Ninth Edition

An appendix to the chapter which can be found on the Web site shows how the analysis developed in the chapter can be applied to understanding how any asset’s price is determined. Many students like the application to the gold market because this commodity piques almost everybody’s interest.

This chapter is also designed to show the student how useful economic analysis can be. The Following the Financial News box illustrates that the supply and demand analysis in this chapter is used in the real world to solve a practical problem—forecasting interest rates. The “Reading the Wall Street Journal” applications on the Credit Markets column shows students how they can use the concepts they have learned to understand material that they can read about every day. In teaching my class, I bring the previous days’ Wall Street Journal columns into class and then use them to conduct a case discussion along the lines of the “Reading the Wall Street Journal” applications in the text. My students very much like the resulting case discussions and have told me that they are better than case discussions in other classes because the material is so current. The application at the end of the chapter encourages students to use all they have learned in this chapter to analyze an important issue to policymakers—the relationship between money and interest rates.

Part Two: Overviews of the Textbook Chapters and Teaching Tips 31 Chapter 6

The Risk and Term Structure

of Interest Rates

Chapter 6 applies the tools the students learned in Chapter 5 to understanding why and how various interest rates differ. In courses that emphasize financial markets, this chapter is important because students are curious about the risk and term structure of interest rates. On the other hand, professors who focus on monetary theory and policy in their courses might want to skip this chapter. The book has been designed so that skipping this chapter will not hinder the student’s understanding of later chapters.

A particularly attractive feature of this chapter is that it gives students a feel for the interaction of data and theory. As becomes clear in the discussion of the term structure, theories are modified because they cannot explain the data. On the other hand, theories do help to explain the data, as the application to interpreting yield curves in the 1980–2009 period demonstrates.

32 Mishkin ? The Economics of Money, Banking, and Financial Markets, Ninth Edition

Chapter 7

The Stock Market, the Theory of Rational Expectations,

and Efficient Market Hypothesis

Because the stock market is of such great interest to students, this chapter discusses theories of how stocks are priced and how information is incorporated into stock prices. Laying out the simple models of the one-period valuation model, the generalized dividend valuation model, and the Gordon growth model gives students the tools to understand how stock prices are determined. Two applications show students how relevant these models are by applying them to see how monetary policy influences stock prices.

An important development in monetary theory that has far-reaching implications for the way we evaluate economic policy is the theory of rational expectations. Chapter 7 explains this theory and its application to financial markets, which is referred to as the efficient market hypothesis. Although the theory of rational expectations can be laid out in mathematical terms, I have found that it is best to give the students an example such as Joe Commuter’s expectations to give them an intuitive sense of what “rational expectations” mean. When provided with a graphic example like that used in the text, students have no trouble understanding the theory of rational expectations, which is really just good common sense.

The implications of rational expectations theory become much clearer when this theory is used to understand behavior in the financial markets as in the efficient market hypothesis. Another area of exciting new research has been on the validity of rational expectations and efficient markets. Recent work has been dredging up fascinating anomalies that cast doubt on these theories. This chapter has therefore been written to give a more balanced view of these theories: it reflects this latest research, including a discussion of the new field of behavioral finance, which applies concepts from other social sciences like anthropology, sociology, and, particularly psychology, to understand the often anomalous behavior of security prices.

Students particularly enjoy the application of rational expectations (efficient market hypothesis) theory to provide a practical guide to investing in the stock market. This application captures the attention of even the most disinterested student because all of us are interested in how to get rich (or, at least, in how to keep from getting poor). This application also gives students practice using the reasoning that they learned earlier in the chapter. In addition, the theory is confronted with evidence that shows the student important implications for the real world.

Part Two: Overviews of the Textbook Chapters and Teaching Tips 33 Chapter 8

An Economic Analysis of Financial Structure

The development of a new literature in economics on asymmetric information and financial structure in recent years now enables financial institutions to be taught with basic economic principles rather than placing emphasis on a set of facts that students may find boring and so will forget after the final exam. This chapter provides an outline of this literature to the student and provides him or her with an economic understanding of why our financial system is structured the way it is. In addition, it emphasizes the ideas

of adverse selection and moral hazard, which are basic economic concepts that are useful in understanding financial crises in Chapter 9, principles of bank credit risk management in Chapter 10, and principles of bank regulation in Chapter 11.

The chapter begins with a discussion of eight basic facts about financial structure. Students find some of these facts to be quite surprising—the relative unimportance of the stock market as a source of financing investment activities, for example—which piques their interest and stimulates them to want to understand the economics behind our financial structure. The next two sections then explain these facts by providing an understanding of how transaction costs and asymmetric information affect financial structure. My experience with teaching this material is that it is very intuitive and therefore easy for students to learn. Furthermore, students find the material inherently exciting because it explains phenomena that they know are important in the real world. I have also found that it helps students to learn facts about the financial system because they now have a framework to make sense out of all these facts.

Two applications give students practice with using the concepts in the earlier asymmetric information analysis. They examine the role of financial development on economic growth and whether China is a counter-example to the importance of financial development. Students find these applications to be very stimulating because there is something inherently exciting about economic growth. These applications can be skipped without loss of continuity, especially for courses focusing on financial institutions.

The chapter contains a final section on “Conflicts of Interest,” which discusses what conflicts of interest are and why we should care about them. Recent corporate and accounting scandals due to conflicts of interest have received tremendous public attention and are thus highly interesting to students because resulting bankruptcies have cost employees of these firms their jobs and their pensions, and because

the scandals may have hampered the efficient functioning of the financial system. It is important to emphasize to students that conflicts of interest occur when people who are supposed to act in the interests of the investing public by providing them with reliable information, instead have incentives (conflicting interests) to deceive the public to benefit themselves and their corporate clients The section ends by providing a survey of the different types of conflicts of interest in the financial industry and discusses policies to remedy them.

The chapter has been designed to keep the textbook very flexible. The concepts of adverse selection and moral hazard were explained in Chapter 2 and are explained again in Chapter 10, so that Chapter 8 does not have to be covered in order to teach this or later chapters. Furthermore, the applications at the end of the chapter do not need to be covered in order to teach other chapters in the book.

34 Mishkin ? The Economics of Money, Banking, and Financial Markets, Ninth Edition

Chapter 9

Financial Crises and the Subprime Meltdown

Financial crises are inherently interesting because they are so dramatic. This has become even more with the subprime financial crisis. Indeed, teaching this new chapter on the financial crises and the subprime meltdown has piqued students interest more than anything else I have taught in my entire career of over thirty years of teaching.

This chapter is an application of the agency theory, the economic analysis of the effects of asymmetric information (adverse selection and moral hazard), that was covered in the previous chapter. Agency theory is used to outline the six factors that play key roles in financial crises. Your students will really start to get engaged when you outline the dynamics of financial crises. I have found that the two figures with schematics, Figure 1 and Figure 3, are especially helpful in getting the dynamics across in class. Students will be most interested in using the analysis to discuss the recent subprime financial crisis, which is the worst financial crisis to hit the world since the Great Depression. Nonetheless, the application on the Great Depression is worth covering because it contains so many lessons for today. The last half of the chapter focuses on financial crises in emerging market economies. This material can be easily skipped. However, if the course has an international focus, it is material well worth covering.

Part Two: Overviews of the Textbook Chapters and Teaching Tips 35 Chapter 10

Banking and the Management

of Financial Institutions

Although this chapter performs the conventional function of outlining what banks (depository institutions) do and what their balance sheets look like, it also emphasizes the economic way of thinking about how banks manage their assets and liabilities to make a profit. Three tools are used throughout this chapter

and the rest of the book—the asymmetric information concepts of adverse selection and moral hazard, introduced in Chapter 2, the theory of asset demand developed in Chapter 5, and T-accounts, introduced in this chapter. In teaching this material, it is worth emphasizing to the student that mastery of these tools

will pay high dividends in helping them to learn (and perform well on exams) in this course.

The economics of bank management is important, not only because it will help students comprehend the operation of banks, the most important of our financial intermediaries, but also because bank management affects the money supply, as shown in Chapter14. The first three sections of the chapter—“The Bank Balance Sheet,” “Basic Banking,” and “General Principles of Bank Management”—place particular emphasis on the question of why banks hold excess reserves, since banks’ decisions about the amount of excess reserves they hold play an important role in the money supply process.

The subsection “Capital Adequacy Management,” and the final three sections in the chapter, “Managing Credit Risk,” “Managing Interest-Rate Risk,” and “Off-Balance-Sheet Activities,” discuss issues that have become increasingly important in recent years. Many instructors may therefore want to include this material in their courses, yet none of this material is essential to understanding later chapters, so it can be skipped without any loss of continuity. The application on how a capital crunch caused a credit crunch during the subprime financial crisis particularly piques the interest of students because it shows how changes in banks’ behaviors can have major effects on the economy.

36 Mishkin ? The Economics of Money, Banking, and Financial Markets, Ninth Edition

Chapter 11

Economic Analysis of Financial Regulation

This chapter stresses the economic way of thinking by conducting an economic analysis using the adverse selection and moral hazard concepts to show why our regulatory system takes the form it does and how it led to a banking crisis in the 1980s.

An appendix on the Web site has a much more extensive discussion of the banking and S&L crisis, which is still relevant today because many of the same forces that caused the banking and S&L crisis in the 1980s caused the recent subprime financial crisis as well as the bailout of Fannie Mae and Freddie Mac. The appendix also has a detailed discussion of the principal-agent problem and how it explains the political economy of the banking crisis. This material is highly stimulating to students because it helps them understand how our political system affects our economic system. Also students, like all of us, like reading about scandals, and this is why the Charles Keating story in the FYI box makes the principal-agent problem come alive.

The chapter ends with a discussion of where financial regulation might be heading in the aftermath of the subprime financial crisis. Instead of lecturing on this issue, I have the students themselves speculate on what measures may be needed to prevent a crisis like this from happening again. This gets them to apply the concepts in this chapter and makes for a very spirited discussion.

Note that Chapter 8 does not need to be covered in order to teach this chapter. However, if Chapter 8 is covered in class, Chapter 11 is a nice application of the analysis in that chapter. Indeed, the instructor might want to stress in class the counterparts in private financial markets to the methods financial regulators use to cope with adverse selection and moral hazard.

Part Two: Overviews of the Textbook Chapters and Teaching Tips 37 Chapter 12

Banking Industry: Structure and Competition

Chapter 12 supplements Chapter 2 by going into much greater detail about the structure of the banking system. This chapter differs from conventional chapters on the banking industry in other money and banking textbooks by stressing a more dynamic, analytical framework than in other books. In particular it provides an analytic framework for understanding the process of financial innovation in which financial institutions respond to changes in the financial environment by searching for innovations that are likely to be profitable. This framework is then used to show how financial innovation and changes in the ability to process information have led to a decline in the traditional banking business and to fundamental changes

in the structure of the banking industry.

38 Mishkin ? The Economics of Money, Banking, and Financial Markets, Ninth Edition

Chapter 13

Central Banks and the Federal Reserve System

Chapters 13–16 explore in detail how monetary policy is conducted. Although most professors covering monetary theory will want to include much of this material in their courses, later chapters on monetary theory do not directly depend on Chapters 13–16, so they can be skipped without loss of continuity. Other professors covering monetary theory may prefer to teach this material after they have taught the chapters on monetary theory.

The chapter starts by laying out modern theories of central banking: It first discusses the price stability goal and the role of a nominal anchor in solving the time-inconsistency problem, and then discusses the other goals of monetary policy and why price stability is now viewed as the primary goal of monetary policy.

The time-inconsistency problem is one of the most important ideas in monetary theory in the last twenty years. I illustrate the time-inconsistency problem by using the example of how many people cannot stick to a diet even though they know this is the right thing for them to do in the long run. Many other examples can bring this idea home to the student. Another good example is the fact that it is optimal not to give in to children when they are behaving badly, but parents still have a tendency to renege on this optimal plan.

A third example is that governments usually provide funds to rebuild in coastal areas after a hurricane, even though it is not optimal to build in areas that are likely to be ravaged by hurricanes. You might ask the students to think of other examples in order to hammer home this important idea.

The chapter then discusses how the central bank in the United States—the Federal Reserve System—operates. The basic point that should be driven home in class is that although the Federal Reserve System has a complicated bureaucratic structure, in practice, it functions like a single central bank, headquartered in Washington, D.C. Students should enjoy the discussion of how foreign central banks are structured and how foreign central banks are similar to or differ from the central bank in the United States.

To help the instructor spice up the discussion of the Federal Reserve, I try to provide an inside view of the Fed by including material on such topics as the political genius of the way the Federal Reserve was set up to preserve its independence, the special role of the Federal Reserve Bank of New York and the research staff in the Federal Reserve System, the role of member banks, how a typical FOMC meeting is conducted, how Ben Bernanke’s style differs from that of the former Chairman of the Fed, Alan Greenspan, and how the foreign exchange and open market desks at the Federal Reserve Bank of New York operate. To feature this new material I have included some of it in a set of special interest boxes, titled “Inside the Fed,” which provide insights on how the Federal Reserve System operates although they are based on information that is entirely in the public domain.

Until recently, the Federal Reserve had no significant rivals in the central banking world. This changed in January 1999 with the startup of the European Central Bank (ECB), which now conducts monetary policy for countries that are members of the European Monetary Union, which in total have a population that exceeds that of the United States and a GDP comparable to that of the U.S. Because of growing interest by students in the workings of the European Central Bank, the chapter has an extensive discussion of the structure and independence of the European Central Bank. To motivate this material, I focus on how the ECB is similar to the Federal Reserve and how it differs. The chapter also contains brief descriptions of the structure and independence of three other important central banks of interest to students: the Bank of Canada, the Bank of England, and the Bank of Japan.

Part Two: Overviews of the Textbook Chapters and Teaching Tips 39 Students seem to particularly enjoy the next section in the chapter which discusses the theory of bureaucratic behavior and the related issue of whether or not central banks should be independent. Thus I recommend focusing on these topics, rather than the detail of the Fed’s and other central banks’ structures, which can be tedious.

In addition to the institutional detail on the Fed and other central banks that is usually found in money and banking textbooks, Chapter 13 also tries to provide the student with a feel for what motivates central bankers. Furthermore, discussing the theory of bureaucratic behavior shows students that the economic way of thinking is useful in understanding a wider range of problems than they might otherwise have thought.

40 Mishkin ? The Economics of Money, Banking, and Financial Markets, Ninth Edition

Chapter 14

The Money Supply Process

This chapter provides an analysis of how the money supply is determined. One point that needs to be emphasized at the outset is that the money supply is not determined solely at the whim of the central bank; rather, there are two other players in the money supply process who also play an important role: banks and depositors. Chapter 14 first extensively discusses the simple model of multiple deposit creation, even though it is unrealistic and does not feature all of the players, because it illustrates the basic principles used later in the chapter. The critique of the simple model of multiple deposit creation then leads to a discussion of the money multiplier and a more complete treatment of the money supply process.

I have found that going over the summary Table 1 with students in class is an excellent device to help them review the money supply model; it gives them an overall and complete picture of how the money supply is determined.

Chapter 14 ends with an application on how the bank panics during the 1930s affected the money supply, It should convince students that the analysis they have learned is not mere theorization but a useful means of explaining important historical events. Students also find this discussion to be especially stimulating because bank panics are dramatic events that capture their interest.

This chapter has an appendix on the Web site that derives the M2 money multiplier and explains the intuition behind it. Some instructors may want to cover this material in class because it shows how money supply analysis can be extended to monetary aggregates other than M1. In addition, it provides students with additional practice in using the concepts they have learned in the chapter.

For instructors who would prefer to deemphasize discussion of the money supply process in their course, this chapter can easily be skipped. I have also found that I can skip this chapter.

Part Two: Overviews of the Textbook Chapters and Teaching Tips 41 Chapter 15

Tools of Monetary Policy

Chapter 15 examines in detail the tools at the Fed’s (and the European Central Bank’s) disposal for conducting monetary policy. To fully understand how the Fed’s tools are used in the conduct of monetary policy, this chapter shows how they affect the federal funds rate directly. Students are introduced to the nitty gritty of how the Fed wields these tools and are exposed to current debates on whether Fed policymaking could be made more effective by altering their use of these tools. One basic conclusion that should be emphasized in class is that open market operations are the Fed’s primary tool in conducting monetary policy.

To keep the material in this chapter from being too descriptive, I have started the chapter with an analytic analysis of how Federal Reserve actions influence the federal funds rate. This analysis reflects the changes in the way the market for reserves works because the Fed now pays interest on reserves. The chapter also includes applications on why reserve requirements have been declining throughout the world and on the channel/corridor approach for setting interest rates used by other countries. Teaching these applications encourages students to use their economic intuition to understand the tools of monetary policy better.

One topic that frequently does not get enough attention in money and banking courses is the lender-of-

last-resort function of discounting. I feel this function should be stressed in class because students find it inherently interesting in the wake of the recent massive operations by the Fed during the subprime financial crisis. Students particularly like to hear about real-world examples of discounting to avoid banking and financial panics. It is particularly worth discussing in class the examples in the Inside the Fed box on the Federal Reserve’s lender-of-last-resort facilities during the subprime financial crisis.

42 Mishkin ? The Economics of Money, Banking, and Financial Markets, Ninth Edition

Chapter 16

The Conduct of Monetary Policy:

Strategy and Tactics

Chapter 16 outlines the strategy and tactics of central bank policymaking. It starts by discussing three strategies—monetary targeting, inflation targeting, and monetary policy with an implicit nominal anchor a la Greenspan. I have found that discussing the pros and cons of each piques students interest. One teaching technique is to have the students debate which strategy is best. The summary table in Table 1 is also a good teaching tool to summarize this debate.

The chapter then moves on to discuss monetary policy tactics: in particular, what policy instrument should be choosen to conduct monetary policy. Figures 2 and 3 illustrate why targeting on a monetary aggregate like nonborrowed reserves implies a loss of control of interest rates like the federal funds rate, while targeting on the federal funds rate implies a loss of control of monetary aggregates. This analysis can also be done in terms of the supply and demand for money framework. Indeed, covering this topic is an excellent way of providing students with another application to give them practice with the supply and demand analysis for the market for reserves or the market for money.

The second tactical issue is how to set a target for the federal funds rate with the so-called Taylor rule. Discussion of the Taylor rule helps students understand that the Fed focuses on inflation but also on fluctuations around potential output. The role of the output gap in setting monetary policy follows from Phillips curve theory and the validity of the NAIRU concept. The Phillips curve and NAIRU are very controversial of late, and a discussion of the controversy can engage students in understanding how difficult it is for the Federal Reserve to decide on the appropriate stance of monetary policy.

The third tactical issue has been brought to the fore lately by the subprime financial crisis: that is, how should central banks respond to asset-price bubbles. Asset-price bubbles are particularly interesting to students because they involve huge booms in asset prices and then crashes, which are very dramatic. The issue of what should be done about asset-price bubbles is very controversial and so one way of teaching this material is to stage a debate in class with two opposing views: that central banks should not respond at all, which is the position associated with Alan Greenspan, or the alternatively, that monetary policy should try to preemptively prick bubbles.

The chapter ends with a historical discussion of how the Fed has conducted monetary policy over the last 90 years. It presents students with many real-world examples that make the study of monetary policy more concrete. It also provides students with a review of the money supply process and how the Fed’s policy tools work, thus giving them another pass at this material, which should solidify their understanding of it. Finally it will give students some perspective on where monetary policy may be heading in the future.

2017年金融考研专业课米什金《货币金融学》重点章节

2017年金融考研专业课米什金《货币金融 学》重点章节 第一章为什么研究货币、银行与金融市场 GDP平减指数，通货膨胀率计算 第二章金融体系概览 1.名词解释 逆向选择：在信息不对称的情况下，差的商品总是将好的商品逐出市场； 或者说拥有信息优势的一方总是趋向于做出有利于自生而不利于别人的选择。 金融恐慌：由于资金提供者对金融中介机构的稳定性产生怀疑， 因而将资金从稳定和不稳定的机构中抽回，导致大量金融机构倒闭。2.金融市场的基本经济功能： 将资金从那些由于支出小于收入而积蓄多余资金的人手中转移至由于支出大于收入而缺乏资金的人手中。（直接，间接融资） 3.金融市场的结构： 债权股权市场；一级二级市场；交易所、场外市场OTC； 货币市场：小于一年，短期国库券，可转让存单，商业票据，银行承兑汇票， 回购协议，联邦基金等。 资本市场：大于一年，股票，公司债券，抵押贷款，美国政府证券，商业贷款等。 4.金融市场国际化： 外国债券：在外国市场上发行，并以发行国货币计价的债券。 欧洲债券：在外国市场上发行，但并非以发行国货币来计价的债券。 欧洲货币：存放在本国之外的银行的外国货币。最重要的是欧洲美元。 欧洲美元：存放在美国以外的外国银行或美国银行国外分支机构的美元。 5.金融中介功能（间接融资）： 1）降低交易成本，为客户提供流动性服务。 2）分担风险，减少投资者风险。 3）缓解由信息不对称而产生的逆向选择和道德风险问题。 6.金融中介类型： 1）存款机构：银行，信用社。 2）契约性储蓄机构：保险，养、退休基金。 3）投资中介机构：财务公司，共同基金，货币市场共同基金，投行。 6.金融体系的监管 帮助投资者获取更多信息，确保金融体系的健全性。 1986《Q》废除。（Q：美联储有权利设置银行存款利率上限） 第三章什么是货币 1.货币的功能 交易媒介，记账单位，价值贮藏（流动性：资产转化为交易媒介的成本和速度） 2.货币计量

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货币金融学课后答案 1、假如我今天以5000美元购买一辆汽车，明年我就可以赚取10000额外收入，因为拥有了这辆车，我就可以成为推销员。假如没有人愿意贷款给我，我是否应该从放高利贷者拉利处以90%的利率贷款呢？你能否列出高利贷合法的依据？ 我应该去找高利贷款，因为这样做的结果会更好。我支付的利息是4500（90%×5000）,但实际上，我赚了10000美元，所以我最后赚得了5500美元。因为拉利的高利贷会使一些人的结果更好，所以高利贷会产生一些社会效益。（一个反对高利贷的观点认为它常常会造成一种暴利活动）。 2、“在没有信息和交易成本的世界里，不会有金融中介机构的存在。”这种说法是正确的、错误的还是不确定？说明你的理由。 正确。如果没有信息和交易成本，人们相互贷款将无成本无代价进行交易，因此金融机构就没有存在的必要了。 3、风险分担是如何让金融中介机构和私人投资都从中获益的？ 风险分担是指金融中介机构所设计和提供的资产品种的风险在投资者所承认 的范围之内，之后，金融中介机构将销售这些资产所获取的资产去购买风险大得多的资产。 低交易成本允许金融中介机构以较低的成本进行风险分担，使得它们能够获取风险资产的收益与出售资产的成本间的差额，这也是金融中介机构的利润。对投资者而言，金融资产被转化为安全性更高的资产，减少了其面临的风险。 4、在美国，货币是否在20世纪50年代比70年代能更好地发挥价值储藏的功能？为什么？在哪一个时期你更愿意持有货币？ 在美国，货币作为一种价值储藏手段，在20世纪50年代比70年代好。因为50年代比70年代通货膨胀率更低，货币贬值的贬值程度也较低。 货币作为价值储藏手段的优劣取决于物价水平，因为货币价值依赖于价格水平。在通货膨胀时期，物价水平迅速上升，货币也急速贬值，人们也就不愿意以这种形式来持有财富。因此，人们在物价水平比较稳定的时期更愿意持有货币。 5、为什么有些经济学家将恶性通货膨胀期间的货币称做“烫手的山芋”，在人们手中快速传递？ 在恶性通货膨胀期间，货币贬值速度非常快，所以人们希望持有货币的时间越短越好，因此此时的货币就像一个烫手的山芋快速的从一个人手里传到另一个人手里。 6、巴西在1994年之前经历快速通货膨胀，很多交易时通过美元进行的，而不是本国货币里亚尔，为什么？ 因为巴西快速的通货膨胀，国内的货币里亚尔实际上的储藏价值很低，所以人们宁愿持有美元，美元有更好的储藏价值，并在日常生活中用美元支付。 7、为了支付大学学费，你获得一笔1000美元的政府贷款。这笔贷款需要你每年支付126美元共25年。不过，你不必现在就开始偿还贷款，而是从两年后你大学毕业时才开始。通常每年支付126美元共25年的1000美元固定支付贷款的到期收益率为12%，但是为何上述政府贷款的到期收益率一定低于12%？ 如果利润率是12%，由于是在毕业两年后而不是现在开始贷款，那么政

米什金 货币金融学 英文版习题答案chapter 7英文习题

Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 7 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis 7.1 Computing the Price of Common Stock 1) A stockholder's ownership of a company's stock gives her the right to A) vote and be the primary claimant of all cash flows. B) vote and be the residual claimant of all cash flows. C) manage and assume responsibility for all liabilities. D) vote and assume responsibility for all liabilities. Answer: B AACSB: Analytical Thinking 2) Stockholders are residual claimants, meaning that they A) have the first priority claim on all of a company's assets. B) are liable for all of a company's debts. C) will never share in a company's profits. D) receive the remaining cash flow after all other claims are paid. Answer: D AACSB: Analytical Thinking 3) Periodic payments of net earnings to shareholders are known as A) capital gains. B) dividends. C) profits. D) interest. Answer: B AACSB: Analytical Thinking 4) The value of any investment is found by computing the A) present value of all future sales. B) present value of all future liabilities. C) future value of all future expenses. D) present value of all future cash flows. Answer: D AACSB: Analytical Thinking 5) In the one-period valuation model, the value of a share of stock today depends upon A) the present value of both the dividends and the expected sales price. B) only the present value of the future dividends. C) the actual value of the dividends and expected sales price received in one year. D) the future value of dividends and the actual sales price. Answer: A AACSB: Analytical Thinking

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The Economics of Money, Banking, and Financial Markets, 9e (Mishkin) Chapter 14 The Money Supply Process 14.1 Three Players in the Money Supply Process 1) The government agency that oversees the banking system and is responsible for the conduct of monetary policy in the United States is A) the Federal Reserve System. B) the United States Treasury. C) the U.S. Gold Commission. D) the House of Representatives. Answer: A Ques Status: Previous Edition 2) Individuals that lend funds to a bank by opening a checking account are called A) policyholders. B) partners. C) depositors. D) debt holders. Answer: C Ques Status: Previous Edition 3) The three players in the money supply process include A) banks, depositors, and the U.S. Treasury. B) banks, depositors, and borrowers. C) banks, depositors, and the central bank. D) banks, borrowers, and the central bank. Answer: C Ques Status: Revised 4) Of the three players in the money supply process, most observers agree that the most important player is A) the United States Treasury. B) the Federal Reserve System. C) the FDIC. D) the Office of Thrift Supervision. Answer: B Ques Status: Revised

米什金《货币金融学》(第9版)配套题库-课后习题-第1~7章【圣才出品】

第1章为什么要研究货币、银行与金融市场 一、概念题 1．总收入（aggregate income） 答：总收入是指在一年中生产要素（土地、劳动和资本）在生产商品和劳务过程中所获得的全部收入，它被认为是计量总产出的最好指标。因为对最终产品和劳务的支出，最终必然会作为收入流回生产要素所有者手中，收入的支付必然与对最终产品和劳务的支付相等。 2．总产出（aggregate output） 答：总产出是指一个国家或地区在一定时期内（核算期内）全部生产活动的总成果，即全部生产部门生产的物质产品和服务的总价值之和，包括本期生产的已出售和可供出售的物质产品和服务、在建工程以及自产自用消费品和自制固定资产价值。总产出一般按生产者价格进行计算。 3．物价总水平（aggregate price level） 答：在本章中，物价总水平是指经济社会中平均的物价水平。在经济数据中，经常使用两种物价总水平的指标。第一种是GDP平减指数（GDP deflator），它等于名义GDP除以实际GDP的商。一般而言，用物价指数作为衡量物价水平的指标，将基年的价格水平定义为100。另一个常用的衡量物价总水平的指标就是消费者物价指数（CPI）。消费者物价指数是通过给一个典型的城市居民在某一时期（例如一个月）所购买的一揽子商品和劳务定价得到的。作为度量物价总水平的指标，不管是CPI，还是GDP平减指数，都可以用于将名义值折算成实际值，这个结果可以用名义量值除以物价指数得到。

4．资产（asset） 答：资产即经济资产，是指资产的所有权已经界定，其所有者由于在一定时期内对它们的有效使用、持有或者处置，可以从中获得经济利益的那部分资产。根据经济周转特性的不同，可以分为流动资产、长期投资、固定资产、无形资产和递延资产等；根据存在的形态不同，可以分为金融资产与非金融资产，有形资产与无形资产。 5．银行（banks） 答：银行是吸收存款、发放贷款的金融机构，包括商业银行、储蓄贷款协会、互助储蓄银行以及信用社。本书中所指的银行是按美国的划分标准来确定范围的。在国内，银行主要是指商业银行，即利用多种金融负债筹集资金，经营多种金融资产业务，并在负债资产业务中利用负债进行信用创造，追求最大利润，向客户提供多功能、综合性服务的金融企业。商业银行已经成为国民经济活动的中枢，对全社会的货币供给具有重要影响，是全社会资本运动的中心，并成为国家实施宏观经济政策的重要途径和基础。商业银行在现代经济活动中所发挥的基本功能主要有信用中介、支付中介、金融服务、信用创造和调节经济五项功能。 6．债券（bond） 答：债券是一种承诺在某一特定时期中定期支付的债务性证券，是政府、金融机构、工商企业等机构直接向社会筹措资金时，依法定程序向投资者发行的约定在一定期限还本付息的证券。债券在债券投资者（持有人）与债券发行人之间形成债权债务关系，债券发行人为债务人，债券持有人为债权人，债券持有人享有按照约定条件收回本金和收取利息的权利，债券发行人负有按照约定条件偿还本金和支付利息的义务。

米什金《货币金融学》笔记和课后习题详解-第6篇 货币理论【圣才出品】

第6篇货币理论 第19章货币数量论、通货膨胀与货币需求 19.1 复习笔记 1．货币数量论 货币数量论揭示了在总收入规模既定情况下所持有的货币数量。该货币需求理论最重要的特点是它认为利率对货币需求没有影响。 （1）货币流通速度和交易方程式 ①货币流通速度 费雪考察货币总量M（货币供给）与经济体所生产出来的最终产品和劳务的支出总量P×Y（总支出P×Y也称为经济体的名义总收入或名义GDP）之间的联系，其中P代表价格水平，Y代表总产出（收入）。M和P×Y之间的关系可以用货币流通速度表示，即货币周转率，也就是1年当中，1单位货币用来购买经济体最终产品和劳务总量的平均次数。流通速度V可以更精确地定义为总支出P×Y除以货币数量M：V＝（P×Y）/M。 ②交易方程式 上述公式两边同时乘以M，就可以得到交易方程式：M×V＝P×Y。 该公式表明：货币数量乘以在给定年份中货币被使用的次数必定等于名义收入。但是交易方程式仅仅是一个恒等式，它没有说明当货币供给M变动时，名义收入（P×Y）是否会同向变动：M的增加可能由V的下降所抵消。 费雪认为，货币流通速度是由经济中影响个体交易方式的制度决定的。假如人们使用赊

购账户和信用卡来进行交易，那么在购买时通常较少地使用货币，则流通速度上升。相反，如果购买时用现金或支票支付更加方便（两者都是货币），则流通速度会下降。费雪认为，由于经济体中的制度和技术特征只有在较长时间里才会对流通速度产生影响，所以正常情况下，短期内货币流通速度相当稳定。 ③货币需求 货币需求是指人们愿意持有的货币数量。货币数量论说明了在名义总支出数量既定前提下所持有的货币数量，实际上是一种货币需求理论。交易方程式被改写成：M＝PY/V。 当货币市场均衡时，货币供给等于货币需求（M d）。此外，由于货币数量论假定流通速度为常量，我们用常数k代表1/V，将1/V和M分别替换为k和M d，可以将方程式改写成：M d＝kPY。公式说明：因为k为常量，所以由既定水平的名义收入PY所支持的交易规模决定了人们的货币需求量M d。因此，费雪的货币数量论表明：货币需求仅仅是收入的函数，利率对货币需求没有影响。 （2）从交易方程式到货币数量论 费雪认为货币流通速度在短期内相当稳定，因此V＝V＿，从而将交易方程式转化为货币数量论，该理论认为，名义收入（支出）仅仅取决于货币数量M的变动：P×Y＝M×V＿。 上面的货币数量论公式说明，当货币数量M翻番时，M×V＿也翻番，从而名义收入的价值P×Y也一定翻番。 （3）数量论与物价水平 古典经济学家认为工资和价格具有完全弹性，所以在正常年份整个经济体生产出来的总产出Y总是维持在充分就业水平上，故在短期内也可以认为交易方程式中的Y相当稳定。可以用一个固定值Y＿来代替。因此，货币数量论表明，由于V＿和Y＿都是常量，所以在短期内如果M翻番，P也必须翻番。古典经济学家借助货币数量论来解释物价水平的变动：货币数

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第8章金融结构的经济学分析 8.1 复习笔记 1．世界各国金融结构的基本事实 （1）股票不是企业最主要的外部融资来源。 （2）发行可流通的债务和股权证券不是企业为其经营活动筹资的主要方式。 （3）与直接融资（即企业通过金融市场直接从贷款人手中获取资金）相比，间接融资（即有金融中介机构参与的融资）的重要性要大出数倍。 （4）金融中介，特别是银行，是企业外部资金最重要的来源。 （5）金融体系是经济体中受到最严格监管的部门。 （6）只有信誉卓著的大公司才能进入金融市场为其经营活动筹资。个人与缺乏严密组织的小公司很难通过发行可流通证券来融资，他们通常从银行获取贷款。 （7）抵押是居民个人和企业债务合约的普遍特征。 （8）典型的债务合约是对借款人行为设置了无数限制条件的、极为复杂的法律文本。 2．交易成本 交易成本指为实施交易而付出的时间和金钱，它是阻碍金融交易达成的重要原因。金融中介作为金融结构中的重要组成部分，金融中介得到了发展，可以减少交易成本，允许小储蓄者和借款者从金融市场中获利。金融中介降低交易成本的途径有： （1）规模经济

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西南财大米什金版货币金融学简答及一些知识点(自己总结的-仅供参考)

第一章： 1.什么是金融市场，金融市场的基本功能是什么？ 金融市场是资金由盈余单位向短缺单位转移的市场。金融市场履行的基本经济功能是：从那些由于支出少于收入而积蓄了盈余资金的人那里把资金引导到那些由于支出超过收入而资金短缺的人那里。 第二章：金融体系概述 1.金融市场的种类划分 (1) 股权市场和债权市场。(按契约的性质) (2) 一级市场和二级市场。（按在发行和交易中的地位） (3) 场内交易市场和场外交易市场。（按交易的地点和场所） (4) 货币市场和资本市场。（按所交易金融工具的期限长短） 2.主要的货币市场工具和资本市场工具有哪些？ 货币市场工具：（1）美国国库券（贴现发行）（2）可转让银行定期存单（3）商业票据（4）回购

协议（5）联邦基金 资本市场工具：（1）股票（2）抵押贷款（3）公司债券（4）美国政府债券（5）美国政府机构债券（6）州和地方政府债券 3.金融中介机构的概念和类型 概念：金融中介机构是通过发行负债工具筹集资金，并且通过运用这些资金购买证券或者发放贷款来形成资产的金融机构。 （1）存款机构（商业银行，储贷协会，互助储蓄银行，信用社） （2）契约型储蓄机构（保险公司，养老金，退休金） （3）投资中介机构（财务公司，共同基金，货币市场共同基金，投资银行） 4.直接融资和间接融资的区别 （1）在直接融资中，借款人通过将证券卖给贷款人，直接从贷款人那里取得资金；在间接融资中，金融机构居于贷款人和借款人之间，帮助实现资金在二者之间的转移。 （2）直接融资的优点：短缺单位可以节约一定

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3．考虑一个旧手表市场，手表的质量可能好也可能差（好手表或差手表）。卖主知道自己所出售的手表的质量但买主不知道，好手表所占的比例为q。假设卖主对好手表和坏手表的估价分别为100元和50元；而买主对好手表和坏手表的估价分别为120元和60元。如果旧手表的市场价格为90元，那么（）。 A．好手表和坏手表都将被出售 B．好手表和坏手表都不发生交易 C．只有坏手表被出售 D．只有好手表被出售 【答案】B 【解析】市场上旧手表的价格为90元，由于厂商对好坏手表的定价分别是100和50元，所以厂商只愿卖坏手表而不愿卖好手表。坏手表将好手表驱逐出市场，市场上将不会有好手表，因此好手表在旧手表市场上不发生交易。由于信息不对称，消费者无法区分市场上的好坏手表，所以买主愿意购买手表的价格为对坏手表的估价，即60元。虽然卖主对坏手表的估价为50元，但是卖主会利用信息不对称，以次充好，以90元出售坏手表，而消费者只愿出60元购买，因此，坏手表在旧表市场上也不发生交易。 4．商业银行与其他金融机构区别之一在于其能接受（）。 A．原始存款 B．定期存款 C．活期存款 D．储蓄存款

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货币金融学课后答案 米什金第九版 第1章为什么研究货币，银行和金融市场？ 2。图1，2，3和4的数据表明，实际产出，通货膨胀率和利率都将下降。 4。你可能会更倾向于购买房子或汽车，因为他们的融资成本将下降，或你可能不太容易保存，因为你赚你的储蓄少。 6。号的人借钱来购买房子或汽车，这是事实，更糟糕，因为它花费他们更多的资助他们购买，然而，储户的利益，因为他们可以赚取更高的储蓄利率。 7。银行的基本业务是接受存款和发放贷款。 8。他们的人不必为他们的生产使用的人的渠道资金，从而导致更高的经济效益。 9。三个月期国库券利率比其他利率波动更是平均水平。巴阿企业债券的利率平均高于其他利率。 10。较低的价格为一个公司的股份，意味着它可以筹集的资金数额较小，所以在设施和设备投资将下降。11。较高的股票价格上涨意味着消费者的财富，是更高的，他们将更有可能增加他们的消费。 12。这使得外国商品更加昂贵，因此，英国消费者将购买较少的外国商品和更多的国内商品。 13。它使英国商品相对美国商品更加昂贵。因此，美国企业会发现它更容易在美国和国外出售他们的货物，并为他们的产品的需求将上升。 14。在中期到20世纪70年代末，在20世纪80年代末和90年代初，美元的价值低，使得出国旅游相对较昂贵，因此，它是在美国度假的好时机，看到大峡谷。随着美元的价值在20世纪80年代初兴起，出国旅游变得相对便宜，使它成为一个很好的时间来参观伦敦塔。 15。当美元价值的增加，外国商品相对美国商品变得更便宜，因此，你是更倾向于购买法国制造的牛仔裤比美国制造的牛仔裤。在美国制造的牛仔裤的需求下降，因为强势美元造成伤害美国牛仔裤制造商。另一方面，美国公司进口到美国的牛仔裤现在发现，其产品的需求上升，因此它是更好时，美元强劲。 第2章金融体系概述 1。微软股票的份额是其所有者的资产，因为它赋予雇主微软的收入和资产的份额。份额是微软的责任，因为它是一个由该雇主的份额，其收入和资产的索赔。 2。是的，我应该采取的贷款，因为我这样做的结果会更好。我的支付利息$4,500$5,000（90％），但作为一个结果，我将获得一个额外的$10,000，所以我会在比赛之前$5,500。由于拉里的高利贷业务，可以使一些人更好，在这个例子中，放高利贷可能有社会效益。（然而，反对高利贷合法化的论据之一，在于它是频繁的暴力活动。）3。是的，因为金融市场的情况下，意味着资金不能被输送到的人都对他们最有生产力的使用。企业家则无法获得资金设立的企业，这将有助于经济的快速增长。 4。主要使用的债务工具，在英国共售出，以英镑计价的外国债券。英国获得，因为他们是作为一个美国人贷款的结果可以赚取更高的利率，而美国人获得，因为他们现在有资本开始赚钱的生意，如铁路。 5。这种说法是错误的。在二级市场的价格确定的价格在一级市场发行证券的公司接收。此外，二级市场证券更具流动性，从而更容易在主要市场出售。因此，二级市场，如果有的话，比一级市场更为重要。

米什金《货币金融学》第十一版 第二章 课后题

米什金《货币金融学》第十一版 第二章课后题 1、如果是我，我不会去找高利贷借款，即使这样可以获得10000-5000*90%=5500美元的净收入，会改善我的经济状况，但高利贷会暗藏很多不稳定因素，比如暴力、威胁、恐吓等等。我无法举出高利贷合法的论据，抱歉。 2、正确，因为缺乏运转良好的金融市场意味着无法将稀有的资金引导并配置到最具生产效率的生产者那里，企业家会因无法获得资金去创建企业，从而不能够使得经济快速发展。 3、对于持有人来说，微软股票是一项资产，因为股票持有人可据此分享微软公司的收入和财产；对于微软公司来说，股票是一项负债，因为股票持有人对公司的收入和财产拥有索取权。 4、我更愿意持有债券，因为债券的支付要优先于股票，而持股人得到的只是最后剩余的索取权。 5、这种观点是错误的。二级市场上的价格决定了发行证券的公司在一级市场上的发行价格，而且二级市场使得证券更具流动性，从而使证券在一级市场上更易于发行。 6、a.国库券是美国政府发行的短期债务工具，用于支付财政赤字支出。 b.存单是由银行发行并出售给存款人的。

c.商业票据是由公司和大型银行发行的，用于债务市场的短期融资。 d.回购协议主要由银行发行，以国库券为担保，由公司和其他银行通过贷款提供资金，其中发行银行明确同意在不久的将来偿还债务（回购资金）。 e.联邦基金是银行同业间的隔夜贷款。 7、抵押贷款是向家庭或企业提供的用于购置住房、土地或其他建筑物的贷款，这些建筑物或土地本身即为贷款的抵押品。抵押支持证券是类似债券的债务工具，由一揽子个人抵押贷款支持，它的利息和本金一起支付给抵押证券持有者。 8、这种属于外国债券，一方面，英国通过借款给美国人能得到更高的利息收入；另一方面，美国能通过借款来为其商业活动融资。 9、好处是通过抵押支持证券，欧洲银行可以获得这些证券的收益，同时美国金融市场获得了所需的资本，以支持新建住宅和其他生产用途的资金需求，因此两者都受益了。 但是，随着06年美国房地产市场的不景气，导致欧洲银行所持有的抵押支持证券价值下跌，极大地影响了欧洲市场，这便是金融市场国际化所面临的成本。 10. 风险分担是指金融中介机构能够以较低的交易成本减少投资者的风险，即减少投资者资产收益的不确定性的功能。金融中介机构进行风险分担有两个途径，一个是通过资产转换，即中介机构设计并出售适合投资者风险偏好的资产，并将出售资产所得资金用于购买风险程度较高的资产的过程，并从中获取利润；另一个是多样化策略，帮助个人实现资产的多样化，从而降低了他们所可能遭受的风险。

西南财大米什金版货币金融学简答一些知识点(自己总结的仅供参考)

第一章： 1. 什么是金融市场，金融市场的基本功能是什么？金融市场是资金由盈余单位向短缺单位转移的市场。金融市场履行的基本经济功能是：从那些由于支出少于收入而积蓄了盈余资金的人那里把资金引导到那些由于支出超过收入而资金短缺的人那里。 第二章：金融体系概述 1. 金融市场的种类划分 （1）股权市场和债权市场。（按契约的性质） （2）一级市场和二级市场。（按在发行和交易中的地位） （3）场内交易市场和场外交易市场。（按交易的地点和场所） （4）货币市场和资本市场。（按所交易金融工具的期限长短） 2.主要的货币市场工具和资本市场工具有哪些？ 货币市场工具：（1）美国国库券（贴现发行）（2）可转让银行定期存单（3）商业票据（4）回购协议（5）联邦基金 资本市场工具：（1）股票（2）抵押贷款（3）公司债券（4）美国政府债券（5）美国政府机构债券（6）州和地方政府债券 3. 金融中介机构的概念和类型概念：金融中介机构是通过发行负债工具筹集资金，并且通过运用这些资金购买证券或者发放贷款来形成资产的金融机构。 （1）存款机构（商业银行，储贷协会，互助储蓄银行，信用社） （2）契约型储蓄机构（保险公司，养老金，退休金） （3）投资中介机构（财务公司，共同基金，货币市场共同基金，投资银行） 4. 直接融资和间接融资的区别 （1）在直接融资中，借款人通过将证券卖给贷款人，直接从贷款人那里取得资金；在间接融资中，金融机构居于贷款人和借款人之间，帮助实现资金在二者之间的转移。 （2）直接融资的优点：短缺单位可以节约一定的融资成本，盈余单位可以获得较高的资金报酬。 缺点：盈余单位需要有一定专业知识和能力且负担的风险高；对短缺单位来说，直接融资市场门槛较高。 （3）间接融资的优点或功能：降低交易成本，实现规模经济；有助于降低投资者面临的风险；解决信息不对称问题（交易发生前：逆向选择；交易发生后：道德风险） （4）需要注意的是区别这两种融资不在于是否有金融机构的介入，而在于金融机构是否发挥了信用中介作用。即金融机构是否通过发行间接证券同时承担了债权和债务，充当最后放款人的债务人和最后借款人的债权人。 5. 政府对金融市场实施监管的原因 （1）帮助投资者获取更多的信息 （2）保障金融中介机构的稳健运行 第三章：什么是货币 1. 货币的功能 （1）交易媒介：用于购买商品与服务的支付活动 （2）记账单位：减少经济运行过程中所需要的价格数量，也能降低交易成本 （3）价值储藏：从获得到消耗收入的过程中对购买力的保存

货币金融学课后答案米什金

货币金融学课后答案米什金 货币金融学课后答案 1、假如我今天以5000 美元购买一辆汽车，明年我就可以赚取10000 额外收入，因为拥有了这辆车，我就可以成为推销员。假如没有人愿意贷款给我，我是否应该从放高利贷者拉利处以90% 的利率贷款呢？你能否列出高利贷合法的依据？ 我应该去找高利贷款，因为这样做的结果会更好。我支付的利息是4500 (90% X5000 ),但实际上，我赚了10000美元，所以我最后赚得了5500 美元。因为拉利的高利贷会使一些人的结果更好，所以高利贷会产生一些社会效益。 (一个反对高利贷的观点认为它常常会造成一种暴利活动)。 2、“在没有信息和交易成本的世界里，不会有金融中介机构的存在。”这种说法 是正确的、错误的还是不确定？说明你的理由。 正确。如果没有信息和交易成本，人们相互贷款将无成本无代价进行交易，因此金融

机构就没有存在的必要了。 3、风险分担是如何让金融中介机构和私人投资都从中获益的？风险分担是指金融中介机构所设计和提供的资产品种的风险在投资者所承认的范围之内，之后，金融中介机构将销售这些资产所获取的资产去购买风 险大得多的资产低交易成本允许金融中介机构以较低的成本进行风险分担，使得它们能够获取风险资产的收益与出售资产的成本间的差额，这也是金融中介机构的利润。 对投资者而言，金融资产被转化为安全性更高的资产，减少了其面临的风险。 4、在美国，货币是否在20 世纪50 年代比70 年代能更好地发挥价值储藏的功 能？为什么？在哪一个时期你更愿意持有货币？ 在美国，货币作为一种价值储藏手段，在20 世纪50 年代比70 年代好。因为50 年代比70 年代通货膨胀率更低，货币贬值的贬值程度也较低。货币作为价值储藏手段的优劣取决于物价水平，因为货币价值依赖于价格水平。在通货膨胀时期，物价水平迅速上升，货币也急速贬值，人们也就不愿意以这种形式来持有财富。因此，人们在物价水平比较稳定的时期更愿意持有货币。 5、为什么有些经济学家将恶性通货膨胀期间的货币称做“烫手的山芋” ，在人们 手中快速传递？

米什金 货币金融学 超强复习重点 考研笔记 期末笔记

1,measurement of money M0:流通中的现金 Currency in circulation refers to that circulated in nonbank publics, this is the money in the narrowest sense, We use M 0 to denote. Eg: coins, paper money M1: narrow money 狭义货币 currency in circulation and checkable deposits 反应了社会的直接购买支付能力 M2: broad money 广义货币 M 1+Saving deposits 既反映了现实的购买力也反映了潜在的购买力，中央银行货币政策调节的主要中介目标 2，function definition:（会判断） Measurement of money 价值尺度Medium of exchange 流通手段Medium of payment 支付手段Means of storage 储藏手段World currency 世界货币 3，Gold standard 大致了解 Gold coin standard is the typical example （金铸币本位制） 4，fiat money standard （不兑现信用货币制度） Lecture2 money and monetary systems 2011年11月20日0:23

1，components of financial system 看一下定义 2，funds flows 流动的载体、原则、监管 Indirect financing 间接融资： ● 3，直接融资和间接融资（了解） Indirect financing is a means of financing via financial intermediaries which mainly includes commercial banks. Commercial banks, insurance companies, investment funds, etc., are bridges for indirect financing. Theory of financial intermediation focusing on the reason why there is financial intermediary, the nature of financial intermediary, and the division of labor between financial markets and intermediaries. Direct financing ● Financing activities between demanders for funds and suppliers of funds are conducted in financial markets directly. It is worth pointing out that direct financing also involves financial institutions such as investment banks, security brokers, and market makers, etc. Financial market theory focusing on allocation efficiency of capitals, and asset pricing, etc. Disadvantages of direct financing ● Advantages vs. disadvantages of different financings Expertise requirements Higher risks involved Indirect financing ● Tough requirements for issuers Reducing information and contract costs Reducing risks by diversifications Transformation of maturities 4，两种结构，大致理解比较bank-based and market-based 市场，伙伴关系相对少，股权分散 银行，贷款，商业往来，合作伙伴，允许交叉持股 直接融资：市场 间接融资：银行 Lecture3 financial system and financial structure 2011年12月9日 15:49

货币金融学第9版-米什金-中文答案

； 货币金融学课后答案 1、假如我今天以5000美元购买一辆汽车，明年我就可以赚取10000额外收入，因为拥有了这辆车，我就可以成为推销员。假如没有人愿意贷款给我，我是否应该从放高利贷者拉利处以90%的利率贷款呢你能否列出高利贷合法的依据 我应该去找高利贷款，因为这样做的结果会更好。我支付的利息是4500（90%×5000）,但实际上，我赚了10000美元，所以我最后赚得了5500美元。因为拉利的高利贷会使一些人的结果更好，所以高利贷会产生一些社会效益。（一个反对高利贷的观点认为它常常会造成一种暴利活动）。 2、“在没有信息和交易成本的世界里，不会有金融中介机构的存在。”这种说法是正确的、错误的还是不确定说明你的理由。 正确。如果没有信息和交易成本，人们相互贷款将无成本无代价进行交易，因此金融机构就没有存在的必要了。 · 3、风险分担是如何让金融中介机构和私人投资都从中获益的 风险分担是指金融中介机构所设计和提供的资产品种的风险在投资者所承认的范围之内，之后，金融中介机构将销售这些资产所获取的资产去购买风险大得多的资产。 低交易成本允许金融中介机构以较低的成本进行风险分担，使得它们能够获取风险资产的收益与出售资产的成本间的差额，这也是金融中介机构的利润。 对投资者而言，金融资产被转化为安全性更高的资产，减少了其面临的风险。 4、； 5、在美国，货币是否在20世纪50年代比70年代能更好地发挥价值储藏的功能为什么在哪一个时期你更愿意持有货币 在美国，货币作为一种价值储藏手段，在20世纪50年代比70年代好。因为50年代比70年代通货膨胀率更低，货币贬值的贬值程度也较低。 货币作为价值储藏手段的优劣取决于物价水平，因为货币价值依赖于价格水平。在通货膨胀时期，物价水平迅速上升，货币也急速贬值，人们也就不愿意以这种形式来持有财富。因此，人们在物价水平比较稳定的时期更愿意持有货币。 6、为什么有些经济学家将恶性通货膨胀期间的货币称做“烫手的山芋”，在人们手中快速传递 在恶性通货膨胀期间，货币贬值速度非常快，所以人们希望持有货币的时间越短越好，因此此时的货币就像一个烫手的山芋快速的从一个人手里传到另一个人手里。 7、巴西在1994年之前经历快速通货膨胀，很多交易时通过美元进行的，而不是本国货币里亚尔，为什么 … 因为巴西快速的通货膨胀，国内的货币里亚尔实际上的储藏价值很低，所以人们宁愿持有美元，美元有更好的储藏价值，并在日常生活中用美元支付。 8、为了支付大学学费，你获得一笔1000美元的政府贷款。这笔贷款需要你每年支付126美元共25年。不过，你不必现在就开始偿还贷款，而是从两年后你大学毕业时才开始。通常每年支