广外 货币银行学 期末重点 全英 米什金.doc

考试题型以及分数分布：一、 选择题：1*20=20二、 名词解释：4*5=20三、 简答题：8*5=40四、 论述题：20*1=20重点制作思路：1.考虑到时间关系，抓大放小2.结合老师提及复习内容进行预测3.以理顺书本架构为主，看到一个知识点猜一下可能会出什么题The economics of money,banking and financial markets-by KyleChapter1：Why Study Money, Banking, and Financial Markets？（本章了解一下这个问题即可，最多考一下选择） Answer： To examine how financial markets such as bond and stock markets work To examine how financial institutions such as banks work To examine the role of money in the economyChapter2：An Overview of the Financial System1. Function of Financial Markets Perform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of funds Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities. Promotes economic efficiency by producing an efficient allocation（分配） of capital（资金）, which increases production Directly improve the well-being of consumers by allowing them to time purchases better2.Structure of Financial Markets Debt and Equity （普通股） Markets Primary and Secondary Markets Exchanges and Over-the-Counter (OTC不通过交易所而直接售给顾客的) Markets Money and Capital Markets（货币和资本市场）3. Financial Market Instruments(要能举出例子，很可能考选择)Money markets deal in short-term debt instrumentsCapital markets deal in longer-term debt and equity instruments. 4.Internationalization of Financial Markets（重点，选择、名词解释都有可能） Foreign Bonds & Eurobond? Eurocurrencies & Eurodollars? World Stock Markets5Function of Financial Intermediaries: Indirect Finance（记一下金融中介机构的功能，交易成本很可能考名词解释） Lower transaction costs (time and money spent in carrying out financial transactions). Reduce the exposure of investors to risk Deal with asymmetric 不对称 information problems Conclusion:Financial intermediaries allow “small” savers and borrowers to benefit from the existence of financial markets. 6. Types of Financial Intermediaries（会分类即可） Depository institutions Contractual saving institutions Investment intermediaries7. Regulation of the Financial System To increase the information available to investors: To ensure the soundness 健康稳固of financial intermediariesChapter3：What Is Money?1. Meaning of Money（即definition，必考名词解释！） Money (or the “money supply”): anything that is generally accepted in payment for goods or services or in the repayment of debts. 2. Functions of Money（重点） Medium of Exchange: A medium of exchange must Unit of Account: Store 储藏 of Value: 3. Evolution of the Payments System Commodity 商品 Money Fiat 法定 Money Checks 支票Electronic Payment (e.g. online bill pay). E-Money (electronic money):4. Measuring Money （重中之重，M1/M2都很有可能考名词解释） Construct monetary aggregates using the concept of liquidity: （构建货币总量使用流动性的概念） M1 (most liquid assets) = currency + travelers checks + demand deposits + other checkable deposits. M2 (adds to M1 other assets that are not so liquid) = M1 + small denomination time deposits + savings deposits and money market deposit accounts + money market mutual fund shares. Chapter 4：Understanding Interest Rates1. measuring interest rates:Present Value(很可能考察名词解释)A dollar paid to you one year from now is less valuable than a dollar paid to you todaySimple Present Value：PV=CF/(1+i)n次方2. Four Types of Credit Market Instruments Simple Loan Fixed Payment Loan Coupon Bond 附票债券 Discount Bond 贴现债券3.Yield to Maturity（重点，很可能名词解释） The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today计算4种不同信用工具外加Consol or Perpetuity（金边债券或永久债券）的YM4. Yield on a Discount Basis（了解即可）Current Yield当期收益率Yield on a Discount Basis 折价收益率Rate of Return 收益率5.Rate of Return and Interest Rates（收益率与利息率的distinction） The return equals the yield to maturity only if the holding period equals the time to maturity A rise in interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity is longer than the holding period The more distant a bonds maturity, the greater the size of the percentage price change associated with an interest-rate change The more distant a bonds maturity, the lower the rate of return the occurs as a result of an increase in the interest rate Even if a bond has a substantial initial interest rate, its return can be negative if interest rates rise 6. Interest-Rate Risk Prices and returns for long-term bonds are more volatile than those for shorter-term bonds There is no interest-rate risk for any bond whose time to maturity matches the holding period7. Real and Nominal Interest Rates（重点，很可能考察简答题） Nominal interest rate makes no allowance for inflation Real interest rate is adjusted for changes in price level so it more accurately reflects the cost of borrowing Ex ante real interest rate is adjusted for expected changes in the price level Ex post real interest rate is adjusted for actual changes in the price level8. Fisher Equation（重点考察）Chapter5：The Behavior of Interest Rates1. Determining the Quantity Demanded of an Asset Wealth: the total resources owned by the individual, including all assets Expected Return: the return expected over the next period on one asset relative to alternative assets Risk: the degree of uncertainty associated with the return on one asset relative to alternative assets Liquidity: the ease and speed with which an asset can be turned into cash relative to alternative assets（流动性很有可能考名词解释）2.Theory of Asset Demand（必考，死活都得背下来） Holding all other factors constant:1. The quantity demanded of an asset is positively related to wealth2. The quantity demanded of an asset is positively related to its expected return relative to alternative assets3. The quantity demanded of an asset is negatively related to the risk of its returns relative to alternative assets4. The quantity demanded of an asset is positively related to its liquidity relative to alternative assets3. Supply and Demand for Bonds（见到看一下图）Market Equilibrium4. Shifts in the Demand for Bonds Wealth: in an expansion with growing wealth, the demand curve for bonds shifts to the right Expected Returns: higher expected interest rates in the future lower the expected return for long-term bonds, shifting the demand curve to the left Expected Inflation: an increase in the expected rate of inflations lowers the expected return for bonds, causing the demand curve to shift to the left Risk: an increase in the riskiness of bonds causes the demand curve to shift to the left Liquidity: increased liquidity of bonds results in the demand curve shifting right5Shifts in the Supply of Bonds Expected profitability of investment opportunities: in an expansion, the supply curve shifts to the right Expected inflation: an increase in expected inflation shifts the supply curve for bonds to the right Government budget: increased budget deficits shift the supply curve to the right6. The Liquidity Preference Framework（重中之重）7.Demand for Money in the Liquidity Preference Framework As the interest rate increases: The opportunity cost of holding money increases The relative expected return of money decreases and therefore the quantity demanded of money decreases.8.Shifts in the Demand for Money（都很重要） Income Effect: a higher level of income causes the demand for money at each interest rate to increase and the demand curve to shift to the right Price-Level Effect: a rise in the price level causes the demand for money at each interest rate to increase and the demand curve to shift to the right Liquidity preference framework leads to the conclusion that an increase in the money supply will lower interest rates: the liquidity effect. Income effect finds interest rates rising because increasing the money supply is an expansionary influence on the economy (the demand curve shifts to the right).Chapter9:Banking1.The Bank Balance Sheet Liabilities Checkable deposits Nontransaction deposits Borrowings Bank capital Assets Reserves(准备金) Cash items in process of collection Deposits at other banks Securities Loans Other assets2.Basic Banking: Cash Deposit：Opening of a checking account leads to an increase in the banks reserves equal to the increase in checkable depositsCheck Deposit3Inter-business Bank settlement Finance lease Fiduciary business Safe deposit box4. Off-Balance-Sheet Activities Loan sales (secondary loan participation) Generation of fee income. Examples:Chapter12:Central Banks and the Federal Reserve System(此章省略很多)1. Structure of the Fed(了解即可)Board of Governors（7人）12 FRBs（9人） Member BanksFOMC (7+1+4人)Federal Advisory Council （12人）2. Federal Reserve Bank（3+3+3人）Functions：Clear checksIssue new currencyWithdraw damaged currency from circulationAdminister and make discount loans to banks in their districtsEvaluate proposed mergers and applications for banks to expand their activitiesAct as liaisons between the business community and the Federal Reserve SystemExamine bank holding companies and state-chartered member banksCollect data on local business conditionsUse staffs of professional economists to research topics related to the conduct of monetary policyChapter13&14：The Money Supply Process:1. Players in the Money Supply ProcessCentral bank (Federal Reserve System)Banks (depository institutions; financial intermediaries)Depositors (individuals and institutions)2Feds Balance SheetFederal Reserve SystemAssetsLiabilitiesGovernment securitiesCurrency in circulationDiscount loansReserves3.Monetary Base4.Open Market Purchase The effect of an open market purchase on reserves depends on whether the seller of the bonds keeps the proceeds from the sale in currency or in deposits The effect of an open market purchase on the monetary base always increases the monetary base by the amount of the purchase Open Market Sale Reduces the monetary base by the amount of the sale Reserves remain unchangedThe effect of open market operations on the monetary base is much more certain than the effect on reserves5. Feds Ability to Control the Monetary BaseSplit the monetary base into two components : MBn= MB - BR the non-borrowed monetary base :MBn borrowed reserves:BR6.The Formula for Multiple Deposit Creation（很重要！必考,记住公式）7. Factors that Determine the Money SupplyChanges in the nonborrowed monetary base MBnChanges in borrowed reserves from the FedChanges in the required reserves ratioChanges in currency holdingsChanges in excess reserves8. The Money Multiplier(重点) Assume that the desired holdings of currency C and excess reserves ER grow proportionally with checkable deposits D. Then,c = C/D = currency ratioe = ER/D = excess reserves ratioThe monetary base MB equals currency (C) plus reserves (R):MB = C + R = C + (r x D) + ERM=m*MB=m*(MBn+BR)M=1+c/r+e+cChapter 15：Tools of Monetary Policy1. Tools of Monetary PolicyOpen market operationsChanges in borrowed reservesChanges in reserve requirementsFederal funds rate: the interest rate on overnight loans of reserves from one bank to another2.Demand in the Market for ReservesSupply in the Market for Reserves3.Affecting the Federal Funds Rate4.Open Market Operations（超级重点）Advantages：The Fed has complete control over the volumeFlexible and preciseEasily reversedQuickly implemented5.Discount Policy（超级重点）Advantages：Used to perform role of lender of last resortdisadvantages：Cannot be controlled by the Fed; the decision maker is the bank6.Reserve Requirements（超级重点）Advantages： No longer binding for most banksdisadvantages： Can cause liquidity problems Increases uncertainty for banks7. Monetary Policy Tools of the European Central Bank Open market operations Lending to banks Reserve RequirementsChapter16：The Conduct of Monetary Policy: Strategy and Tactics1. Goals of Monetary Policy（1）The Price Stability Goal Low and stable inflation Inflation Nominal anchor to contain inflation expectations Time-inconsistency problem（2）Other Goals of Monetary Policy High employment Economic growth Stability of financial markets Interest-rate stability Foreign exchange market stability2. Monetary Targeting Advantages Almost immediate signals help fix inflation expectations and produce less inflation Almost immediate accountability Disadvantages Must be a strong and reliable relationship between the goal variable and the targeted monetary aggregate3. Inflation Targeting Public announcement of medium-term numerical target for inflation Institutional commitment to price stability as the primary, long-run goal of monetary policy and a commitment to achieve the inflation goal Information-inclusive approach in which many variables are used in making decisions Advantages Does not rely on one variable to achieve target Easily understood Reduces potential of falling in time-inconsistency trap Stresses transparency and accountability Disadvantages Delayed signaling Too much rigidity Potential for increased output fluctuations Low economic growth during disinflation4.Monetary Policy with an Implicit Nominal AnchorThere is no explicit nominal anchor in the form of an overriding concern for the Fed.Forward looking behavior and periodic “preemptive strikes”The goal is to prevent inflation from getting started. Advantages Uses many sources of information Avoids time-inconsistency problem Disadvantages Lack of transparency and accountability Strong dependence on the preferences, skills, and trustworthiness of individuals in charge Inconsistent with democratic principles5. Tactics: Choosing the Policy Instrument Tools Open market operation Reserve requirements Discount rate Policy instrument (operating instrument) Reserve aggregates Interest rates May be linked to an intermediate target Interest-rate and aggregate targets are incompatible (must chose one or the other). 6.Linkages Between Central Bank Tools, Policy Instruments, Intermediate Targets, and Goals of Monetary Policy(中间目标是超级重点，死活都要背下来)Chapter19:The Demand for Money 1. Velocity of Money and The Equation of ExchangeV=P*Y/MM*V=P*Y2.Quantity Theory of Money DemandSO: Demand for money is determined by:The level of transactions generated by the level of nominal income PY The institutions in the economy that affect the way people conduct transactions and thus determine velocity and hence k3.Keyness Liquidity Preference TheoryTransactions motivePrecautionary motiveSpeculative motiveVelocity is not constant:4. Friedmans Modern Quantity Theory of Money(记住该公式及其含义)5. Differences between Keyness and Friedmans Model (contd) Friedman Includes alternative assets to money Viewed money and goods as substitutes The expected return on money is not constant; however, rb rm does stay constant as interest rates rise Interest rates have little effect on the demand for money Friedman (contd) The demand for money is stable velocity is predictable Money is the primary determinant of aggregate spendingChapter23：Transmission Mechanisms of Monetary Policy: The Evidence1.Framework(1)Structural Modelwhether one variable affects another Transmission mechanism The change in the money supply affects