文本课件一级2019cfa curriculum level i volume

1、ECONOMICSCFA® PROGRAM CURRICULUM2019 Level I Volume 2© 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006 by CFAInstitute.s.This copyright covers material written expressly for this volume by the editor/s as well as the compilation itself. It does not cover the in

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3、 be arranged with the individual copyright holders noted.CFA®, Chartered Financial Analyst®, AIMR-PPS®, and GIPS® are just a few of the trademarks owned by CFA Institute. To view a list of CFA Institute trademarks and the Guide for Use ofCFA Institute Marks, please visit our webs

4、ite atg.This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistanc

5、e is required, the services of a competent professional should be sought.All trademarks, service marks, registered trademarks, and registered service marks are the property of their respective owners and are used herein for identification purposes only.ISBN 978-1-946442-08-6 (paper)ISBN 978-1-946442

6、-32-1 (ebk)1TABLE OF CONTENTSTitle Page Copyright Page Table of ContentsHow to Use the CFA Program Curriculum Curriculum Development Process Organization of the Curriculum Features of the CurriculumRequired vs. Optional Segments OPTIONAL Practice Problems/SolutionsGlossary and Index LOS Self-Check S

7、ource MaterialDesigning Youral Study ProgramCreate a ScheduleCFA Institute Practice Questions CFA Institute Mock Exams Preparatory ProvidersFeedback EconomicsStudy SessionsTopic Level Learning Study Session 4. Economics (1)Reading AssignmentseReading 14. Topics in Demand and Supply AnalysisLearning1

8、. Introductiones2. Demand Analysis: The Consumer2.1. Demand Concepts2.2. Own-Price Elasticity of Demand2.3.e Elasticity of Demand2.4. Cross-Price Elasticity of Demand2.5. Substitution ande Effects2.6. Normal and Inferior Goods3. Supply Analysis: The Firm3.1. Marginal Returns and Productivity3.2. Bre

9、akeven and Shutdown Analysis3.3. Understanding Economies and Diseconomies of Scale SummaryPractice Problems SolutionsReading 15. The Firm and Market StructuresLearning1. Introductiones2. Analysis of Market Structures2.1. Economists Four Types of Structure2.2. Factors That Determine Market Structure3

10、. Perfect Competition3.1. Demand Analysis in Perfectly Competitive Markets23.2. Supply Analysis in Perfectly Competitive Markets3.3. Optimal Price and Output in Perfectly Competitive Markets3.4. Factors Affecting Long-Run Equilibrium in Perfectly Competitive Markets4. Monopolistic Competition4.1. De

11、mand Analysis in Monopolistically Competitive Markets4.2. Supply Analysis in Monopolistically Competitive Markets4.3. Optimal Price and Output in Monopolistically Competitive Markets4.4. Factors Affecting Long-Run Equilibrium in Monopolistically Competitive Markets5. Oligopoly5.1. Demand Analysis an

12、d Pricing Strategies in Oligopoly Markets5.2. Supply Analysis in Oligopoly Markets5.3. Optimal Price and Output in Oligopoly Markets5.4. Factors Affecting Long-Run Equilibrium in Oligopoly Markets6. Monopoly6.1. Demand Analysis in Monopoly Markets6.2. Supply Analysis in Monopoly Markets6.3. Optimal

13、Price and Output in Monopoly Markets6.4. Price Discrimination and Consumer Surplus6.5. Factors Affecting Long-Run Equilibrium in Monopoly Markets7. Identification of Market Structure7.1. Econometric Approaches7.2. Simpler Measures SummaryReferences Practice Problems SolutionsReading 16. Aggregate Ou

14、tput, Prices, and Economic GrowthLearning1. Introductiones2. Aggregate Output ande2.1. Gross Domestic Product2.2. The Components of GDP2.3. GDP, Nationale,ale, andalDisposablee3. Aggregate Demand, Aggregate Supply, and Equilibrium3.1. Aggregate Demand3.2. Aggregate Supply3.3. Shifts in Aggregate Dem

15、and and Supply3.4. Equilibrium GDP and Prices4. Economic Growth and Sustainability4.1. The Production Function and Potential GDP4.2. Sources of Economic Growth4.3. Measures of Sustainable Growth SummaryReferences Practice Problems SolutionsReading 17. Understanding Business CyclesLearning1. Introduc

16、tiones32. Overview of the Business Cycle2.1. Phases of the Business Cycle2.2. Resource Use through the Business Cycle2.3. Housing Sector Behavior2.4. External Trade Sector Behavior3. Theories of the Business Cycle3.1. Neoclassical and Austrian Schools3.2. Keynesian and Monetarist Schools3.3. The New

17、 Classical School4. Unemployment and Inflation4.1. Unemployment4.2. Inflation5. Economic Indicators5.1. Popular Economic Indicators5.2. Other Variables Used as Economic Indicators SummaryReferences Practice Problems SolutionsStudy Session 5. Economics (2) Reading AssignmentsReading 18. Monetary and

18、Fiscal PolicyLearning1. Introductiones2. Monetary Policy2.1. Money2.2. The Roles of Central Banks2.3. The Objectives of Monetary Policy2.4. Contractionary and Expansionary Monetary Policies and the Neutral Rate2.5. Limitations of Monetary Policy3. Fiscal Policy3.1. Roles and Objectives of Fiscal Pol

19、icy3.2. Fiscal Policy Tools and the Macroeconomy3.3. Fiscal Policy Implementation: Active and Discretionary Fiscal Policy4. The Relationship between Monetary and Fiscal Policy4.1. Factors Influencing the Mix of Fiscal and Monetary Policy4.2. Quantitative Easing and Policy Interaction4.3. The Importa

20、nce of Credibility and Commitment SummaryReferences Practice Problems SolutionsReading 19. International Trade and Capital FlowsLearning1. Introductiones2. International Trade2.1. Basic Terminology2.2. Patterns and Trends in International Trade and Capital Flows2.3. Benefits and Costs of Internation

21、al Trade2.4. Comparative Advantage and the Gains from Trade3. Trade and Capital Flows: Restrictions and Agreements43.1. Tariffs3.2. Quotas3.3. Export Subsidies3.4. Trading Blocs, Common Markets, and Economic Unions3.5. Capital Restrictions4. The Balance of Payments4.1. Balance of Payments Accounts4.

22、2. Balance of Payment Components4.3. Paired Transactions in the BOP Bookkeeping System4.4. National Economic Accounts and the Balance of Payments5. Trade Organizations5.1. International Monetary Fund5.2. World Bank Group5.3. World Trade Organization SummaryReferences Practice Problems SolutionsReadi

23、ng 20. Currency Exchange RatesLearning1. Introductiones2. The Foreign Exchange Market2.1. Market Functions2.2. Market Participants2.3. Market Size and Composition3. Currency Exchange Rate Calculations3.1. Exchange Rate Quotations3.2. Cross-Rate Calculations3.3. Forward Calculations4. Exchange Rate R

24、egimes4.1. The Ideal Currency Regime4.2. Historical Perspective on Currency Regimes4.3. A Taxonomy of Currency Regimes5. Exchange Rates, International Trade, and Capital Flows5.1. Exchange Rates and the Trade Balance: The Elasticities Approach5.2. Exchange Rates and the Trade Balance: The Absorption

25、 ApproachSummary References Practice Problems SolutionsGlossaryA B C D E F G H I J5How to Use the CFA Program Curriculum© 2018 CFA Institute.s.Show/Hide Paragraph NumbersCongratulations on your decision to enter the Chartered Financial Analyst (CFA®) Program.This exciting and rewarding pro

26、gram of study reflects your desire toe a seriousinvestment professional. You are embarking on a program noted for its high ethical standards and the breadth of knowledge, skills, and abilities (competencies) it develops. Your commitment to the CFA Program should be educationally and professionally r

27、ewarding.The credential you seek is respected around the world as a mark ofplishment anddedication. Each level of the program represents a distinct achievement in professional development. Successful completion of the program is rewarded with membership in aprestigious global commuof investment prof

28、essionals. CFA charterholders are dedicated tolife-long learning and maintaining currency with the ever-changing dynamics of a challenging profession. The CFA Program represents the first step toward a career-long commitment to professional education.The CFA examination measures your mastery of the

29、core knowledge and skills required to succeed as an investment professional. These core knowledge and skills are the basis for the Candidate Body of Knowledge (CBOK). The CBOK consists of four components:A broad outline that lists the major topic areas covered in the CFA Program(g/cbok);Topic area w

30、eights that indicate the relative exam weightings of the top-level topic areas(g/level_I);Learninge statements (LOS) that advise candidates about the specific knowledge,skills, and abilities they should acquire from readings covering a topic area (LOS are provided in candidate study sessions and at

31、the beginning of each reading); andThe CFA Program curriculum that candidates receive upon exam registration.Therefore, the key to your success on the CFA examinations is studying and understanding the CBOK. The following sections provide background on the CBOK, the organization of the curriculum, a

32、nd tips for developing an effective study program.6CURRICULUM DEVELOPMENT PROCESSThe CFA Program is grounded in the practice of the investment profession. Beginning with the Global Body of Investment Knowledge (GBIK), CFA Institute performs a continuous practice analysis with investment professional

33、s around the world to determine the competencies that are relevant to the profession. Regional expert panels and targeted surveys are conducted annually to verify and reinforce the continuous feedback from the GBIK collaborative website. The practice analysis process ultimately defines the CBOK. The

34、 CBOK reflects the competencies that are generally accepted and applied by investment professionals. These competencies are used in practice in a generalist context and are expected to be demonstrated by a recently qualified CFA charterholder.The Education Advisory Committee, consisting of practicin

35、g charterholders, in conjunctionwith CFA Institute staff, designs the CFA Program curriculum in order tiver the CBOK tocandidates. The examinations, also written by charterholders, are designed to allow you todemonstrate your mastery of the CBOK as set forth in the CFA Program curriculum. As youstru

36、cture youral study program, you should emphasize mastery of the CBOK and thepractical application of that knowledge. For more information on the practice analysis, CBOK,and development of the CFA Program curriculum, please visitg.ORGANIZATION OF THE CURRICULUMThe Level I CFA Program curriculum is or

37、ganized into 10 topic areas. Each topic area begins with a brief statement of the material and the depth of knowledge expected.Each topic area is then divided into one or more study sessions. These study sessions19 sessions in the Level I curriculumshould form the basic structure of your reading and

38、 preparation.Each study session includes a statement of its structure and objective and is further divided into specific reading assignments. An outline illustrating the organization of these 19 study sessions can be found at the front of each volume of the curriculum.These readings are drawn from c

39、ontent commissioned by CFA Institute, textbook chapters, professional journal articles, research analyst reports, and cases. Each reading includes LOS and the core material to be studied, often a combination of text, exhibits, and in-text examples and questions. A reading typically ends with practic

40、e problems followed by solutions to these problems to help you understand and master the topic areas. The LOS indicate what you shouldbe able toplish after studying the material. The LOS, the core material, and the practiceproblems are dependent on each other, with the core material and practice pro

41、blems providingcontext for understanding the scope of the LOS and enabling you to apply a principle or concept in a variety of scenarios.7The entire readings, including the practice problems at the end of the readings, are the basis for all examination questions and are selected or developed specifi

42、cally to teach the knowledge and skills reflected in the CBOK.You should use the LOS to guide and focus your study because each examination question is based on one or more LOS and the core material and practice problems associated with the LOS. As a candidate, you are responsible for the entirety o

43、f the required material in a study session.We encourage you to review the information about the LOS on our website(g/programs/cfaprogram/courseofstudy/Pages/study_sessions.aspx),including the descriptions of LOS “commandwords” (mand_words.pdf).g/programs/Documents/cfFEATURES OF THE CURRICULUMBegin o

44、ptional segmentRequired vs. Optional SegmentsYou should read all of an assigned reading. In some cases, though, we have reprinted an entire chapter or article and marked certain parts of the reading as “optional.” The CFA examination is based only on the required segments, and the optional segments

45、are included only when it is determined that they might help you to better understand the required segments (by seeing the required material in its full context). When an optional segment begins, you will see an icon and a dashed vertical bar in the outside margin that will continue until the option

46、al segment ends,panied by another icon. Unless the material is specifically marked as optional, you should assume it is required. You should rely on the required segments and the reading-specific LOS in preparing for the examination.End optional segmentPractice Problems/SolutionsAll practice problem

47、s at the end of the readings as well as their solutions are part of the curriculum and are required material for the exam. In addition to the in-text examples and questions, these practice problems should help demonstrate practical applications and reinforce your understanding of the concepts presen

48、ted. Many of these practice problems are adapted from past CFA examinations and/or may serve as a basis for exam questions.Glossary and IndexFor your convenience, we have printed a comprehensive glossary in each volume. Throughout the curriculum, a bolded word in a reading denotes a term defined in

49、the glossary. The curriculum eBook is searchable, but we also publish an index that can be found on the CFA Institute website with the Level I study sessions.8LOS Self-CheckWe have inserted checkboxes next to each LOS that you can use to track your progress in mastering the concepts in each reading.

50、Source MaterialThe authorship, publisher, and copyright owners are given for each reading for your reference.Wemend that you use the CFA Institute curriculum rather than the original sourcematerials because the curriculum may include only selected pages from outside readings, updated sections within

51、 the readings, and problems and solutions tailored to the CFA Program.Note that some readinay contain a web address or URL. The referenced sites were live atthe time the reading was written but may have been deactivated since then.DESIGNING YOUR PROGRAMAL STUDY9Some readings in the curriculum cite a

52、rticles published in the Financial Analysts Journal®, which is the flagship publication of CFA Institute. Since its launch in 1945, the Financial Analysts Journal has established itself as the leading practitioner-oriented journal in the investment management commu. Over the years, it has advan

53、ced the knowledge and understanding of the practice of investment management through the publication of peer-reviewed practitioner-relevant research from leading academics and practitioners. It has also featured thought-provoking opinion pieces that advance the common level of discourse within the i

54、nvestment management profession. Some of the most influential research in the area of investment management has appeared in the pages of the Financial Analysts Journal, and 12 Nobel laureates have contributed more than 40 articles.Candidates are not responsible for familiarity with Financial Analyst

55、s Journal articles that are cited in the curriculum. But, as your time and studies allow, we strongly encourage you to begin supplementing your understanding of key investment management issues by reading this practice-oriented publication. Candidates have full online access to the Financial Analyst

56、s Journal and associated resources. All you need is to log in onusing your candidate credentials.泽稷CFA网课简章【泽稷CFA全新考季备考指南】速成课请戳以下：CFA一级全科答疑课完整版（近18h）：http:/course/826/info.html回馈考友，请私聊任意CFA菌（或加号：374208596）【答疑】二字领取（特别提醒此课程原价500，泽稷限时兑换券！）CFA一级财报重难点精讲课-经营性现金流的计算：http:/2019CFA考情分析+考纲解读+备考指导：http:/item?ta

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