广外货币银行学期末重点全英米什金

1、考试题型以及分数分布：一、选择题：1*20=20二、名词讲解：4*5=20三、简答题：8*5=40四、论述题：20*1=20重点制作思路：考虑到时间关系，抓大放小结合老师提及复习内容进行展望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Theeconomicsofmoney,bankingandfinancialmarkets-byKyleChapter1：WhyStudyMoney,Banking,andFinancialMarkets？（本章认识一下这个问题即可，最多考一下选择）Answer：?Toexaminehowfinancialmarketssuchasbondandsto

2、ckmarketswork?Toexaminehowfinancialinstitutionssuchasbankswork?ToexaminetheroleofmoneyintheeconomyChapter2：AnOverviewoftheFinancialSystem1.FunctionofFinancialMarkets?Performtheessentialfunctionofchannelingfundsfromeconomicplayersthathavesavedsurplusfundstothosethathaveashortageoffunds?Directfinance:

3、borrowersborrowfundsdirectlyfromlendersinfinancialmarketsbysellingthemsecurities.?Promoteseconomicefficiencybyproducinganefficientallocation（分配）ofcapital（资本）,whichincreasesproduction?Directlyimprovethewell-beingofconsumersbyallowingthemtotimepurchasesbetter2.StructureofFinancialMarketsDebtandEquity（

4、一般股）MarketsPrimaryandSecondaryMarkets?ExchangesandOver-the-Counter(OTC不经过交易所而直接售给顾客的)Markets?MoneyandCapitalMarkets（钱币和资本市场）3.FinancialMarketInstruments(要能举出例子，很可能考选择)Moneymarketsdealinshort-termdebtinstrumentsCapitalmarketsdealinlonger-termdebtandequityinstruments.4.InternationalizationofFinancialM

5、arkets（重点，选择、名词讲解都有可能）ForeignBonds&Eurobond?Eurocurrencies&Eurodollars?WorldStockMarkets5FunctionofFinancialIntermediaries:IndirectFinance（记一下金融中介机构的功能，交易成本很可能考名词讲解）?Lowertransactioncosts(timeandmoneyspentincarryingoutfinancialtransactions).?Reducetheexposureofinvestorstorisk?Dealwithasymmetric不对称in

6、formationproblemsConclusion:Financialintermediariesallow“small”saversandborrowerstobenefitfromtheexistenceoffinancialmarkets.6.TypesofFinancialIntermediaries（会分类即可）DepositoryinstitutionsContractualsavinginstitutionsInvestmentintermediaries7.RegulationoftheFinancialSystem?Toincreasetheinformationavai

7、labletoinvestors:?Toensurethesoundness健康坚固offinancialintermediariesChapter3：WhatIsMoney?1.MeaningofMoney（即definition，必考名词讲解！）Money(orthe“moneysupply”):anythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebts.2.FunctionsofMoney（重点）MediumofExchange:AmediumofexchangemustUnitofA

8、ccount:Store积蓄ofValue:3.EvolutionofthePaymentsSystemCommodity商品MoneyFiat法定MoneyChecks支票ElectronicPayment(e.g.onlinebillpay).E-Money(electronicmoney):4.MeasuringMoney（重中之重，M1/M2都很有可能考名词讲解）?Constructmonetaryaggregatesusingtheconceptofliquidity:（成立钱币总量使用流动性的看法）?M1(mostliquidassets)=currency+travelersch

9、ecks+demanddeposits+othercheckabledeposits.?M2(addstoM1otherassetsthatarenotsoliquid)=M1+smalldenominationtimedeposits+savingsdepositsandmoneymarketdepositaccounts+moneymarketmutualfundshares.Chapter4：UnderstandingInterestRates1.measuringinterestrates:PresentValue(很可能察看名词讲解)Adollarpaidtoyouoneyearfr

10、omnowislessvaluablethanadollarpaidtoyoutodaySimplePresentValue：PV=CF/(1+i)n次方2.FourTypesofCreditMarketInstrumentsSimpleLoanFixedPaymentLoanCouponBond附票债券DiscountBond贴现债券3.YieldtoMaturity（重点，很可能名词讲解）?Theinterestratethatequatesthepresentvalueofcashflowpaymentsreceivedfromadebtinstrumentwithitsvaluetod

11、ay计算4种不同样信用工具外加ConsolorPerpetuity（金边债券或永久债券）的YM4.YieldonaDiscountBasis（认识即可）CurrentYield当期收益率YieldonaDiscountBasis折价收益率RateofReturn收益率5.RateofReturnandInterestRates（收益率与利息率的distinction）?Thereturnequalstheyieldtomaturityonlyiftheholdingperiodequalsthetimetomaturity?Ariseininterestratesisassociatedwit

12、hafallinbondprices,resultinginacapitallossiftimetomaturityislongerthantheholdingperiod?Themoredistantabondsmaturity,thegreaterthesizeofthepercentagepricechangeassociatedwithaninterest-ratechange?Themoredistantabondsmaturity,thelowertherateofreturntheoccursasaresultofanincreaseintheinterestrateEvenif

13、abondhasasubstantialinitialinterestrate,itsreturncanbenegativeifinterestratesrise6.Interest-RateRiskPricesandreturnsforlong-termbondsaremorevolatilethanthoseforshorter-termbondsThereisnointerest-rateriskforanybondwhosetimetomaturitymatchestheholdingperiod7.RealandNominalInterestRates（重点，很可能察看简答题）Nom

14、inalinterestratemakesnoallowanceforinflationRealinterestrateisadjustedforchangesinpricelevelsoitmoreaccuratelyreflectsthecostofborrowing?Exanterealinterestrateisadjustedforexpectedchangesinthepricelevel?Expostrealinterestrateisadjustedforactualchangesinthepricelevel8.FisherEquation（重点察看）Chapter5：The

15、BehaviorofInterestRatesDeterminingtheQuantityDemandedofanAssetWealth:thetotalresourcesownedbytheindividual,includingallassetsExpectedReturn:thereturnexpectedoverthenextperiodononeassetrelativetoalternativeassetsRisk:thedegreeofuncertaintyassociatedwiththereturnononeassetrelativetoalternativeassets?L

16、iquidity:theeaseandspeedwithwhichanassetcanbeturnedintocashrelativetoalternativeassets（流动性很有可能考名词讲解）2.TheoryofAssetDemand（必考，死活都得背下来）Holdingallotherfactorsconstant:1.Thequantitydemandedofanassetispositivelyrelatedtowealth2.Thequantitydemandedofanassetispositivelyrelatedtoitsexpectedreturnrelativetoa

17、lternativeassets3.ThequantitydemandedofanassetisnegativelyrelatedtotheriskofitsreturnsrelativetoalternativeassetsThequantitydemandedofanassetispositivelyrelatedtoitsliquidityrelativetoalternativeassets3.SupplyandDemandforBonds（见到看一以下图）MarketEquilibrium4.ShiftsintheDemandforBonds?Wealth:inanexpansion

18、withgrowingwealth,thedemandcurveforbondsshiftstotherightExpectedReturns:higherexpectedinterestratesinthefuturelowertheexpectedreturnforlong-termbonds,shiftingthedemandcurvetotheleftExpectedInflation:anincreaseintheexpectedrateofinflationslowerstheexpectedreturnforbonds,causingthedemandcurvetoshiftto

19、theleft?Risk:anincreaseintheriskinessofbondscausesthedemandcurvetoshifttotheleft?Liquidity:increasedliquidityofbondsresultsinthedemandcurveshiftingright5ShiftsintheSupplyofBondsExpectedprofitabilityofinvestmentopportunities:inanexpansion,thesupplycurveshiftstotheright?Expectedinflation:anincreaseine

20、xpectedinflationshiftsthesupplycurveforbondstotherightGovernmentbudget:increasedbudgetdeficitsshiftthesupplycurvetotheright6.TheLiquidityPreferenceFramework7.DemandforMoneyintheLiquidityPreferenceFrameworkAstheinterestrateincreases:TheopportunitycostofholdingmoneyincreasesTherelativeexpectedreturnof

21、moneydecreasesandthereforethequantitydemandedofmoneydecreases.8.ShiftsintheDemandforMoneyIncomeEffect:ahigherlevelofincomecausesthedemandformoneyateachinterestratetoincreaseandthedemandcurvetoshifttotheright?Price-LevelEffect:ateachinterestrateariseinthepricelevelcausesthedemandformoneytoincreaseand

22、thedemandcurvetoshifttotheright?Liquiditypreferenceframeworkleadstotheconclusionthatanincreaseinthemoneysupplywilllowerinterestrates:theliquidityeffect.?Incomeeffectfindsinterestratesrisingbecauseincreasingthemoneysupplyisanexpansionaryinfluenceontheeconomy(thedemandcurveshiftstotheright).Chapter9:B

23、anking1.TheBankBalanceSheetLiabilitiesCheckabledepositsNontransactiondepositsBorrowingsBankcapitalAssetsReserves(准备金)CashitemsinprocessofcollectionDepositsatotherbanksSecuritiesLoansOtherassets2.BasicBanking:CashDeposit：Openingofacheckingaccountleadstoanincreaseinthebanksreservesequaltotheincreasein

24、checkabledepositsCheckDeposit3Inter-business?Banksettlement?Financelease?Fiduciarybusiness?Safedepositbox4.Off-Balance-SheetActivities?Loansales(secondaryloanparticipation)?Generationoffeeincome.Examples:Chapter12:CentralBanksandtheFederalReserveSystem(此章省略很多)1.StructureoftheFed(认识即可)BoardofGovernor

25、s（7人）12FRBs（9人）MemberBanksFOMC(7+1+4人)FederalAdvisoryCouncil（12人）2.FederalReserveBank3+3+3人）Functions：ClearchecksIssuenewcurrencyWithdrawdamagedcurrencyfromcirculationAdministerandmakediscountloanstobanksintheirdistrictsEvaluateproposedmergersandapplicationsforbankstoexpandtheiractivitiesActasliaiso

26、nsbetweenthebusinesscommunityandtheFederalReserveSystemExaminebankholdingcompaniesandstate-charteredmemberbanksCollectdataonlocalbusinessconditionsUsestaffsofprofessionaleconomiststoresearchtopicsrelatedtotheconductofmonetarypolicyChapter13&14：TheMoneySupplyProcess:1.PlayersintheMoneySupplyProcessCe

27、ntralbank(FederalReserveSystem)Banks(depositoryinstitutions;financialintermediaries)Depositors(individualsandinstitutions)2FedsBalanceSheetFederalReserveSystemAssetsLiabilitiesGovernmentCurrencyincirculationsecuritiesDiscountloansReserves3.MonetaryBase4.OpenMarketPurchase?Theeffectofanopenmarketpurc

28、haseonreservesdependsonwhetherthesellerofthebondskeepstheproceedsfromthesaleincurrencyorindeposits?TheeffectofanopenmarketpurchaseonthemonetarybasealwaysincreasesthemonetarybasebytheamountofthepurchaseOpenMarketSaleReducesthemonetarybasebytheamountofthesaleReservesremainunchangedTheeffectofopenmarke

29、toperationsonthemonetarybaseismuchmorecertainthantheeffectonreserves5.FedsAbilitytoControltheMonetaryBaseSplitthemonetarybaseintotwocomponents:MBn=MB-BRthenon-borrowedmonetarybase:MBnborrowedreserves:BR6.TheFormulaforMultipleDepositCreation（很重要！必考,记住公式）7.FactorsthatDeterminetheMoneySupplyChangesinth

30、enonborrowedmonetarybaseMBnChangesinborrowedreservesfromtheFedChangesintherequiredreservesratioChangesincurrencyholdingsChangesinexcessreserves8.TheMoneyMultiplier(重点)AssumethatthedesiredholdingsofcurrencyCandproportionallywithcheckabledepositsD.Then,c=C/D=currencyratioe=ER/D=excessreservesratioThem

31、onetarybaseMB(C)plusreservesequalscurrencyMB=C+R=C+(rxD)+ERM=m*MB=m*(MBn+BR)M=1+c/r+e+cexcessreservesERgrow(R):Chapter15：ToolsofMonetaryPolicy1.ToolsofMonetaryPolicyOpenmarketoperationsChangesinborrowedreservesChangesinreserverequirementsFederalfundsrate:theinterestrateonovernightloansofreservesfrom

32、onebanktoanother2.DemandintheMarketforReservesSupplyintheMarketforReserves3.AffectingtheFederalFundsRate4.OpenMarketOperations（超级重点）Advantages：TheFedhascompletecontroloverthevolumeFlexibleandpreciseEasilyreversedQuicklyimplemented5.DiscountPolicy（超级重点）Advantages：Usedtoperformroleoflenderoflastresort

33、disadvantages：CannotbecontrolledbytheFed;thedecisionmakeristhebank6.ReserveRequirements（超级重点）Advantages：Nolongerbindingformostbanksdisadvantages：CancauseliquidityproblemsIncreasesuncertaintyforbanksMonetaryPolicyToolsoftheEuropeanCentralBank?Openmarketoperations?Lendingtobanks?ReserveRequirementsCha

34、pter16：TheConductofMonetaryPolicy:StrategyandTacticsGoalsofMonetaryPolicy（1）ThePriceStabilityGoalLowandstableinflationInflationNominalanchortocontaininflationexpectationsTime-inconsistencyproblem（2）OtherGoalsofMonetaryPolicyHighemploymentEconomicgrowthStabilityoffinancialmarketsInterest-ratestabilit

35、yForeignexchangemarketstability2.MonetaryTargetingAdvantagesAlmostimmediatesignalshelpfixinflationexpectationsandproducelessinflationAlmostimmediateaccountabilityDisadvantagesMustbeastrongandreliablerelationshipbetweenthegoalvariableandthetargetedmonetaryaggregate3.InflationTargetingPublicannounceme

36、ntofmedium-termnumericaltargetforinflationInstitutionalcommitmenttopricestabilityastheprimary,long-rungoalofmonetarypolicyandacommitmenttoachievetheinflationgoalInformation-inclusiveapproachinwhichmanyvariablesareusedinmakingdecisionsAdvantages?Doesnotrelyononevariabletoachievetarget?Easilyunderstoo

37、d?Reducespotentialoffallingintime-inconsistencytrap?StressestransparencyandaccountabilityDisadvantages?Delayedsignaling?Toomuchrigidity?Potentialforincreasedoutputfluctuations?Loweconomicgrowthduringdisinflation4.MonetaryPolicywithanImplicitNominalAnchorThereisnoexplicitnominalanchorintheformofanove

38、rridingconcernfortheFed.Forwardlookingbehaviorandperiodic“preemptivestrikes”Thegoalistopreventinflationfromgettingstarted.AdvantagesUsesmanysourcesofinformationAvoidstime-inconsistencyproblemDisadvantagesLackoftransparencyandaccountabilityStrongdependenceonthepreferences,skills,andtrustworthinessofi

39、ndividualsinchargeInconsistentwithdemocraticprinciples5.Tactics:ChoosingthePolicyInstrumentToolsOpenmarketoperationReserverequirementsDiscountratePolicyinstrument(operatinginstrument)ReserveaggregatesInterestratesMaybelinkedtoanintermediatetarget?Interest-rateandaggregatetargetsareincompatible(mustc

40、hoseoneortheother).6.LinkagesBetweenCentralBankTools,PolicyInstruments,IntermediateTargets,andGoalsofMonetaryPolicy(中间目标是超级重点，死活都要背下来)Chapter19:TheDemandforMoney1.VelocityofMoneyandTheEquationofExchangeV=P*Y/MM*V=P*Y2.QuantityTheoryofMoneyDemandSO:Demandformoneyisdeterminedby:Theleveloftransactionsg

41、eneratedbythelevelofnominalincomePYTheinstitutionsintheeconomythataffectthewaypeopleconducttransactionsandthusdeterminevelocityandhencek3.KeynessLiquidityPreferenceTheoryTransactionsmotivePrecautionarymotiveSpeculativemotiveVelocityisnotconstant:4.FriedmansModernQuantityTheoryofMoney(记住该公式及其含义)5.Dif

42、ferencesbetweenKeynessandFriedmansModel(contd)FriedmanIncludesalternativeassetstomoneyViewedmoneyandgoodsassubstitutesTheexpectedreturnonmoneyisnotconstant;however,rbrmdoesstayconstantasinterestratesriseInterestrateshavelittleeffectonthedemandformoneyFriedman(contd)Thedemandformoneyisstable?velocityispredictableMoneyistheprimarydeterminantofaggregatespendingChapter23：TransmissionMechanismsofMonetaryPolicy:TheEvidence1.Framework(1)StructuralModelwhetheronevariableaffectsanotherTransmissionmechanismThechangeinthemoneysupplyaffectsinterestr