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1、考試題型以及分?jǐn)?shù)分布： 一、 選擇題：1’*20=20’ 二、 名詞解釋：4’*5=20’ 三、 簡(jiǎn)答題：8’*5=40’ 四、 論述題：20’*1=20’ 重點(diǎn)制作思路： 1.考慮到時(shí)間關(guān)系，抓大放小 2.結(jié)合老師提及復(fù)習(xí)內(nèi)容進(jìn)行預(yù)測(cè) 3.以理順書(shū)本架構(gòu)為主，看到一個(gè)知識(shí)點(diǎn)猜一下可能會(huì)出什么題 The economics of money,banking and financial markets----by Kyle Chapter1：Why Study Money, Banking, and Financial Markets？ （本章了解一下這個(gè)問(wèn)題即可，最多考一

2、下選擇） 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 economy Chapter2：An Overview of the Financial System 1. Function of Financial Markets ? Perform the essential f

3、unction 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 allocatio

4、n（分配） of capital（資金）, which increases production ? Directly improve the well-being of consumers by allowing them to time purchases better ? 2.Structure of Financial Markets ? Debt and Equity （普通股） Markets ? Primary and Secondary Markets ? Exchanges and Over-the-Counter (OTC不通過(guò)交易所而直接售給顧客的) Mar

5、kets ? Money and Capital Markets（貨幣和資本市場(chǎng)） 3. Financial Market Instruments(要能舉出例子，很可能考選擇) Money markets deal in short-term debt instruments Capital markets deal in longer-term debt and equity instruments. 4.Internationalization of Financial Markets（重點(diǎn)，選擇、名詞解釋都有可能） ? Foreign Bonds & Eurobon

6、d? ? Eurocurrencies & Eurodollars? ? World Stock Markets 5．Function of Financial Intermediaries: Indirect Finance （記一下金融中介機(jī)構(gòu)的功能，交易成本很可能考名詞解釋） ? Lower transaction costs (time and money spent in carrying out financial transactions). ? Reduce the exposure of investors to risk ? Deal with asymme

7、tric 不對(duì)稱 information problems ? Conclusion: Financial intermediaries allow “small” savers and borrowers to benefit from the existence of financial markets. 6. Types of Financial Intermediaries（會(huì)分類即可） Depository institutions Contractual saving institutions Investment intermediaries

8、 7. Regulation of the Financial System ? To increase the information available to investors: ? To ensure the soundness 健康穩(wěn)固of financial intermediaries Chapter3：What Is Money? 1. Meaning of Money（即definition，必考名詞解釋?。。? ? Money (or the “money supply”): anything that is generally accepted in pa

9、yment for goods or services or in the repayment of debts. 2. Functions of Money（重點(diǎn)） ? Medium of Exchange: ? A medium of exchange must ? Unit of Account: ? Store 儲(chǔ)藏 of Value: 3. Evolution of the Payments System ? Commodity 商品 Money ? Fiat 法定 Money ? Checks 支票Electronic Payment (e.g.

10、online bill pay). ? E-Money (electronic money): 4. Measuring Money （重中之重，M1/M2都很有可能考名詞解釋） ? Construct monetary aggregates using the concept of liquidity: （構(gòu)建貨幣總量使用流動(dòng)性的概念） ? M1 (most liquid assets) = currency + traveler’s checks + demand deposits + other checkable deposits. ? M2 (adds to M1

11、 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 Rates 1. measuring interest rates:Present Value(很可能考察名詞解釋) A dollar paid to you one year fro

12、m now is less valuable than a dollar paid to you today Simple Present Value：PV=CF/(1+i)n次方 2. Four Types of Credit Market Instruments ? Simple Loan ? Fixed Payment Loan ? Coupon Bond 附票債券 ? Discount Bond 貼現(xiàn)債券 3.Yield to Maturity（重點(diǎn)，很可能名詞解釋） ? The interest rate that equates the present va

13、lue of cash flow payments received from a debt instrument with its value today 計(jì)算4種不同信用工具外加Consol or Perpetuity（金邊債券或永久債券）的YM 4. Yield on a Discount Basis（了解即可） Current Yield當(dāng)期收益率 Yield on a Discount Basis 折價(jià)收益率 Rate of Return 收益率 5.Rate of Return and Interest Rates（收益率與利息率的distinction） ?

14、 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 bond’s maturity, the greater

15、the size of the percentage price change associated with an interest-rate change ? The more distant a bond’s 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 inte

16、rest 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 period 7. Real and Nominal Interest Rates（重點(diǎn)，很可能考察簡(jiǎn)答題） ? Nominal inter

17、est 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 i

18、n the price level 8. Fisher Equation（重點(diǎn)考察） Chapter5：The Behavior of Interest Rates 1. 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 o

19、n 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（流動(dòng)性很有可能考名詞解釋） 2.Theory of Asset Demand（必

20、考，死活都得背下來(lái)） Holding all other factors constant: 1. The quantity demanded of an asset is positively related to wealth 2. The quantity demanded of an asset is positively related to its expected return relative to alternative assets 3. The quantity demanded of an asset is negatively related to th

21、e risk of its returns relative to alternative assets 4. The quantity demanded of an asset is positively related to its liquidity relative to alternative assets 3. Supply and Demand for Bonds（見(jiàn)到看一下圖） Market Equilibrium 4. Shifts in the Demand for Bonds ? Wealth: in an expansion with growing we

22、alth, 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 retu

23、rn 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 right 5．Shifts in the Supply of Bonds ? Expected profitability o

24、f 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 right 6. The Liquidity Preference

25、 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.

26、 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 increas

27、e 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 o

28、n the economy (the demand curve shifts to the right). Chapter9:Banking 1.The Bank Balance Sheet ? Liabilities – Checkable deposits – Nontransaction deposits – Borrowings – Bank capital ? Assets – Reserves(準(zhǔn)備金) – Cash items in process of collection – Deposits at other banks – Securitie

29、s – Loans – Other assets – 2.Basic Banking: ? Cash Deposit：Opening of a checking account leads to an increase in the bank’s reserves equal to the increase in checkable deposits Check Deposit 3．Inter-business ? Bank settlement ? Finance lease ? Fiduciary business ? Safe deposit box

30、 4. 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 Banks FOMC (7+1+4人) Federal Advis

31、ory Council （12人） 2. Federal Reserve Bank（3+3+3人） Functions： Clear checks Issue new currency Withdraw damaged currency from circulation Administer and make discount loans to banks in their districts Evaluate proposed mergers and applications for banks to expand their activities Act as liai

32、sons between the business community and the Federal Reserve System Examine bank holding companies and state-chartered member banks Collect data on local business conditions Use staffs of professional economists to research topics related to the conduct of monetary policy Chapter13&14：The Money

33、 Supply Process: 1. Players in the Money Supply Process Central bank (Federal Reserve System) Banks (depository institutions; financial intermediaries) Depositors (individuals and institutions) 2．Fed’s Balance Sheet Federal Reserve System Assets Liabilities Government securities Currency

34、 in circulation Discount loans Reserves 3.Monetary Base 4.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 monet

35、ary 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 unchanged The effect of open market operations on the monetary base is much more certain than the effect on reserves 5. Fed’s

36、 Ability to Control the Monetary Base Split the monetary base into two components : MBn= MB - BR the non-borrowed monetary base :MBn borrowed reserves:BR 6.The Formula for Multiple Deposit Creation（很重要！必考,記住公式） 7. Factors that Determine the Money Supply Change

37、s in the nonborrowed monetary base MBn Changes in borrowed reserves from the Fed Changes in the required reserves ratio Changes in currency holdings Changes in excess reserves 8. The Money Multiplier(重點(diǎn)) Assume that the desired holdings of currency C and excess reserves ER grow proportional

38、ly with checkable deposits D. Then, c = {C/D} = currency ratio e = {ER/D} = excess reserves ratio The monetary base MB equals currency (C) plus reserves (R): MB = C + R = C + (r x D) + ER M=m*MB=m*(MBn+BR) M=1+c/r+e+c Chapter 15：Tools of Monetary Policy 1. Tools of Monetary Policy Open ma

39、rket operations Changes in borrowed reserves Changes in reserve requirements Federal funds rate: the interest rate on overnight loans of reserves from one bank to another 2.Demand in the Market for Reserves Supply in the Market for Reserves 3.Affecting the Federal Funds Rate 4.Open Mark

40、et Operations（超級(jí)重點(diǎn)） Advantages： The Fed has complete control over the volume Flexible and precise Easily reversed Quickly implemented 5.Discount Policy（超級(jí)重點(diǎn)） Advantages： Used to perform role of lender of last resort disadvantages： Cannot be controlled by the Fed; the decision maker is th

41、e bank 6.Reserve Requirements（超級(jí)重點(diǎn)） Advantages： ? No longer binding for most banks disadvantages： ? Can cause liquidity problems ? Increases uncertainty for banks 7. Monetary Policy Tools of the European Central Bank ? Open market operations ? Lending to banks ? Reserve Requirements

42、 Chapter16：The Conduct of Monetary Policy: Strategy and Tactics 1. 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

43、? Economic growth ? Stability of financial markets ? Interest-rate stability ? Foreign exchange market stability 2. Monetary Targeting ? Advantages – Almost immediate signals help fix inflation expectations and produce less inflation – Almost immediate accountability ? Disadvantages – Mus

44、t be a strong and reliable relationship between the goal variable and the targeted monetary aggregate 3. 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

45、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 an

46、d accountability ? Disadvantages ? Delayed signaling ? Too much rigidity ? Potential for increased output fluctuations ? Low economic growth during disinflation 4.Monetary Policy with an Implicit Nominal Anchor There is no explicit nominal anchor in the form of an overriding concern for the

47、 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 pre

48、ferences, skills, and trustworthiness of individuals in charge – Inconsistent with democratic principles 5. Tactics: Choosing the Policy Instrument ? Tools – Open market operation – Reserve requirements – Discount rate ? Policy instrument (operating instrument) – Reserve aggregates – Inte

49、rest 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(中間目標(biāo)是超級(jí)重點(diǎn)，死活都要背下來(lái)) Chapter19:The Demand

50、for Money 1. Velocity of Money and The Equation of Exchange V=P*Y/M M*V=P*Y 2.Quantity Theory of Money Demand SO: 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 t

51、ransactions and thus determine velocity and hence k 3.Keynes’s Liquidity Preference Theory Transactions motive Precautionary motive Speculative motive Velocity is not constant: 4. Friedman’s Modern Quantity Theory of Money(記住該公式及其含義) 5. Differences between Keynes’s and Friedman’s Mo

52、del (cont’d) ? 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 (cont’d) –

53、The demand for money is stable T velocity is predictable – Money is the primary determinant of aggregate spending Chapter23：Transmission Mechanisms of Monetary Policy: The Evidence 1.Framework (1)Structural Model whether one variable affects another ? Transmission mechanism – The change in

54、 the money supply affects interest rates – Interest rates affect investment spending – Investment spending is a component of aggregate spending (output) Advantages and Disadvantages (2)Reduced-Form ? Analyzes the effect of changes in money supply on aggregate output (spending) to see if there i

55、s a high correlation Advantages and Disadvantages 2. Transmission Mechanisms of Monetary Policy (1) Asset Price Effects Traditional interest rate effects Exchange rate effects on net exports ... (2)Credit View Chapter24: Money and Inflation 1.meaning of inflation(死活背下來(lái)) extremely high

56、for a sustained period of time, its rate of money supply growth is also extremely high ? Money Growth – High money growth produces high inflation ? Fiscal Policy – Persistent high inflation cannot be driven by fiscal policy alone ? Supply Shocks – Supply-side phenomena cannot be the source of

57、persistent high inflation ? Conclusion: always a monetary phenomenon 2. Origins of Inflationary Monetary Policy ? Cost-push inflation – Cannot occur without monetary authorities pursuing an accommodating policy ? Demand-pull inflation ? Budget deficits – Can be the source only if the defici

58、t is persistent and is financed by creating money rather than by issuing bonds ? Two underlying reasons – Adherence of policymakers to a high employment target – Presence of persistent government budget deficits 3. The Discretionary (Activist)/ Nondiscretionary (Nonactivist) Policy Debate （1）Advocates of discretionary policy： regard the self-correcting mechanism as slow Policy lags slow activist policy （2）Advocates of nondiscretionary policy: believe government should not get involved Discretionary policy produces volatility in both the price level and output