《货币、银行和金融市场经济学》第八版

Copyright©2010PearsonAddison-Wesley.Allrightsreserved.Chapter01WhyStudyMoney,Banking,andFinancialMarkets?Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-2WhyStudyMoney,Banking,andFinancialMarkets•Toexaminehowfinancialmarketssuchasbondandstockmarketswork•Toexaminehowfinancialinstitutionssuchasbankswork•ToexaminetheroleofmoneyintheeconomyCopyright©2010PearsonAddison-Wesley.Allrightsreserved.1-3Part1Introduction•Chap1WhyStudyMoney,BankingandFinancialMarkets?•Chap2AnoverviewsoftheFinancialSystem•Chap3WhatisMoney?Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-4Part2FinancialMarketsandFinancialInstitutions•Chap4UnderstandingInterestRates•Chap5TheBehaviorofInterestRates•Chap6BankingCopyright©2010PearsonAddison-Wesley.Allrightsreserved.1-5FIGURE1InterestRatesonSelectedBonds,1950–2008Sources:FederalReserveBulletin;©2010PearsonAddison-Wesley.Allrightsreserved.1-6Part3CentralBankingandtheConductofMonetaryPolicy•Chap7StructureofCentralbanks•Chap8MultipleDepositCreationandtheMoneySupplyProcess•Chap9DeterminantsoftheMoneySupply•Chap10ToolsofMonetaryPolicy•Chap11WhatshouldcentralBanksDo?MonetaryPolicyGoals,StrategyandTacticsCopyright©2010PearsonAddison-Wesley.Allrightsreserved.1-7Part4MoneyTheory•Chap12TheDemandforMoney•Chap13AggregateDemandandSupplyAnalysis•Chap14TransmissionMechanismsofMonetaryPolicy:TheEvidence•Chap15MoneyandInflationCopyright©2010PearsonAddison-Wesley.Allrightsreserved.1-8FIGURE4AggregatePriceLevelandtheMoneySupplyintheUnitedStates,1950–2008Sources:©2010PearsonAddison-Wesley.Allrightsreserved.1-9MoneyandInflation•Theaggregatepricelevelistheaveragepriceofgoodsandservicesinaneconomy•Acontinualriseinthepricelevel(inflation)affectsalleconomicplayers•DatashowsaconnectionbetweenthemoneysupplyandthepricelevelCopyright©2010PearsonAddison-Wesley.Allrightsreserved.1-10FIGURE5AverageInflationRateVersusAverageRateofMoneyGrowthforSelectedCountries,1997–2007Source:InternationalFinancialStatistics.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-11FIGURE6MoneyGrowth(M2AnnualRate)andInterestRates(Long-TermU.S.TreasuryBonds),1950–2008Sources:FederalReserveBulletin,p.A4,Table1.10;©2010PearsonAddison-Wesley.Allrightsreserved.1-12MoneyandInterestRates•Interestratesarethepriceofmoney•Priorto1980,therateofmoneygrowthandtheinterestrateonlong-termTreasurybondswerecloselytied•Sincethen,therelationshipislessclearbuttherateofmoneygrowthisstillanimportantdeterminantofinterestratesCopyright©2010PearsonAddison-Wesley.Allrightsreserved.1-13FIGURE3MoneyGrowth(M2AnnualRate)andtheBusinessCycleintheUnitedStates,1950–2008Note:Shadedareasrepresentrecessions.Source:FederalReserveBulletin,p.A4,Table1.10;©2010PearsonAddison-Wesley.Allrightsreserved.1-14HowWeWillStudyMoney,Banking,andFinancialMarkets•Asimplifiedapproachtothedemandforassets•Theconceptofequilibrium•Basicsupplyanddemandtoexplainbehaviorinfinancialmarkets•Thesearchforprofits•Anapproachtofinancialstructurebasedontransactioncostsandasymmetricinformation•AggregatesupplyanddemandanalysisCopyright©2010PearsonAddison-Wesley.Allrightsreserved.1-15References•米什金，《货币金融学》（中文）（8)，清华大学出版社，2009•米什金，《货币金融学》（中文）（9)，人民大学出版社，2011•易纲、吴有昌，《货币银行学》，上海人民出版社，1999年•武康平，《货币银行学教程》清华大学出版社2006年•黄达，《货币银行学》，中国人民大学出版社2000年•戴国强，《货币银行学》，上海财经大学出版社，2003•托马斯，《货币，银行业和金融市场》机械工业出版社2008•R.哈里斯著，梁小民译：《货币理论》，中国金融出版社，北京，1989Copyright©2010PearsonAddison-Wesley.Allrightsreserved.Chapter3WhatIsMoney?Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-17MeaningofMoney（货币）•Whatisit?•Money(orthe“moneysupply”):anythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebts.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-18MeaningofMoney•Money(astockconcept)isdifferentfrom:•Currency:consistofdollarbills（钞票）andcoins（硬币）,currencyisonetypeofmoney.•Wealth（财富）:thetotalcollectionofpiecesofpropertythatservetostorevalue•Income（收入）:flowofearningsperunitoftime(aflowconcept)Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-19FunctionsofMoney•MediumofExchange（交易媒价）:–Eliminatesthetroubleoffindingadoublecoincidenceofneeds(reducestransactioncosts)–Promotesspecialization•Amediumofexchangemust–beeasilystandardized–bewidelyaccepted–bedivisible–beeasytocarry–notdeterioratequicklyCopyright©2010PearsonAddison-Wesley.Allrightsreserved.3-20FunctionsofMoney•UnitofAccount（计算单位）:–usedtomeasurevalueintheeconomy–reducestransactioncosts•StoreofValue（价值尺度）:–usedtosavepurchasingpowerovertime.–otherassetsalsoservethisfunction–MoneyisthemostliquidofallassetsbutlosesvalueduringinflationCopyright©2010PearsonAddison-Wesley.Allrightsreserved.3-21EvolutionofthePaymentsSystem（支付制度的演变）•CommodityMoney（商品货币）:valuable,easilystandardizedanddivisiblecommodities(e.g.preciousmetals,cigarettes).•FiatMoney（不兑现纸币）:papermoneydecreedbygovernmentsasleg