货币金融学,米什金
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偿权
h
6
FIGURE 2 Stock Prices as Measured by the Dow Jones Industrial Average, 1950–2008 图2 1950～2008年以道琼斯工业平均
指数显示的股票价格情况
Source: Dow Jones Indexes: /?u.
资产的一种求偿权
A bond is a debt security that promises to make payments periodically for a specified period of time 债券是承诺在约定期
限内定期偿付的债务证券
An interest rate is the cost of borrowing or the price paid for the rental of funds 利率是借款的成本或者是用于偿付资金租费的价
格
h
4
FIGURE 1 Interest Rates on Selected Bonds, 1950– 2008
图1 1950～2008年部分债券利率
Sources: Federal Reserve Bulletin; /releases/H15/data.htm.
产生影响
Data shows a connection between the money supply and the price level 有关数据表明货币供应量和物价总水平之间存在着联系
h
12
FIGURE 4 Aggregate Price Level and the Money Supply in the United States, 1950–2008 图4 1950～2008年美国的物价总水平
Source: International Financial Statistics.
h
14
Money and Interest Rates
货币与利率
Interest rates are the price of money 利率是货币的价格
Prior to 1980, the rate of money growth and the interest rate on
h
17
FIGURE 7 Government Budget Surplus or Deficit as a Percentage of Gross Domestic Product, 1950–2008 图7 1950～2008年政府预算盈
到资金短缺者手中的场所
3
The Bond Market and Interest Rates 债券市场和利率
A security (financial instrument) is a claim on the issuer’s future income or assets 证券（金融工具）是对于发行者的未来收益或者
量增长（M2年增长率）和利率（美国政府长期国债）情况
Sources: Federal Reserve Bulletin, p. A4, Table 1.10; /releases/h6/hist/h6hist1.txt.
h
16
Monetary and Fiscal Policy
h
5
The Stock Market
股票市场
Common stock represents a share of ownership in a corporation 普通股股票代表了其持有人对于公司具有一定份额的所有
权
A share of stock is a claim on the earnings and assets of the corporation一股股票代表了对于公司的资产和收益所具有的求
金融危机是指以资产价格的急剧下跌以及大量金融机构和非金融类企业的破产倒 闭为特征的金融市场出现的严重崩溃现象
h
9
Money and Business Cycles
货币与经济周期
Evidence suggests that money plays an important role in generating business cycles 实证研究结果表明货币在经济周期的产生过程
货币政策与财政政策
Monetary policy is the management of the money supply and interest rates 货币政策是指对于货币和利率的管理
Conducted in the U.S. by the Federal Reserve System (Fed) 在美国，货币政策是由联
year 预算赤字是指在特定的一年中政府的支出超过税收收入的差额
Budget surplus is the excess of revenues over expenditures for a particular year 预算盈余是指在特定的一年中政府税收收入超过支出的差额
Any deficit must be financed by borrowing 预算赤字必须通过借款来弥补
Chapter 1 Why Study Money, Banking, and Financial Markets? 为什么研究货币、银行和金融 市场
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
Why Study Money, Banking, and Financial Markets
纪80年代以后，两者之间的关系变得比较模糊，然而货币供应量的增长依然是利 率的重要影响因素之一
h
15
FIGURE 6 Money Growth (M2 Annual Rate) and Interest Rates (Long-Term U.S. Treasury Bonds), 1950–2008 图6 1950～2008年货币供应
Financial Innovation: in particular, the advent of the information age and e-finance 金融创新：特别是在信息时代和电子金融兴起的条件下涌现
出来
h
8
Financial Crises
金融危机
Financial crises are major disruptions in financial markets that are characterized by sharp declines in asset prices and the failures of many financial and nonfinancial firms.
制
To examine the role of money in the economy 考察在整体经济运行
过程中货币所发挥的作用
h
2
Financial Markets
金融市场
Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage of funds （金融）市场是资金从拥有闲置资金的人那里转移
中发挥了重要的作用
Recessions (unemployment) and expansions affect all of us 经济
衰退（失业）和经济扩张对于每一个人都会产生影响
Monetary Theory ties changes in the money supply to changes in
h
7
Financial Institutions and Banking 金融机构和银行
Financial Intermediaries: institutions that borrow funds from people who have saved and make loans to other people 金融中介机构：
aggregate economic activity and the price level
货币理论考
察的是货币供应的数量变化与总体经济活动和物价水平的变化之间的关系
h
10
FIGURE 3 Money Growth (M2 Annual Rate) and the Business Cycle in the United States, 1950–2008 图3 1950～2008年美国的货
是指那些向储蓄者借入资金并且向其他需要资金的人提供贷款的机构
Banks: accept deposits and make loans 银行: 吸收存款并且发放贷款 Other Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banks 其他金融机构：保险公司、金融（财务） 公司、养老基金、共同基金以及投资银行等
long-term Treasury bonds were closely tied
20世纪80
年代以前，货币供应量的增长和美国长期国债利率之间存在着密切的联系
Since then, the relationship is less clear but the rate of money growth is still an important determinant of interest rates 20世
币供应量增长（M2年增长率）与经济周期情况
Note: Shaded areas represent recessions. 注：阴影部分为经济衰退 Source: Federal Reserve Bulletin, p. A4, Table 1.10; /releases/h6/hist/h6hist1.txt.
h
11
Money and Inflation
货币与通货膨胀
The aggregate price level is the average price of goods and services in an economy 物价总水平是指经济中商品和服务的平均价格
A continual rise in the price level (inflation) affects all economic players 物价总水平的持续上升（通货膨胀）将会对于所有经济主体
研究货币、银行和金融市场的原因
To examine how financial markets such as bond, stock and foreign exchange markets work 考察诸如债券、股票以及外汇市场的运
行机制
To examine how financial institutions such as banks and insurance companies work 考察诸如银行和保险公司等金融机构的运行机
邦储备体系(Fed)来执行的
Fiscal
policy
deals
with
government
spending
and taxation 财政政策是对于政府支出和税收问题的管理
Budget deficit is the excess of expenditures over revenues for a particular
和货币供应量
Sources: /fred/data/gdp/gdpdef; /releases/h6/hist/h6hist10.txt.
h
13
FIGURE 5 Average Inflation Rate Versus Average Rate of Money Growth for Selected Countries, 1997–2007 图5 1997～2007年部分国 家平均通货膨胀率与货币供应量平均增长比率
h
6
FIGURE 2 Stock Prices as Measured by the Dow Jones Industrial Average, 1950–2008 图2 1950～2008年以道琼斯工业平均
指数显示的股票价格情况
Source: Dow Jones Indexes: /?u.
资产的一种求偿权
A bond is a debt security that promises to make payments periodically for a specified period of time 债券是承诺在约定期
限内定期偿付的债务证券
An interest rate is the cost of borrowing or the price paid for the rental of funds 利率是借款的成本或者是用于偿付资金租费的价
格
h
4
FIGURE 1 Interest Rates on Selected Bonds, 1950– 2008
图1 1950～2008年部分债券利率
Sources: Federal Reserve Bulletin; /releases/H15/data.htm.
产生影响
Data shows a connection between the money supply and the price level 有关数据表明货币供应量和物价总水平之间存在着联系
h
12
FIGURE 4 Aggregate Price Level and the Money Supply in the United States, 1950–2008 图4 1950～2008年美国的物价总水平
Source: International Financial Statistics.
h
14
Money and Interest Rates
货币与利率
Interest rates are the price of money 利率是货币的价格
Prior to 1980, the rate of money growth and the interest rate on
h
17
FIGURE 7 Government Budget Surplus or Deficit as a Percentage of Gross Domestic Product, 1950–2008 图7 1950～2008年政府预算盈
到资金短缺者手中的场所
3
The Bond Market and Interest Rates 债券市场和利率
A security (financial instrument) is a claim on the issuer’s future income or assets 证券（金融工具）是对于发行者的未来收益或者
量增长（M2年增长率）和利率（美国政府长期国债）情况
Sources: Federal Reserve Bulletin, p. A4, Table 1.10; /releases/h6/hist/h6hist1.txt.
h
16
Monetary and Fiscal Policy
h
5
The Stock Market
股票市场
Common stock represents a share of ownership in a corporation 普通股股票代表了其持有人对于公司具有一定份额的所有
权
A share of stock is a claim on the earnings and assets of the corporation一股股票代表了对于公司的资产和收益所具有的求
金融危机是指以资产价格的急剧下跌以及大量金融机构和非金融类企业的破产倒 闭为特征的金融市场出现的严重崩溃现象
h
9
Money and Business Cycles
货币与经济周期
Evidence suggests that money plays an important role in generating business cycles 实证研究结果表明货币在经济周期的产生过程
货币政策与财政政策
Monetary policy is the management of the money supply and interest rates 货币政策是指对于货币和利率的管理
Conducted in the U.S. by the Federal Reserve System (Fed) 在美国，货币政策是由联
year 预算赤字是指在特定的一年中政府的支出超过税收收入的差额
Budget surplus is the excess of revenues over expenditures for a particular year 预算盈余是指在特定的一年中政府税收收入超过支出的差额
Any deficit must be financed by borrowing 预算赤字必须通过借款来弥补
Chapter 1 Why Study Money, Banking, and Financial Markets? 为什么研究货币、银行和金融 市场
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
Why Study Money, Banking, and Financial Markets
纪80年代以后，两者之间的关系变得比较模糊，然而货币供应量的增长依然是利 率的重要影响因素之一
h
15
FIGURE 6 Money Growth (M2 Annual Rate) and Interest Rates (Long-Term U.S. Treasury Bonds), 1950–2008 图6 1950～2008年货币供应
Financial Innovation: in particular, the advent of the information age and e-finance 金融创新：特别是在信息时代和电子金融兴起的条件下涌现
出来
h
8
Financial Crises
金融危机
Financial crises are major disruptions in financial markets that are characterized by sharp declines in asset prices and the failures of many financial and nonfinancial firms.
制
To examine the role of money in the economy 考察在整体经济运行
过程中货币所发挥的作用
h
2
Financial Markets
金融市场
Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage of funds （金融）市场是资金从拥有闲置资金的人那里转移
中发挥了重要的作用
Recessions (unemployment) and expansions affect all of us 经济
衰退（失业）和经济扩张对于每一个人都会产生影响
Monetary Theory ties changes in the money supply to changes in
h
7
Financial Institutions and Banking 金融机构和银行
Financial Intermediaries: institutions that borrow funds from people who have saved and make loans to other people 金融中介机构：
aggregate economic activity and the price level
货币理论考
察的是货币供应的数量变化与总体经济活动和物价水平的变化之间的关系
h
10
FIGURE 3 Money Growth (M2 Annual Rate) and the Business Cycle in the United States, 1950–2008 图3 1950～2008年美国的货
是指那些向储蓄者借入资金并且向其他需要资金的人提供贷款的机构
Banks: accept deposits and make loans 银行: 吸收存款并且发放贷款 Other Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banks 其他金融机构：保险公司、金融（财务） 公司、养老基金、共同基金以及投资银行等
long-term Treasury bonds were closely tied
20世纪80
年代以前，货币供应量的增长和美国长期国债利率之间存在着密切的联系
Since then, the relationship is less clear but the rate of money growth is still an important determinant of interest rates 20世
币供应量增长（M2年增长率）与经济周期情况
Note: Shaded areas represent recessions. 注：阴影部分为经济衰退 Source: Federal Reserve Bulletin, p. A4, Table 1.10; /releases/h6/hist/h6hist1.txt.
h
11
Money and Inflation
货币与通货膨胀
The aggregate price level is the average price of goods and services in an economy 物价总水平是指经济中商品和服务的平均价格
A continual rise in the price level (inflation) affects all economic players 物价总水平的持续上升（通货膨胀）将会对于所有经济主体
研究货币、银行和金融市场的原因
To examine how financial markets such as bond, stock and foreign exchange markets work 考察诸如债券、股票以及外汇市场的运
行机制
To examine how financial institutions such as banks and insurance companies work 考察诸如银行和保险公司等金融机构的运行机
邦储备体系(Fed)来执行的
Fiscal
policy
deals
with
government
spending
and taxation 财政政策是对于政府支出和税收问题的管理
Budget deficit is the excess of expenditures over revenues for a particular
和货币供应量
Sources: /fred/data/gdp/gdpdef; /releases/h6/hist/h6hist10.txt.
h
13
FIGURE 5 Average Inflation Rate Versus Average Rate of Money Growth for Selected Countries, 1997–2007 图5 1997～2007年部分国 家平均通货膨胀率与货币供应量平均增长比率