Mishkin 米什金 货币银行学 课件
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x t x t 1 x t 1
G ro w th R a te
100
G D P G ro w th R a te
$ 9 .5 trillio n $ 9 trillio n $ 9 trillio n
113 111 111
1 0 0 5 .6 %
In f la tio n R a te
3
Chapter 1
Why Study Money, Banking, and Financial Markets?
Why Study Money,Banking and Financial Markets
Why Study Financial Markets?
1. Channel funds from savers to investors, thereby promoting economic efficiency 2. Affect personal wealth and behavior of business firms
3. Financial Innovation
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
5பைடு நூலகம்
Bond Market
6
Stock Market
7
Foreign Exchange Market
Why Study Banking and Financial Institutions?
1. Financial Intermediation
Helps get funds from savers to investors
2. Banks and Money Supply
Crucial role in creation of money
8
Money and Business Cycles
9
Money and the Price Level
10
Money Growth and Inflation
11
Money Growth and Interest Rates
12
Fiscal Policy and Monetary Policy
16
Appendix: Definitions
Calculation of GDP 1) Final goods (no intermediate goods; value added) 2) Domestically produced 3) Used goods (not included) 4) Inventories sold GDP; go bad lose value *Gross National Product (GNP) Total income earned by the nation’s factors of production, regardless of where located
2
Suggested Readings
1.Principles of Money, Banking and Financial Markets-10th ed (Lawrence S. Ritter, William L. Silber, Gregory F.Udell, Jointly Published by Pearson Education North Asia Limited and China Higher Education Press, 2002) 2.Money, Banking and Financial Markets (Lloyd B. Thomas, Published by McGraw-Hill Companies, Inc. 1997) 3.International Financial Markets –3th ed. (Orlin Grabbe, Published by Prentice Hall, Inc. 1996) 4.Money and Capital Markets-Financial Institutions and Instruments in a Global Marketplace 6th ed. ( Peter S. Rose , Jointly Published by China Machine Press/McGraw-Hill Companies, Inc. 1998) 5.Money and Banking - 5th ed (Raymond P. Kent, Published by Holt,Rinehart and Winston, Inc. 1966 )
货币银行学米什金货币银行学课件货币金融学米什金阿尔米什squamish斯阔米什中央银行学课件米什金罗查斯米什埃尔米什货币银行学
江西财经大学国际学院
Instructor: Wang Hainan (PhD)
Mottoes for all of us
Self-confidence is the first recipe to success. Standing on shoulders of the giants. Truth is always relative, and it is the only way to prove the truth by presentation of evidence or experience tests.
1 0 0 1 .8 %
19
13
How We Study Money and Banking
Basic Analytic Framework 1. Simplified approach to the demand for assets 2. Concept of equilibrium 3. Basic supply and demand approach to understand behavior in financial markets 4. Search for profits 5. Transactions cost and asymmetric information approach to financial structure 6. Aggregate supply and demand analysis Features 1. Case studies 2. Applications 3. Special-topic boxes 4. Following the Financial News boxes 5. Reading the Wall Street Journal 6. Web Exercises and URLs
14
Appendix: Definitions
Aggregate Output Gross Domestic Product (GDP) = Value of all final goods and services produced in domestic economy during year Aggregate Income Total income of factors of production (land, capital, labor) during year Distinction Between Nominal and Real Nominal = values measured using current prices Real = quantities, measured with constant prices Aggregate Price Level nominal GDP GDP Deflator = real GDP $10 trillion GDP Deflator = = 1.11 $9 trillion Consumer Price Index (CPI) price of “basket” of goods and services
17
Appendix: Definitions
GNP v.s. GDP 100000 80000 亿元 60000 40000 20000 0 1978 1981 1984 1987 1990 1993 1996 1999 GNP Year GDP
18
Appendix: Definitions
Growth Rates and the Inflation Rate
15
Appendix: Definitions
Measure of economic activity Gross Domestic Product (GDP) Total expenditure on domestically-produced final goods and services Total income earned by domestically-located factors of production
G ro w th R a te
100
G D P G ro w th R a te
$ 9 .5 trillio n $ 9 trillio n $ 9 trillio n
113 111 111
1 0 0 5 .6 %
In f la tio n R a te
3
Chapter 1
Why Study Money, Banking, and Financial Markets?
Why Study Money,Banking and Financial Markets
Why Study Financial Markets?
1. Channel funds from savers to investors, thereby promoting economic efficiency 2. Affect personal wealth and behavior of business firms
3. Financial Innovation
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
5பைடு நூலகம்
Bond Market
6
Stock Market
7
Foreign Exchange Market
Why Study Banking and Financial Institutions?
1. Financial Intermediation
Helps get funds from savers to investors
2. Banks and Money Supply
Crucial role in creation of money
8
Money and Business Cycles
9
Money and the Price Level
10
Money Growth and Inflation
11
Money Growth and Interest Rates
12
Fiscal Policy and Monetary Policy
16
Appendix: Definitions
Calculation of GDP 1) Final goods (no intermediate goods; value added) 2) Domestically produced 3) Used goods (not included) 4) Inventories sold GDP; go bad lose value *Gross National Product (GNP) Total income earned by the nation’s factors of production, regardless of where located
2
Suggested Readings
1.Principles of Money, Banking and Financial Markets-10th ed (Lawrence S. Ritter, William L. Silber, Gregory F.Udell, Jointly Published by Pearson Education North Asia Limited and China Higher Education Press, 2002) 2.Money, Banking and Financial Markets (Lloyd B. Thomas, Published by McGraw-Hill Companies, Inc. 1997) 3.International Financial Markets –3th ed. (Orlin Grabbe, Published by Prentice Hall, Inc. 1996) 4.Money and Capital Markets-Financial Institutions and Instruments in a Global Marketplace 6th ed. ( Peter S. Rose , Jointly Published by China Machine Press/McGraw-Hill Companies, Inc. 1998) 5.Money and Banking - 5th ed (Raymond P. Kent, Published by Holt,Rinehart and Winston, Inc. 1966 )
货币银行学米什金货币银行学课件货币金融学米什金阿尔米什squamish斯阔米什中央银行学课件米什金罗查斯米什埃尔米什货币银行学
江西财经大学国际学院
Instructor: Wang Hainan (PhD)
Mottoes for all of us
Self-confidence is the first recipe to success. Standing on shoulders of the giants. Truth is always relative, and it is the only way to prove the truth by presentation of evidence or experience tests.
1 0 0 1 .8 %
19
13
How We Study Money and Banking
Basic Analytic Framework 1. Simplified approach to the demand for assets 2. Concept of equilibrium 3. Basic supply and demand approach to understand behavior in financial markets 4. Search for profits 5. Transactions cost and asymmetric information approach to financial structure 6. Aggregate supply and demand analysis Features 1. Case studies 2. Applications 3. Special-topic boxes 4. Following the Financial News boxes 5. Reading the Wall Street Journal 6. Web Exercises and URLs
14
Appendix: Definitions
Aggregate Output Gross Domestic Product (GDP) = Value of all final goods and services produced in domestic economy during year Aggregate Income Total income of factors of production (land, capital, labor) during year Distinction Between Nominal and Real Nominal = values measured using current prices Real = quantities, measured with constant prices Aggregate Price Level nominal GDP GDP Deflator = real GDP $10 trillion GDP Deflator = = 1.11 $9 trillion Consumer Price Index (CPI) price of “basket” of goods and services
17
Appendix: Definitions
GNP v.s. GDP 100000 80000 亿元 60000 40000 20000 0 1978 1981 1984 1987 1990 1993 1996 1999 GNP Year GDP
18
Appendix: Definitions
Growth Rates and the Inflation Rate
15
Appendix: Definitions
Measure of economic activity Gross Domestic Product (GDP) Total expenditure on domestically-produced final goods and services Total income earned by domestically-located factors of production