米什金《货币金融学》第4章

2017年金融考研专业课米什金《货币金融学》重点章节

2017年金融考研专业课米什金《货币金融学》重点章节第一章为什么研究货币、银行与金融市场GDP平减指数，通货膨胀率计算第二章金融体系概览1.名词解释逆向选择：在信息不对称的情况下，差的商品总是将好的商品逐出市场；或者说拥有信息优势的一方总是趋向于做出有利于自生而不利于别人的选择。

金融恐慌：由于资金提供者对金融中介机构的稳定性产生怀疑，因而将资金从稳定和不稳定的机构中抽回，导致大量金融机构倒闭。

2.金融市场的基本经济功能：将资金从那些由于支出小于收入而积蓄多余资金的人手中转移至由于支出大于收入而缺乏资金的人手中。

（直接，间接融资）3.金融市场的结构：债权股权市场；一级二级市场；交易所、场外市场OTC；货币市场：小于一年，短期国库券，可转让存单，商业票据，银行承兑汇票，回购协议，联邦基金等。

资本市场：大于一年，股票，公司债券，抵押贷款，美国政府证券，商业贷款等。

4.金融市场国际化：外国债券：在外国市场上发行，并以发行国货币计价的债券。

欧洲债券：在外国市场上发行，但并非以发行国货币来计价的债券。

欧洲货币：存放在本国之外的银行的外国货币。

最重要的是欧洲美元。

欧洲美元：存放在美国以外的外国银行或美国银行国外分支机构的美元。

5.金融中介功能（间接融资）：1）降低交易成本，为客户提供流动性服务。

2）分担风险，减少投资者风险。

3）缓解由信息不对称而产生的逆向选择和道德风险问题。

6.金融中介类型：1）存款机构：银行，信用社。

2）契约性储蓄机构：保险，养、退休基金。

3）投资中介机构：财务公司，共同基金，货币市场共同基金，投行。

6.金融体系的监管帮助投资者获取更多信息，确保金融体系的健全性。

1986《Q》废除。

（Q：美联储有权利设置银行存款利率上限）第三章什么是货币1.货币的功能交易媒介，记账单位，价值贮藏（流动性：资产转化为交易媒介的成本和速度）2.货币计量M1=通货+旅行者支票+活期存款+其他支票存款M2=M1+小额定期存款+储蓄存款与货币市场存款账户+货币市场共同基金份额第四章理解利率1.四种信用市场工具1）普通贷款：到期支付本金与利息，如商业贷款。

对外经济贸易大学金融专业考研(米什金)《货币金融学》辅导讲义2

对外经济贸易大学金融专业考研（米什金）《货币金融学》辅导讲义2第二篇金融市场第四章理解利率利率与回报率的区别（回报率等于当期收益率与资本利得率之和）名义利率与实际利率第五章利率行为资产需求理论资产需求数量和财富（正），预期回报率（正），风险（负），流动性（正）关系然后分析债券市场的供给和需求，由于债券市场和利率的联系，然后分析利率变动债券曲线的供给（投资机会的预期盈利性，预期通货膨胀率，政府预算）费雪效应流动性偏好理论从流动性偏好理论中，似乎可以得出货币供给增长会降低利率的结论，但是需要讨论三种情况，从收入效应，价格效应，通货膨胀预期效应三股力量的作用。

第六章利率的风险结构与期限结构利率的风险结构到期期限相同的债券却有着不同的利率违约风险流动性所得税利率的期限结构具有不同的到期期限的债券之间的利率联系收益率曲线yield curve期限不同，但风险，流动性，税收政策相同的债券的收益率连成一条曲线，得到收益率曲线。

收益率曲线一般分为向上倾斜，平坦和向下倾斜的（又被成为inverted yield curve反转收益率曲线）期限结构的三个经验事实：1不同到期期限的债券的利率随着时间一起波动2若短期利率较低，收益率屡曲线很可能向上倾斜。

如果短期利率较高，则收益率曲线很可能向下倾斜，即使翻转的形状。

3收益率曲线几乎总是向上倾斜的预期理论解释1、2，分割市场理论解释3，流动性溢价理论都可以解释。

预期理论：长期债券的利率等于其在有效期内人们所预期的短期利率的平均值，这一理论的关键假定在于，不同债券之间可以完全替代。

分割市场理论关键假定，不同到期期限的债券根本无法相互替代，原因在于投资者的强烈偏好。

通常短期持有者的需求更多，所以解释了第三个事实。

流动性溢价理论与期限优先理论长期债券的利率等于到期之前短期利率的平均值和随债券供求状况变动而变动的流动性溢价之和。

关键假定在于，不同到期期限的债券是可以相互替代的，但是，投资者也对不同期限债券有不同的偏好。

米什金货币金融学英文版习题答案chapter4英文习题

米什金货币金融学英文版习题答案chapter4英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition(Mishkin)Chapter 4The Meaning of Interest Rates4.1Measuring Interest Rates1) The concept of ________ is based on the common-sense XXX.A) present valueB) future valueC) interestD) deflationXXX:Aof Knowledge2) The present value of an expected future payment ________ as the interest rate XXX) fallsB) risesC) is constantD) is unaffectedXXX:AThinking3) An increase in the time to the promised future payment ________ the present value of XXX.A) decreasesB) increasesC) has no effect onD) is XXXXXX:AThinking4) With an interest rate of 6 percent, the present value of $100 next year is approximatelyA) $106.B) $100.C) $94.D) $92.Answer:CThinking5) What is the present value of $500.00 to be paid in two years if the interest rate is 5 percent?A) $453.51B) $500.00C) $476.25D) $550.00XXX:AThinking6) If a security pays $55 in one year and $133 in three years, its present value is $150 if XXXA) 5 percent.B) 10 percent.C) 12.5 percent.D) 15 percent.XXX:BThinking7) XXX who is to receive $1 million per year for twenty years has won$20 million ignores the process ofA) face value.B) par value.C) deflation.D) discounting the future.XXX:DThinking8) A credit market XXX with an amount of XXX date along with an interest payment is known as aA) simple loan.B) fixed-payment loan.C) XXX.D) discount bond.XXX:Aof Knowledge9) A credit market instrument that requires the borrower to make the same payment XXX date is known as aA) simple loan.B) fixed-payment loan.C) XXX.D) discount bond.XXX:Bof Knowledge10) Which of the following are TRUE of fixed payment loans?A) XXX.B) XXX.C) XXX.D) XXX are often of this type.XXX:BThinking11) A XXX is another name forA) a simple loan.B) a fixed-payment loan.C) a commercial loan.D) an unsecured loan.XXX:Bof Knowledge12) A credit market XXX date and then repays the face value is called aA) simple loan.B) fixed-payment loan.C) XXX.D) discount bond.Answer:Cof Knowledge13) A ________ pays the owner a fixed coupon payment every year until the maturity date, whenthe ________ value is repaid.A) coupon bond; discountB) discount bond; discountC) coupon bond; faceD) discount bond; faceAnswer:CThinking14) The ________ is the final amount that will be paid to the XXX) discount valueB) coupon valueC) face valueD) present valueAnswer:Cof Knowledge15) When talking about a coupon bond, face value and ________ mean the same thing.A) par valueB) coupon valueC) amortized valueD) discount valueXXX:Aof Knowledge16) The dollar amount of the XXX of the face valueof the bond is called the bond'sA) XXX.B) maturity rate.C) face value rate.D) XXX.XXX:Aof Knowledge17) The ________ XXX rate times the par value of the bond.A) present valueB) face valueC) XXXD) maturity XXXAnswer:CThinking18) If a $1000 face value coupon bond has a coupon rate of3.75 percent, then the couponpayment every year isA) $37.50.B) $3.75.C) $375.00.D) $13.75XXX:AThinking19) If a $5,000 coupon bond has a coupon rate of 13 percent, then the XXXA) $650.B) $1,300.C) $130.D) $13.XXX:AThinking20) An $8,000 coupon bond with a $400 coupon payment every year has a coupon rate ofA) 5 percent.B) 8 percent.C) 10 percent.D) 40 percent.XXX:AThinking21) A $1000 face value coupon bond with a $60 coupon payment every year has a coupon rate ofA) .6 percent.B) 5 percent.C) 6 percent.D) 10 percent.Answer:CThinking22) All of the following are examples of XXXA) XXX.B) XXX.C) XXX.D) XXX.XXX:BThinking23) XXX at a price below its face value and the face value is XXX called aA) simple loan.B) fixed-payment loan.C) XXX.D) discount bond.XXX:Dof Knowledge24) A ________ is bought at a price below its face value, and the ________ value is XXX.A) coupon bond; discountB) discount bond; discountC) coupon bond; faceD) discount bond; faceXXX:DThinking25) A discount bondA) pays the bondholder a fixed amount every period and the face value at maturity.B) XXX.C) pays all interest and the face value at maturity.D) pays the face value at maturity plus any capital gain.XXX:BThinking26) Examples of discount bonds includeA) XXX.B) XXX.C) XXX.D) municipal bonds.XXX:AThinking27) Which of the following are TRUE for discount bonds?A) A discount XXX par.B) The purchaser receives the face value of the bond at the maturity date.C) XXX and notes are examples of discount bonds.D) The purchaser receives the par value at maturity plus any capital gains.XXX:BThinking28) The interest rate that equates the present value of payments received from a debt instrumentwith its value today is theA) simple interest rate.B) current yield.C) XXX.D) real interest rate.Answer:Cof Knowledge29) Economists consider the ________ to be the most XXX) simple interest rate.B) current yield.C) XXX.D) real interest rate.Answer:CThinking30) For simple loans, the simple interest rate is ________ the yield to maturity.A) greater thanB) less thanC) equal toD) not comparable toAnswer:Cof Knowledge31) If the amount payable in two years is $2420 for a simple loan at 10 percent interest, the loanamount isA) $1000.B) $1210.C) $2000.D) $2200.Answer:CThinking32) For a 3-year simple loan of $10,000 at 10 percent, the amount to be repaid isA) $10,030.B) $10,300.C) $13,000.D) $13,310.XXX:DThinking33) If $22,050 is the amount payable in two years for a $20,000 simple loan made today, XXXA) 5 percent.B) 10 percent.C) 22 percent.D) 25 percent.XXX:AThinking34) If a security pays $110 next year and $121 the year after that, what is its yield to maturity if itsells for $200?A) 9 percentB) 10 percentC) 11 percentD) 12 percentXXX:BThinking35) The present value of a fixed-payment loan is calculated as the ________ of the present valueof all cash flow payments.A) sumB) differenceC) multipleD) logXXX:AThinking36) Which of the following are TRUE for a coupon bond?A) When the coupon bond is priced at its face value, the yield to XXX) The price of a coupon bond and the yield to XXX.C) The yield to maturity is greater than the coupon rate when the bond price is above the parvalue.D) The yield is less than the coupon rate when the bond price is below the par value.Answer:AThinking37) The ________ of a coupon bond and the yield to maturity are inversely related.A) priceB) par valueC) maturity dateD) termXXX:AThinking38) The price of a coupon bond and the yield to maturity are ________ related; that is, as theyield to maturity ________, the price of the bond ________.A) positively; rises; risesB) negatively; falls; fallsC) positively; rises; fallsD) negatively; rises; fallsXXX:DThinking39) The yield to maturity is ________ than the ________ rate when the bond price is ________its face value.A) greater; coupon; aboveB) greater; coupon; belowC) greater; perpetuity; aboveD) less; perpetuity; belowXXX:BThinking40) The ________ is below the coupon rate when the bond price is ________ its par value.A) yield to maturity; aboveB) yield to maturity; belowC) discount rate; aboveD) discount rate; belowXXX:AThinking41) A $10,000 8 percent coupon bond that sells for $10,000 has a yield to maturity ofA) 8 percent.B) 10 percent.C) 12 percent.D) 14 percent.XXX:AThinking42) Which of the following $1,000 face-value securities has XXX?A) a 5 percent XXX,000B) a 10 percent XXX,000C) a 12 percent XXX,000D) a 12 percent XXX,100Answer:CThinking43) Which of the following $5,000 face-value securities has XXX?A) a 6 percent XXX,000B) a 6 XXX,500C) a 10 percent XXX,000D) a 12 percent XXX,500XXX:DThinking44) Which of the following $1,000 face-value securities has XXX?A) a 5 percent coupon bond with a price of $600B) a 5 percent coupon bond with a price of $800C) a 5 percent coupon bond with a price of $1,000D) a 5 percent coupon bond with a price of $1,200XXX:AThinking45) Which of the following $1,000 face-value securities has XXX?A) a 5 percent XXX,000B) a 10 percent XXX,000C) a 15 percent XXX,000D) a 15 percent XXXXXX:AThinking46) Which of the following bonds would you prefer to be buying?A) a $10,000 face-value security with a 10 percent XXX,000B) a $10,000 face-value security with a 7 percent XXX,000C) a $10,000 face-value security with a 9 percent XXX,000D) a $10,000 face-value security with a 10 percent XXX,000XXX:AThinking47) XXX and no repayment of principal is called aA) consol.B) cabinet.C) Treasury bill.D) Treasury note.XXX:Aof Knowledge48) The price of a XXXA) times the interest rate.B) plus the interest rate.C) minus the interest rate.D) divided by the interest rate.XXX:DThinking49) The interest rate on a consol equals theA) price times the XXX.B) XXX.C) XXX plus the price.D) XXX.XXX:DThinking50) A consol paying $20 annually when the interest rate is 5 percent has a price ofA) $100.B) $200.C) $400.D) $800.Answer:CThinking51) If a perpetuity has a price of $500 and an annual interest payment of $25, the interest rate isA) 2.5 percent.B) 5 percent.C) 7.5 percent.D) 10 percent.XXX:BThinking52) The yield to XXX. It is called the ________ when approximating the XXX.A) current yieldB) discount yieldC) future yieldD) XXX yieldXXX:AThinking53) The yield to maturity for a one-year discount bond equals the increase in price over the year,divided by theA) initial price.B) face value.C) interest rate.D) XXX.XXX:AThinking54) If a $10,000 face-value discount XXX,000, XXXA) 5 percent.B) 10 percent.C) 50 percent.D) 100 percent.XXX:DThinking55) If a $5,000 face-value discount XXX,000, then its XXXA) 0 percent.B) 5 percent.C) 10 percent.D) 20 percent.XXX:AThinking56) XXX for $15,000 with a face value of $20,000 in one year has a yield XXXA) 3 percent.B) 20 percent.C) 25 percent.D) 33.3 percent.XXX:DThinking57) The yield to maturity for a discount bond is ________ related to the current bond price.A) negativelyB) positivelyC) notD) directlyXXX:AThinking58) A discount bond is also called a ________ because the owner does not receive periodicpayments.A) XXX-coupon bondB) municipal bondC) corporate bondD) consolXXX:Aof Knowledge59) Another name for a consol is a ________ because it is a bond with no XXX.A) XXXB) discount bondC) municipalityD) high-yield bondXXX:Aof Knowledge60) If the interest rate is 5%, what is the present value of a security that pays you $1, 050 nextyear and $1,102.50 two years from now? If this security sold for $2200, is the yield to XXX less than 5%? Why?Answer:PV = $1,050/(1. +.05) + $1,102.50/(1 + 0.5)2PV = $2,000If this security sold for $2200, the yield to maturity is less than 5%. The lower the interest ratethe higher the present value.Thinking4.2The Distinction XXX1) The ________ is defined as the payments to the owner plus the change in a security'XXX.A) XXXB) current yieldC) rate of returnD) yield rateAnswer:Cof Knowledge2) Which of the following are TRUE concerning the distinction between interest rates andreturns?A) The rate of return on a bond will not necessarily equal the interest rate on that bond.B) The return can be expressed as the difference between the current yield and the rate of capitalgains.C) The rate of return will be greater than the interest rate when the price of the bond XXX.D) The return can be expressed as the sum of the discount yield and the rate of capital XXX:AThinking3) The sum of the current yield and the rate of capital gain is called theA) rate of return.B) discount yield.C) perpetuity yield.D) par value.XXX:AThinking4) What is the return on a 5 percent XXX initially sells for $1,000 and sells for$1,200 next year?A) 5 percentB) 10 percentC) -5 percentD) 25 percentXXX:DThinking5) What is the return on a 5 percent XXX initially sells for $1,000 and sells for $900next year?A) 5 percentB) 10 percentC) -5 percentD) -10 percentAnswer:CThinking6) The return on a 5 percent XXX initially sells for $1,000 and sells for $950 nextyear isA) -10 percent.B) -5 percent.C) 0 percent.D) 5 percent.Answer:CThinking7) Suppose you are holding a 5 percent XXX in one year witha yield tomaturity of 15 percent. If the interest rate on one-yearbonds rises from 15 percent to 20 percentover the course of the year, what is the yearly return on the bond you are holding?A) 5 percentB) 10 percentC) 15 percentD) 20 percentAnswer:CThinking8) I purchase a 10 percent coupon bond. Based on my purchase price, I XXX of 8 percent. If I hold this bond to maturity, then my return on this asset isA) 10 percent.B) 8 percent.C) 12 percent.D) there is not enough information to determine the return.XXX:BThinking9) If the interest rates on all bonds rise from 5 to 6 percent over the course of the year, whichbond would you prefer to have been holding?A) a bond with one year to maturityB) a bond with five years to maturityC) a bond with ten years to maturityD) XXXXXX:AThinking10) An equal decrease in all bond interest ratesA) increases the price of a five-year bond more than the price of a ten-year bond.B) increases the price of a ten-year bond more than the price of a five-year bond.C) decreases the price of a five-year bond more than the price of a ten-year bond.D) decreases the price of a ten-year bond more than the price of a five-year bond.XXX:BThinking11) An equal increase in all bond interest ratesA) increases the return to all XXX.B) decreases the return to all XXX.C) has no effect on the returns to bonds.D) decreases long-term bond returns more than short-term bond returns.XXX:DThinking12) Which of the following are generally TRUE of bonds?A) XXX when the time to maturity is the same as theholding period.B) A rise in interest rates is associated with a fall in bond prices, XXX.C) XXX, the smaller is the size of the price change associated with aninterest rate change.D) Prices and returns for short-term bonds are more volatile than those for longer-XXX:AThinking13) Which of the following are generally TRUE of all bonds?A) XXX, the greater is the rate of return that occurs as a result of theincrease in the interest rate.B) Even though a bond has a substantial initial interest rate, its return can turn out to be negativeif interest rates rise.C) Prices and returns for short-term bonds are more volatile than those for longer term bonds.D) A fall in interest rates results in capital XXX.XXX:BThinking14) XXXA) exchange-rate risk.B) price risk.C) asset risk.D) interest-rate risk.XXX:Dof Knowledge15) Interest-rate risk is the riskiness of an asset's returns due toA) interest-rate changes.B) XXX.C) default of the borrower.D) XXX.XXX:Aof Knowledge16) Prices and returns for ________ bonds are more volatile than those for ________ bonds,everything else held constant.A) long-term; long-termB) long-term; short-termC) short-term; long-termD) short-term; short-termXXX:BThinking7) There is ________ for any bond whose time to XXX) no interest-rate riskB) a large interest-rate riskC) rate-of-return riskD) yield-to-maturity riskXXX:AThinking18) All bonds that will not be held to maturity have interest rate risk which occurs because of thechange in the price of the bond as a result ofA) interest-rate changes.B) XXX.C) default of the borrower.D) XXX.XXX:Aof Knowledge19) Your favorite uncle advises you to purchase long-term bonds because their interest rate is10%. Should you follow his advice?Answer:It depends on where you think interest rates are headed in the future. If you thinkinterest rates will be going up, you should not follow your XXX your bond if you needed to sell it before the maturity date. Long-term bondshave a greater interest-rate risk.Thinking4.3The Distinction Between Real and Nominal Interest Rates1) The ________ interest rate is adjusted for expected changes in the price level.A) ex ante realB) ex post realC) ex post nominalD) ex ante nominalXXX:Aof Knowledge2) The ________ XXX the true cost of borrowing.A) nominalB) realC) discountD) marketXXX:BThinking3) The nominal interest rate minus the expected rate of inflationA) defines the real interest rate.B) is a less accurate measure of the XXX.C) is a less accurate indicator of the tightness of credit market XXX.D) XXX.XXX:AThinking4) When the ________ interest rate is low, there are greater incentives to ________ and fewerincentives to ________.A) nominal; lend; borrowB) real; lend; borrowC) real; borrow; lendD) market; lend; borrowAnswer:CThinking5) The interest rate that describes how well a lender has done in real terms after the XXXA) ex post real interest rate.B) ex ante real interest rate.C) ex post XXX.D) ex XXX.XXX:AThinking6) The ________ XXX the real interest rate plus XXX.A) Fisher XXXB) XXXC) Monetarist XXXD) XXXXXX:Aof Knowledge7) If the nominal rate of interest is 2 percent, and the expected inflation rate is -10 percent, thereal rate of interest isA) 2 percent.B) 8 percent.C) 10 percent.D) 12 percent.XXX:DThinking8) In which of the following XXX lender?A) The interest rate is 9 percent and the expected inflation rate is 7 percent.B) The interest rate is 4 percent and the expected inflation rate is 1 percent.C) The interest rate is 13 percent and the expected inflation rate is 15 percent.D) The interest rate is 25 percent and the expected inflation rate is 50 percent.XXX:BThinking9) In which of the following XXX?A) The interest rate is 9 percent and the expected inflation rate is 7 percent.B) The interest rate is 4 percent and the expected inflation rate is 1 percent.C) The interest rate is 13 percent and the expected inflation rate is 15 percent.D) The interest rate is 25 percent and the expected inflation rate is 50 percent.XXX:DThinking10) XXX rate to be 15 percent next year and a one-year bond has a yield tomaturity of 7 percent, then the real interest rate on this bond isA) 7 percent.B) 22 percent.C) -15 percent.D) -8 percent.XXX:DThinking11) XXX rate to be 12 percent next year and a one-year bond has a yield tomaturity of 7 percent, then the real interest rate on this bond isA) -5 percent.B) -2 percent.C) 2 percent.D) 12 percent.XXX:AThinking12) XXX rate to be 4 percent next year and a one year bond has a yield tomaturity of 7 percent, then the real interest rate on this bond isA) -3 percent.B) -2 percent.C) 3 percent.D) 7 percent.Answer:CThinking13) In the United States during the late 1970s, the nominal interest rates were quite high, but thereal interest rates werenegative. From the Fisher equation, XXX in the United States during this period wasA) XXX.B) XXX.C) negative.D) high.XXX:DThinking14) The interest rate on XXX) the real interest rate.B) the XXX.C) the rate of inflation.D) the rate of deflation.XXX:AThinking15) Assuming the same XXX, XXX Indexed Security and the yield on a XXXA) the XXX.B) the real interest rate.C) the XXX.D) the XXX.XXX:DThinking16) Assuming the same XXX, when the interest rate on a TreasuryInflation Indexed Security is 3 percent, and the yield on a nonindexed Treasury bond is 8 percent,the expected rate of XXXA) 3 percent.B) 5 percent.C) 8 percent.D) 11 percent.XXX:BThinking17) Would it make sense to buy a house when mortgage rates are 14% and expected XXX? XXX.though the nominal rate for the mortgage appears high, the real cost ofborrowing the funds is -1%. Yes, under this circumstance it XXX.Thinking4.4Web Appendix: Measuring Interest-Rate Risk: XXX1) Duration isA) XXX.B) the time until the next interest XXX.C) the average lifetime of a debt security's stream of payments.D) the time between interest XXX.Answer:Cof Knowledge2) XXX with the same maturityA) the coupon bond has the greater effective maturity.B) the discount bond has the greater effective maturity.C) XXX.D) XXX.XXX:BThinking3) XXX increasesA) XXX.B) when interest rates increase.C) XXX.D) XXX.XXX:AThinking4) All else equal, when interest rates ________, the duration of a coupon bond ________.A) rise; fallsB) rise; increasesC) falls; fallsD) falls; does not changeXXX:AThinking5) All else equal, the ________ the coupon rate on a bond, the ________ XXX) higher; longerB) higher; shorterC) lower; shorterD) greater; longerXXX:BThinking6) If a financial institution has 50% of its portfolio in a bond with a five-year duration and 50%of its portfolio in a bond with a seven-year duration, what is the duration of the portfolio?A) 12 yearsB) 7 yearsC) 6 yearsD) 5 yearsAnswer:CThinking7) An asset's interest rate risk ________ as the duration of the asset ________.A) increases; decreasesB) decreases; decreasesC) decreases; increasesD) remains constant; increasesXXX:B。

米什金《货币金融学》(第11版)笔记和课后习题详解

米什金《货币金融学》（第11版）笔记和课后习题详解（1）浓缩内容精华，整理名校笔记。

（2）解析课后习题，提供详尽答案。

国内外教材一般没有提供课（章）后习题答案或者答案很简单，（3）补充相关要点，强化专业知识。

一般来说，国外英文教材的中译本不太符合中国学生的思维习惯，有些语言的表述不清或条理性不强而给学习带来了不便，因此，对每章复习笔记的一些重要知识点和一些习题的解答，我们在不违背原书原意的基础上结合其他相关经典教材进行了必要的整理和分析。

第1篇引言第1章为什么研究货币、银行与金融市场1.1 复习笔记1为什么研究金融市场金融市场是指将资金剩余方的资金转移到资金短缺方的市场。

通过债券市场和股票市场等金融市场，资金从没有生产用途的人向有生产用途的人转移，从而提高了经济效率。

此外，金融市场上的变化还直接影响着个人财富、企业和消费者的行为以及经济周期。

（1）债券市场和利率证券是对发行人未来收入与资产的索取权。

债券是债务证券，它承诺在一个特定的时间段中进行定期支付，债券包括长期债务工具和短期债务工具。

债券市场可以帮助政府和企业筹集到所需要的资金，并且是决定利率的场所，因此在经济活动中有着重要的特殊意义。

利率是借款的成本或为借入资金支付的价格（通常以一定时期内的利息额同本金额的比率来表示）。

利率对整个经济的健康运行有着很大的影响：对于个人来说，利率过高倾向于使其减少消费，增加储蓄；对于企业来说，利率还影响着企业的投资决策，利率的高低决定着企业投资成本的高低。

（2）股票市场普通股（简称为股票）代表持有者对公司的所有权，是对公司收益和资产的索取权。

股票市场是指人们交易股票的市场。

股票市场的价格波动会影响到人们的财富水平，进而对他们的消费意愿产生影响。

股票市场也是影响投资决策的一个重要因素，因为股票价格的高低决定了发行股票所能筹集到的资金数量，从而限制了企业可用于投资的资金。

企业股票的价格高，则他们可以筹集到更多的资金，用于购买更多的生产设施以及装备。

中国人民大学金融专业考研米什金《货币金融学》学姐重点笔记

中国人民大学金融专业考研米什金《货币金融学》学姐重点笔记第四篇中央银行与货币政策操作第十三章中央银行的结构与联邦储备体系目标（最重要的目标是第一个，然后是前三个，都是人民生活相关）1物价稳定（通货膨胀会抑制经济增长，恶心通货膨胀具有极强的破坏力。

名义锚是锁定物价水平以实现物价稳定目标的名义变量，前提是这个变量和物价水平有着稳定并且可靠的联系。

使用名义锚，解决时间不一致问题。

时间不一致主要是指短期政策与长期政策发生了冲突。

比如新年制定了减肥计划，可是第二天却无法自抑开始吃冰淇淋。

使得计划不能在长期保持一致）2高就业（由于存在摩擦性失业和结构性失业，所以应该追求自然失业率）3经济增长4金融市场稳定5利率稳定6外汇市场稳定物价稳定是否应该成为最主要的货币政策目标？物价稳定在长期内和其他目标是一种的，比如在长期通货膨胀和失业率就不存在菲利普斯曲线，但是在短期，比如经济扩张，失业下降，经济过热，通货上涨，为了稳定物价，银行会提高利率，但这样就会减少就业和加剧利率不稳定性。

如何破？阶梯目标和双重目标联邦储备体系的起源由于对中央集权的恐惧，导致了国民第一银行和国民第二银行的实践失败，由于缺少最后贷款人，导致银行业恐慌频发。

最终，美联储诞生。

中央银行三大法宝美联储是独立的吗？1工具独立性和目标独立性1收到立法和国会压力2委员会成员任期2总统压力3独立的收入来源中央银行的行为：官僚行为理论，增强权利和声望的愿望，包括捍卫自主权和避免利益冲突美联储应该保证独立性吗支持，受迫于政治压力会有通货膨胀压力，政治周期理论，政治家缺乏解决复杂经济事务的能力反对，精英政治不民主，财政政策，未能履行好职责，不能摆脱政治压力，第十四章多倍存款创造和货币供给过程美联储的资产负债资产负债政府证券流通中的现金贴现贷款准备金美联储的负债是货币供给的重要组成部分，美联储的货币负债总额（流通中的现金与准备金之和）与美国财政部的货币负债（流通中的财政货币，主要是铸币）被称为基础货币（又叫高能货币）负债或资产的科目的变动都会引起基础货币的增加，然后通过货币乘数和货币供给发生联系基础货币分为两种，非借入基础货币和借入准备金但美联储通过资产的运作（公开市场操作和贴现率），对基础货币实施控制公开市场购买对准备金的影响取决于债券出售方将销售所得现金以现金还是存款形式持有，但是无论哪种，对基础货币的影响是相同的。

货币银行学(米什金原书第4版)知识点串讲

货币银行学（米什金原书第4版）串讲第一部分重要知识点梳理第二章重要知识点1．逆向选择（adverse selection）答：逆向选择是指在买卖双方信息非对称的情况下，差的商品总是将好的商品驱逐出市场；或者说拥有信息优势的一方，在交易中总是趋向于做出尽可能地有利于自己而不利于别人的选择。

逆向选择主要是交易前的信息不对称造成的。

逆向选择的存在使得市场价格不能真实地反映市场供求关系，导致市场资源配置的低效率。

一般在商品市场上卖者关于产品的质量。

保险市场上投保人关于自身的情况等等都有可能产生逆向选择问题。

解决逆向选择问题的方法主要有：政府对市场进行必要的干预和利用市场信号。

3．货币市场（money market）答：货币市场通常是指以短期金融工具为媒介，融资期限在一年以内（包括一年）的资金交易市场，又称短期资金市场。

货币市场主要是由短期信贷市场、短期证券市场、贴现市场等构成。

货币市场的主要特征表现为：期限短、流动性强、风险小等。

货币市场的主要交易对象有：银行存款、短期证券和商业票据等。

3．道德风险（moral hazard）答：道德风险是指在双方信息非对称的情况下，人们享有自己行为的收益，而将成本转嫁给别人，从而造成他人损失的可能性。

道德风险是信息不对称问题在交易后的影响产生的。

道德风险的存在不仅使得处于信息劣势的一方受到损失，而且会破坏原有的市场均衡，导致资源配置的低效率。

道德风险分析的应用领域主要是保险市场。

解决道德风险的主要方法是风险分担。

4.信息不对称（asymmetric information）答：信息不对称是指市场上的某些参与者拥有，但另一些参与者不拥有的信息；或指一方掌握的信息多一些，另一方所掌握的信息少一些。

信息不对称会导致资源配置不当，减弱市场效率，并且还会产生道德风险和逆向选择。

在很多情况下，市场机制并不能解决信息不对称问题，只能通过其他的一些机制来解决，特别是运用博奕论的相关知识来解决机制设计问题。

《米什金货币金融学第9版笔记和课后习题含考研真题详》读书笔记思维导图

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01 视频讲解教师简介
03 第2篇金融市场
02 第1篇引言 04 第3篇金融机构
讲...
第14章货币供给过程[视频讲解]
第15章货币政策工具[视频讲解]
第16章货币政策操作：战略与战术[视频...
13.2 课后习题详解
13.1 复习笔记
13.3 考研真题与典型题详解[视频讲
解...
14.2 课后习题详解
14.1 复习笔记
14.3 考研真题与典型题详解[视频讲
3.2 课后习题详解
3.1 复习笔记
3.3 考研真题与典型题详解[视频讲解]
第2篇金融市场
第4章理解利率[视频讲解]
第5章利率行为[视频讲解]
第6章利率的风险结构与期限结构[视频讲...
第7章股票市场、理性预期理论与有效市场...
4.2 课后习题详解
4.1 复习笔记
4.3 考研真题与典型题详解[视频讲解]
第24章货币与通货膨胀[视频讲解]
第23章货币政策传导机制的实证分析
19.2 课后习题详解
19.1 复习笔记
19.3 考研真题与典型题详解[视频讲
解...

米什金《货币金融学》【教材精讲】(理解利率)【圣才出品】

第4章理解利率4.1 本章要点●利率（interest rate）是借款的成本或为借入资金支付的价格，由于使用资金是有成本的，所以货币具有时间价值，不同时期收到的等额货币具有不同的价值；将来收到的资金折算成今天的价值，叫现值；今天收到的资金将来的价值叫终值。

●信用市场工具大致包括普通贷款、固定支付贷款、息票债券、贴现债券。

●债券的现价与利率是负相关的，当市场利率上升时，债券价格下跌，当市场利率下降时，债券价格上升。

债务工具的到期收益率是使未来支付的现值与债券当前价值相等的利率。

●由于市场利率的波动，债券的价格也会随之波动，回报率是债券的利息收入与债券价值变动之和占债券购买价格的比率。

只有持有期与到期期限一致的债券的回报率才与最初的到期收益率相等。

●名义利率是未调整通货膨胀因素的利率，实际利率是是指剔除通货膨胀率后的真实利率。

费雪方程式表明，名义利率等于实际利率加上预期的通货膨胀率。

4.2 重难点导学一、利率的计算将来收到的1美元不如现在收入的1美元值钱，我们称之为货币的时间价值。

1.终值：终值：现在的1美元，在将来某个时点的价值。

单利、复利和连续复利单利：以首期的本金为基数计算的各期利息P t＝P0（1＋r×t）复利：在每期届满时，将应得利息加入本金再计息的方式P t＝P0（1＋r）t连续复利：P t＝P0 ×e r n2.现值现值（present value）将来支付的现在的价值。

3年后的133美元，即$100×（1+i）3相当于今天的100美元，即如果利率为15％，2年后的250美元的现值是多少?假定你购买纽约州政府彩票获得2000万美元的头奖，这意味着你将在未来的20年中每年获得100万美元。

你赢了多少钱？是2000万美元?二、四种类型的信用市场工具根据偿付时间安排的不同，信用市场工具可以分为四种基本类型。

1．普通贷款（simple loan）。

贷款人向借款人提供一定数量的资金，借款人必须在到期向贷款人归还本金，并支付额外的利息。

米什金《货币金融学》教材精讲(1-5章)【圣才出品】

第1篇引言第1章为什么研究货币、银行与金融市场1.1 本章要点●在金融市场（financial markets）上，资金从盈余方转移到资金短缺方，金融市场按交易工具的期限可划分为货币市场和资本市场，后者主要包括债券市场和股票市场。

●银行与其他金融机构是金融市场能够运行的关键所在，金融体系是由银行、保险公司、共同基金、财务公司、投资银行等不同类型的金融机构构成的复杂系统，是经济中受到最严格监管的部门。

●货币（money）是在商品或服务支付以及债务偿还中被广泛接受的东西，货币供给与经济周期、通货膨胀、利率等经济变量密切相关，而货币政策（monetary policy）即：各国中央银行如何影响经济中的货币数量和利率是十分重要的。

●汇率、国际资本流动和国际金融机构是与本国经济密切相关的经济变量和机构。

本章中，主要简要介绍了本教材学习的目的和意义，即：货币、银行与金融机构。

1.2 重难点导学一、为什么研究金融市场1．债券市场与利率证券（security，又称金融工具）是证明投资人对发行人未来收入与资产（asset）具有索取权的债务凭证或权益凭证，可分为债券和股票，前者是债务凭证，后者是权益凭证。

债券（bond）是债务证券，它承诺在一个特定的时间段中进行定期支付。

债券市场是决定利率的重要场所。

利率（interest rate）是借款的成本或为借入资金支付的价格，在经济生活中有很多利率，例如：同业拆借利率、抵押贷款利率、汽车贷款利率以及各种不同类型的债券的利率。

利率的变动对于个人、金融机构、企业乃至整个经济都有很大的影响。

2．股票市场普通股（common stock），通常简称为股票（stock），代表持有者对公司的所有权。

股票是对公司收益和资产的索取权。

本书第2章和第4-7章学习债券、利率与股票。

二、为什么研究银行和其他金融机构1．金融体系的结构金融体系是由银行、保险公司、共同基金、财务公司、投资银行等不同类型的私人金融机构构成的复杂系统，金融机构也称金融中介（financial intermediaries），是从资金盈余者手中吸收资金，并向其他企业或个人提供间接融资的机构。

米什金《货币金融学-英文第12版》PPT课件-第四章-利率和利率的计算(包括利率分类及现值终值计算)

FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock MarketTheory of Rational Expectations, and the Efficient Market HypothesisLecture 4Interest Rates and Calculation of Interest Rates •Interest Rate and Classification of Interest Rate •Simple and Compound Interest Rate •Present Value•Yield to Maturity and Its Calculation•The Distinction Between Interest Rates And ReturnsLearning ObjectivesCalculate the present value of future cash flows and the yield to maturity on the four types of credit market instruments.Recognize the distinctions among yield to maturity, current yield, rate of return, and rate of capital gain.Interpret the distinction between real and nominal interest rates.Part 1Interest Rate and Classification of Interest Rate1.1 Interest RateInterest rate (P3) is the cost of borrowing or the price paid for the rental of funds.利率是借款的成本或为借入资金支付的价格。

第4章理解利率

3．息票债券(coupon bond)。这种债券在到期之前每年向债券持有人支付定额的利息(息票)，到期时再偿还事先规定的金额(债券面值，face value， par value)。 4．贴现债券(discount bond；又称零息债券， zero—coupon bond)。这种债券的购买价格低于其面值(贴现发行)，到期时按照面值偿付。与息票债券不同，贴现发行债券没有任何利息，发行人只43;i) 100/(1+i)2
时间线
$1100
n
1100/(1+i)10
面值为1000美元、还有10年到期、每年息
票利息为100美元(10％的息票利率)的债券，
其现值计算方法如下：
第1年末支付的息票的现值为100／(1+i)美
元；
第2年末息票的现值为100／(1+i)2美元；
$900 $1000 1 i
求解i， (1 i ) $ 9 0 0 $ 1 0 0 0
$900 $900i $1000 $900i $1000 $900 i $1000 $900 0.111 11.1%
$900
更一般地，对于任何1年期的贴现发行债券，其到期收益率都可以写成： i F- P (4.6)
1．普通贷款：如果彼得向他的姐姐借了100 美元，姐姐要求他1年后还110美元。
该贷款今天的价值是100美元，1年后的偿付额为110美元。
既然已经知道贷款未来偿付额的现值应当等于今天的价值，就可以计算到期收益率i了。这笔贷款的到期收益率是多少? 这笔贷款的到期收益率是10％。
PV CF (1 i)n
2.现值
现值(present value)：未来支付现在的价值。

货币金融学的读书笔记

货币金融学的读书笔记货币金融学的读书笔记篇1货币金融学读书笔记我近期阅读了一本名为《货币金融学》的书籍，该书由著名经济学家弗雷德里克·米什金所著，主要介绍了货币金融学的基本理论和现实应用。

这本书主要围绕三个核心主题展开：货币、金融市场和金融机构。

首先，货币是理解金融体系的基础，该书详细阐述了货币的定义、职能和类型。

其次，金融市场涵盖了股票、债券和外汇等主要金融工具的定价和交易机制。

最后，金融机构部分介绍了商业银行、投资银行等主流金融机构的业务模式和监管环境。

书中的重点概念包括利率、货币供应、中央银行、市场均衡等。

我通过阅读该书，对这些概念有了更深入的理解。

例如，书中阐述了利率的决定因素以及它在金融市场中的作用，这使我明白了利率政策对于货币政策传导的重要性。

此外，我也了解了中央银行的职责和作用，以及他们如何通过调节货币供应来影响经济。

在阅读过程中，我遇到了一些疑惑，例如，在理解货币供应的影响因素时，我有些困惑于基础货币和货币乘数的区别。

但经过深入阅读和研究，我逐渐解开了这个谜团。

此外，我也对书中提到的货币政策传导机制产生了浓厚的兴趣，并在后续的研究中深入学习了这方面的知识。

总的来说，《货币金融学》是一本很好的入门书籍，它简洁易懂的语言和丰富的案例分析使我深入了解了货币金融学的基本理论。

虽然这本书并未涉及最新的金融科技发展，但它为我在进一步学习相关领域提供了坚实的基础。

我建议作者在未来的版本中可以加入一些现代金融科技的内容，以更好地满足读者的需求。

货币金融学的读书笔记篇2货币金融学读书笔记在深入理解货币金融学之前，我对这个主题的理解仅限于表面。

然而，当我开始阅读《货币、银行和金融市场》这本书时，我对这个主题有了全新的认识。

以下是我对货币金融学的一些思考和总结。

首先，我理解了货币在经济中的角色。

货币是一种交换媒介，充当商品和服务之间的交易工具。

在市场上，货币充当价值尺度，使人们能够比较和衡量商品的价值。

货币金融学第9版米什金中文答案

货币金融学课后答案米什金第九版第1章为什么研究货币，银行和金融市场？2。

图1，2，3和4的数据表明，实际产出，通货膨胀率和利率都将下降。

4。

你可能会更倾向于购买房子或汽车，因为他们的融资成本将下降，或你可能不太容易保存，因为你赚你的储蓄少。

6。

号的人借钱来购买房子或汽车，这是事实，更糟糕，因为它花费他们更多的资助他们购买，然而，储户的利益，因为他们可以赚取更高的储蓄利率。

7。

银行的基本业务是接受存款和发放贷款。

8。

他们的人不必为他们的生产使用的人的渠道资金，从而导致更高的经济效益。

9。

三个月期国库券利率比其他利率波动更是平均水平。

巴阿企业债券的利率平均高于其他利率。

10。

较低的价格为一个公司的股份，意味着它可以筹集的资金数额较小，所以在设施和设备投资将下降。

11。

较高的股票价格上涨意味着消费者的财富，是更高的，他们将更有可能增加他们的消费。

12。

这使得外国商品更加昂贵，因此，英国消费者将购买较少的外国商品和更多的国内商品。

13。

它使英国商品相对美国商品更加昂贵。

因此，美国企业会发现它更容易在美国和国外出售他们的货物，并为他们的产品的需求将上升。

14。

在中期到20世纪70年代末，在20世纪80年代末和90年代初，美元的价值低，使得出国旅游相对较昂贵，因此，它是在美国度假的好时机，看到大峡谷。

随着美元的价值在20世纪80年代初兴起，出国旅游变得相对便宜，使它成为一个很好的时间来参观伦敦塔。

15。

当美元价值的增加，外国商品相对美国商品变得更便宜，因此，你是更倾向于购买法国制造的牛仔裤比美国制造的牛仔裤。

在美国制造的牛仔裤的需求下降，因为强势美元造成伤害美国牛仔裤制造商。

另一方面，美国公司进口到美国的牛仔裤现在发现，其产品的需求上升，因此它是更好时，美元强劲。

第2章金融体系概述1。

微软股票的份额是其所有者的资产，因为它赋予雇主微软的收入和资产的份额。

份额是微软的责任，因为它是一个由该雇主的份额，其收入和资产的索赔。

米什金货币金融学英文版习题答案chapter 4英文习题

Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 4 The Meaning of Interest Rates4.1 Measuring Interest Rates1) The concept of ________ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today.A) present valueB) future valueC) interestD) deflationAnswer: AAACSB: Application of Knowledge2) The present value of an expected future payment ________ as the interest rate increases.A) fallsB) risesC) is constantD) is unaffectedAnswer: AAACSB: Reflective Thinking3) An increase in the time to the promised future payment ________ the present value of the payment.A) decreasesB) increasesC) has no effect onD) is irrelevant toAnswer: AAACSB: Reflective Thinking4) With an interest rate of 6 percent, the present value of $100 next year is approximatelyA) $106.B) $100.C) $94.D) $92.Answer: CAACSB: Analytical Thinking5) What is the present value of $500.00 to be paid in two years if the interest rate is 5 percent?A) $453.51B) $500.00C) $476.25D) $550.00Answer: AAACSB: Analytical Thinking6) If a security pays $55 in one year and $133 in three years, its present value is $150 if the interest rate isA) 5 percent.B) 10 percent.C) 12.5 percent.D) 15 percent.Answer: BAACSB: Analytical Thinking7) To claim that a lottery winner who is to receive $1 million per year for twenty years has won $20 million ignores the process ofA) face value.B) par value.C) deflation.D) discounting the future.Answer: DAACSB: Analytical Thinking8) A credit market instrument that provides the borrower with an amount of funds that must be repaid at the maturity date along with an interest payment is known as aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: AAACSB: Application of Knowledge9) A credit market instrument that requires the borrower to make the same payment every period until the maturity date is known as aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: BAACSB: Application of Knowledge10) Which of the following are TRUE of fixed payment loans?A) The borrower repays both the principal and interest at the maturity date.B) Installment loans and mortgages are frequently of the fixed payment type.C) The borrower pays interest periodically and the principal at the maturity date.D) Commercial loans to businesses are often of this type.Answer: BAACSB: Reflective Thinking11) A fully amortized loan is another name forA) a simple loan.B) a fixed-payment loan.C) a commercial loan.D) an unsecured loan.Answer: BAACSB: Application of Knowledge12) A credit market instrument that pays the owner a fixed coupon payment every year until the maturity date and then repays the face value is called aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: CAACSB: Application of Knowledge13) A ________ pays the owner a fixed coupon payment every year until the maturity date, when the ________ value is repaid.A) coupon bond; discountB) discount bond; discountC) coupon bond; faceD) discount bond; faceAnswer: CAACSB: Analytical Thinking14) The ________ is the final amount that will be paid to the holder of a coupon bond.A) discount valueB) coupon valueC) face valueD) present valueAnswer: CAACSB: Application of Knowledge15) When talking about a coupon bond, face value and ________ mean the same thing.A) par valueB) coupon valueC) amortized valueD) discount valueAnswer: AAACSB: Application of Knowledge16) The dollar amount of the yearly coupon payment expressed as a percentage of the face value of the bond is called the bond'sA) coupon rate.B) maturity rate.C) face value rate.D) payment rate.Answer: AAACSB: Application of Knowledge17) The ________ is calculated by multiplying the coupon rate times the par value of the bond.A) present valueB) face valueC) coupon paymentD) maturity paymentAnswer: CAACSB: Analytical Thinking18) If a $1000 face value coupon bond has a coupon rate of 3.75 percent, then the coupon payment every year isA) $37.50.B) $3.75.C) $375.00.D) $13.75Answer: AAACSB: Analytical Thinking19) If a $5,000 coupon bond has a coupon rate of 13 percent, then the coupon payment every year isA) $650.B) $1,300.C) $130.D) $13.Answer: AAACSB: Analytical Thinking20) An $8,000 coupon bond with a $400 coupon payment every year has a coupon rate ofA) 5 percent.B) 8 percent.C) 10 percent.D) 40 percent.Answer: AAACSB: Analytical Thinking21) A $1000 face value coupon bond with a $60 coupon payment every year has a coupon rate ofA) .6 percent.B) 5 percent.C) 6 percent.D) 10 percent.Answer: CAACSB: Analytical Thinking22) All of the following are examples of coupon bonds EXCEPTA) corporate bonds.B) U.S. Treasury bills.C) U.S. Treasury notes.D) U.S. Treasury bonds.Answer: BAACSB: Analytical Thinking23) A bond that is bought at a price below its face value and the face value is repaid at a maturity date is called aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: DAACSB: Application of Knowledge24) A ________ is bought at a price below its face value, and the ________ value is repaid at the maturity date.A) coupon bond; discountB) discount bond; discountC) coupon bond; faceD) discount bond; faceAnswer: DAACSB: Analytical Thinking25) A discount bondA) pays the bondholder a fixed amount every period and the face value at maturity.B) pays the bondholder the face value at maturity.C) pays all interest and the face value at maturity.D) pays the face value at maturity plus any capital gain.Answer: BAACSB: Reflective Thinking26) Examples of discount bonds includeA) U.S. Treasury bills.B) corporate bonds.C) U.S. Treasury notes.D) municipal bonds.Answer: AAACSB: Analytical Thinking27) Which of the following are TRUE for discount bonds?A) A discount bond is bought at par.B) The purchaser receives the face value of the bond at the maturity date.C) U.S. Treasury bonds and notes are examples of discount bonds.D) The purchaser receives the par value at maturity plus any capital gains.Answer: BAACSB: Reflective Thinking28) The interest rate that equates the present value of payments received from a debt instrument with its value today is theA) simple interest rate.B) current yield.C) yield to maturity.D) real interest rate.Answer: CAACSB: Application of Knowledge29) Economists consider the ________ to be the most accurate measure of interest rates.A) simple interest rate.B) current yield.C) yield to maturity.D) real interest rate.Answer: CAACSB: Reflective Thinking30) For simple loans, the simple interest rate is ________ the yield to maturity.A) greater thanB) less thanC) equal toD) not comparable toAnswer: CAACSB: Application of Knowledge31) If the amount payable in two years is $2420 for a simple loan at 10 percent interest, the loan amount isA) $1000.B) $1210.C) $2000.D) $2200.Answer: CAACSB: Analytical Thinking32) For a 3-year simple loan of $10,000 at 10 percent, the amount to be repaid isA) $10,030.B) $10,300.C) $13,000.D) $13,310.Answer: DAACSB: Analytical Thinking33) If $22,050 is the amount payable in two years for a $20,000 simple loan made today, the interest rate isA) 5 percent.B) 10 percent.C) 22 percent.D) 25 percent.Answer: AAACSB: Analytical Thinking34) If a security pays $110 next year and $121 the year after that, what is its yield to maturity if it sells for $200?A) 9 percentB) 10 percentC) 11 percentD) 12 percentAnswer: BAACSB: Analytical Thinking35) The present value of a fixed-payment loan is calculated as the ________ of the present value of all cash flow payments.A) sumB) differenceC) multipleD) logAnswer: AAACSB: Analytical Thinking36) Which of the following are TRUE for a coupon bond?A) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.B) The price of a coupon bond and the yield to maturity are positively related.C) The yield to maturity is greater than the coupon rate when the bond price is above the par value.D) The yield is less than the coupon rate when the bond price is below the par value. Answer: AAACSB: Reflective Thinking37) The ________ of a coupon bond and the yield to maturity are inversely related.A) priceB) par valueC) maturity dateD) termAnswer: AAACSB: Reflective Thinking38) The price of a coupon bond and the yield to maturity are ________ related; that is, as the yield to maturity ________, the price of the bond ________.A) positively; rises; risesB) negatively; falls; fallsC) positively; rises; fallsD) negatively; rises; fallsAnswer: DAACSB: Reflective Thinking39) The yield to maturity is ________ than the ________ rate when the bond price is ________ its face value.A) greater; coupon; aboveB) greater; coupon; belowC) greater; perpetuity; aboveD) less; perpetuity; belowAnswer: BAACSB: Reflective Thinking40) The ________ is below the coupon rate when the bond price is ________ its par value.A) yield to maturity; aboveB) yield to maturity; belowC) discount rate; aboveD) discount rate; belowAnswer: AAACSB: Reflective Thinking41) A $10,000 8 percent coupon bond that sells for $10,000 has a yield to maturity ofA) 8 percent.B) 10 percent.C) 12 percent.D) 14 percent.Answer: AAACSB: Analytical Thinking42) Which of the following $1,000 face-value securities has the highest yield to maturity?A) a 5 percent coupon bond selling for $1,000B) a 10 percent coupon bond selling for $1,000C) a 12 percent coupon bond selling for $1,000D) a 12 percent coupon bond selling for $1,100Answer: CAACSB: Analytical Thinking43) Which of the following $5,000 face-value securities has the highest yield to maturity?A) a 6 percent coupon bond selling for $5,000B) a 6 percent coupon bond selling for $5,500C) a 10 percent coupon bond selling for $5,000D) a 12 percent coupon bond selling for $4,500Answer: DAACSB: Analytical Thinking44) Which of the following $1,000 face-value securities has the highest yield to maturity?A) a 5 percent coupon bond with a price of $600B) a 5 percent coupon bond with a price of $800C) a 5 percent coupon bond with a price of $1,000D) a 5 percent coupon bond with a price of $1,200Answer: AAACSB: Analytical Thinking45) Which of the following $1,000 face-value securities has the lowest yield to maturity?A) a 5 percent coupon bond selling for $1,000B) a 10 percent coupon bond selling for $1,000C) a 15 percent coupon bond selling for $1,000D) a 15 percent coupon bond selling for $900Answer: AAACSB: Analytical Thinking46) Which of the following bonds would you prefer to be buying?A) a $10,000 face-value security with a 10 percent coupon selling for $9,000B) a $10,000 face-value security with a 7 percent coupon selling for $10,000C) a $10,000 face-value security with a 9 percent coupon selling for $10,000D) a $10,000 face-value security with a 10 percent coupon selling for $10,000 Answer: AAACSB: Analytical Thinking47) A coupon bond that has no maturity date and no repayment of principal is called a。

米什金《货币金融学》(第11版)笔记和课后习题详解-第2篇金融市场【圣才出品】

第2篇金融市场第4章理解利率4.1 复习笔记1．利率的计量（1）现值在普通贷款中，用利息除以贷款额是计量借款成本的标准，这种成本计量称为单利。

计算将来一笔货币收入相当于今天多少数额的过程可以称为对未来的贴现。

现值是从现在算起数年后能够收到的某笔收入的贴现价值。

如果i代表利率水平，PV 代表现值，CF代表未来现金流量，n代表年限，那么计算公式如下：PV＝CF/（1＋i）n （2）四种类型的信用市场工具①普通贷款普通贷款中，借款人获得一定数量的资金（本金），到期归还并向贷款人支付额外的一定量金额，也就是利息。

发放给企业的商业贷款通常属于此种类型。

②固定支付贷款（也称分期偿还贷款）这种贷款给借款人提供一笔资金，在数年以内，借款人每月都必须偿还固定数量的资金（包括部分本金及利息）。

分期付款贷款和抵押贷款通常属于固定支付贷款。

③息票债券息票债券是一种每年向其持有人支付固定利息、到期偿还本金的债券。

息票债券的四要素：面值、发行人、到期日和息票利率。

④贴现发行债券贴现发行债券，也称零息债券，以低于面值的价格购入（贴现），到期日按票面价值偿还。

与息票债券不同，贴现债券不支付任何利息，仅支付票面价值。

这四种类型的信用市场工具对清偿时间的要求不同：普通贷款和贴现发行债券仅要求在其到期日进行支付，而固定支付贷款和息票债券则要求在其期限内定期进行支付。

（3）到期收益率到期收益率，即恰好使债券工具带来的回报的现值与其现在的价值相等的利率。

理解到期收益率计算的关键是使债券工具带来的回报的现值与其现在的价值相等。

①普通贷款普通贷款到期收益率的计算公式：LV ＝（LV ＋I ）/（1＋i ）n ，其中，LV ＝贷款金额，I ＝利息支付额，n ＝贷款年限，i ＝到期收益率。

对于普通贷款，单利率等于到期收益率。

因此，在普通贷款中，同一个i 既用来表示单利率，也用来表示到期收益率。

②固定支付贷款固定支付贷款的到期收益率计算公式：23=1(1)(1)(1)n FP FP FP FP LV i i i i ++++++++L 其中，LV ＝贷款金额，FP ＝年固定偿付额，n ＝贷款年限，i ＝到期收益率。

米什金货币银行学第九版中文课后题答案

答：根据可贷资金理论，美联储向公众出售债券，就增加了债券供给，使得供给曲线 BS 右移。供给曲线 BS 与需求曲线 Bd 相交于更高的均衡利率点上，使均衡利率上升。根据流动性偏好理论，货币供给减少使得货币供给曲线 Ms 左移，均衡利率上升。根据可贷资金理论得出的答案与根据流动性偏好理论得出的答案一致。 5.7.运用流动性偏好理论和债券的供求理论说明，为什么利率是顺周期的（即，经济扩张时利率上升；经济衰退时，利率下跌）。
答：人们更可能的去购买房产，因为当购买房产时真实利率从 3%*(5%-2%)下降到 1% （10%-9%）。虽然此时抵押贷款利率上升了，但购房融资的实际成本降低了。此外，如果允许对支付的利息来抵免税收，那么人们会更愿意买房产.
第五章 5.6.美联储减少货币供给的一个重要途径是向公众出售债券。运用供求理论说明该行动对利率的影响。这同流动性偏好理论得到的结论是否一致？
答：假如 1 年期债券没有利息收入，则该债券的到期收益率为（1000-800）/800=25%。由于 1 年期债券有利息支付，所以到期收益率必然高于 25%。然而，对于 20 年期债券而言，
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货币金融学
由于当期收益率接近到期收益率（见教材），我们可以估计出该债券的到期收益率近似为 15%。因此，1 年期债券的到期收益率应更高。 4.14 如果抵押贷款利率从 5%上升到 10%，但是预期住宅价格将会从 2%上升到 9%，人们更愿意还是更不愿意购置住宅？
M2：a b d f
M3：a b c d e f
第四章 4.4.如果利率为 10%，一种债券明年向你支付 1100 美元，后年向你支付 1210 美元，第三年支付 1331 美元。如果该债券以 3500 美元出售，其到期收益率是高于还是低于 10%？为什么？

货币金融学第四章 chapter-4 英文习题

Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 4 The Meaning of Interest Rates4.1 Measuring Interest Rates1) The concept of ________ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today.A) present valueB) future valueC) interestD) deflationAnswer: AAACSB: Application of Knowledge2) The present value of an expected future payment ________ as the interest rate increases.A) fallsB) risesC) is constantD) is unaffectedAnswer: AAACSB: Reflective Thinking3) An increase in the time to the promised future payment ________ the present value of the payment.A) decreasesB) increasesC) has no effect onD) is irrelevant toAnswer: AAACSB: Reflective Thinking4) With an interest rate of 6 percent, the present value of $100 next year is approximatelyA) $106.B) $100.C) $94.D) $92.Answer: CAACSB: Analytical Thinking5) What is the present value of $500.00 to be paid in two years if the interest rate is 5 percent?A) $453.51B) $500.00C) $476.25D) $550.00Answer: AAACSB: Analytical Thinking6) If a security pays $55 in one year and $133 in three years, its present value is $150 if the interest rate isA) 5 percent.B) 10 percent.C) 12.5 percent.D) 15 percent.Answer: BAACSB: Analytical Thinking7) To claim that a lottery winner who is to receive $1 million per year for twenty years has won $20 million ignores the process ofA) face value.B) par value.C) deflation.D) discounting the future.Answer: DAACSB: Analytical Thinking8) A credit market instrument that provides the borrower with an amount of funds that must be repaid at the maturity date along with an interest payment is known as aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: AAACSB: Application of Knowledge9) A credit market instrument that requires the borrower to make the same payment every period until the maturity date is known as aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: BAACSB: Application of Knowledge10) Which of the following are TRUE of fixed payment loans?A) The borrower repays both the principal and interest at the maturity date.B) Installment loans and mortgages are frequently of the fixed payment type.C) The borrower pays interest periodically and the principal at the maturity date.D) Commercial loans to businesses are often of this type.Answer: BAACSB: Reflective Thinking11) A fully amortized loan is another name forA) a simple loan.B) a fixed-payment loan.C) a commercial loan.D) an unsecured loan.Answer: BAACSB: Application of Knowledge12) A credit market instrument that pays the owner a fixed coupon payment every year until the maturity date and then repays the face value is called aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: CAACSB: Application of Knowledge13) A ________ pays the owner a fixed coupon payment every year until the maturity date, when the ________ value is repaid.A) coupon bond; discountB) discount bond; discountC) coupon bond; faceD) discount bond; faceAnswer: CAACSB: Analytical Thinking14) The ________ is the final amount that will be paid to the holder of a coupon bond.A) discount valueB) coupon valueC) face valueD) present valueAnswer: CAACSB: Application of Knowledge15) When talking about a coupon bond, face value and ________ mean the same thing.A) par valueB) coupon valueC) amortized valueD) discount valueAnswer: AAACSB: Application of Knowledge16) The dollar amount of the yearly coupon payment expressed as a percentage of the face value of the bond is called the bond'sA) coupon rate.B) maturity rate.C) face value rate.D) payment rate.Answer: AAACSB: Application of Knowledge17) The ________ is calculated by multiplying the coupon rate times the par value of the bond.A) present valueB) face valueC) coupon paymentD) maturity paymentAnswer: CAACSB: Analytical Thinking18) If a $1000 face value coupon bond has a coupon rate of 3.75 percent, then the coupon payment every year isA) $37.50.B) $3.75.C) $375.00.D) $13.75Answer: AAACSB: Analytical Thinking19) If a $5,000 coupon bond has a coupon rate of 13 percent, then the coupon payment every year isA) $650.B) $1,300.C) $130.D) $13.Answer: AAACSB: Analytical Thinking20) An $8,000 coupon bond with a $400 coupon payment every year has a coupon rate ofA) 5 percent.B) 8 percent.C) 10 percent.D) 40 percent.Answer: AAACSB: Analytical Thinking21) A $1000 face value coupon bond with a $60 coupon payment every year has a coupon rate ofA) .6 percent.B) 5 percent.C) 6 percent.D) 10 percent.Answer: CAACSB: Analytical Thinking22) All of the following are examples of coupon bonds EXCEPTA) corporate bonds.B) U.S. Treasury bills.C) U.S. Treasury notes.D) U.S. Treasury bonds.Answer: BAACSB: Analytical Thinking23) A bond that is bought at a price below its face value and the face value is repaid at a maturity date is called aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: DAACSB: Application of Knowledge24) A ________ is bought at a price below its face value, and the ________ value is repaid at the maturity date.A) coupon bond; discountB) discount bond; discountC) coupon bond; faceD) discount bond; faceAnswer: DAACSB: Analytical Thinking25) A discount bondA) pays the bondholder a fixed amount every period and the face value at maturity.B) pays the bondholder the face value at maturity.C) pays all interest and the face value at maturity.D) pays the face value at maturity plus any capital gain.Answer: BAACSB: Reflective Thinking26) Examples of discount bonds includeA) U.S. Treasury bills.B) corporate bonds.C) U.S. Treasury notes.D) municipal bonds.Answer: AAACSB: Analytical Thinking27) Which of the following are TRUE for discount bonds?A) A discount bond is bought at par.B) The purchaser receives the face value of the bond at the maturity date.C) U.S. Treasury bonds and notes are examples of discount bonds.D) The purchaser receives the par value at maturity plus any capital gains.Answer: BAACSB: Reflective Thinking28) The interest rate that equates the present value of payments received from a debt instrument with its value today is theA) simple interest rate.B) current yield.C) yield to maturity.D) real interest rate.Answer: CAACSB: Application of Knowledge29) Economists consider the ________ to be the most accurate measure of interest rates.A) simple interest rate.B) current yield.C) yield to maturity.D) real interest rate.Answer: CAACSB: Reflective Thinking30) For simple loans, the simple interest rate is ________ the yield to maturity.A) greater thanB) less thanC) equal toD) not comparable toAnswer: CAACSB: Application of Knowledge31) If the amount payable in two years is $2420 for a simple loan at 10 percent interest, the loan amount isA) $1000.B) $1210.C) $2000.D) $2200.Answer: CAACSB: Analytical Thinking32) For a 3-year simple loan of $10,000 at 10 percent, the amount to be repaid isA) $10,030.B) $10,300.C) $13,000.D) $13,310.Answer: DAACSB: Analytical Thinking33) If $22,050 is the amount payable in two years for a $20,000 simple loan made today, the interest rate isA) 5 percent.B) 10 percent.C) 22 percent.D) 25 percent.Answer: AAACSB: Analytical Thinking34) If a security pays $110 next year and $121 the year after that, what is its yield to maturity if it sells for $200?A) 9 percentB) 10 percentC) 11 percentD) 12 percentAnswer: BAACSB: Analytical Thinking35) The present value of a fixed-payment loan is calculated as the ________ of the present value of all cash flow payments.A) sumB) differenceC) multipleD) logAnswer: AAACSB: Analytical Thinking36) Which of the following are TRUE for a coupon bond?A) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.B) The price of a coupon bond and the yield to maturity are positively related.C) The yield to maturity is greater than the coupon rate when the bond price is above the par value.D) The yield is less than the coupon rate when the bond price is below the par value. Answer: AAACSB: Reflective Thinking37) The ________ of a coupon bond and the yield to maturity are inversely related.A) priceB) par valueC) maturity dateD) termAnswer: AAACSB: Reflective Thinking38) The price of a coupon bond and the yield to maturity are ________ related; that is, as the yield to maturity ________, the price of the bond ________.A) positively; rises; risesB) negatively; falls; fallsC) positively; rises; fallsD) negatively; rises; fallsAnswer: DAACSB: Reflective Thinking39) The yield to maturity is ________ than the ________ rate when the bond price is ________ its face value.A) greater; coupon; aboveB) greater; coupon; belowC) greater; perpetuity; aboveD) less; perpetuity; belowAnswer: BAACSB: Reflective Thinking40) The ________ is below the coupon rate when the bond price is ________ its par value.A) yield to maturity; aboveB) yield to maturity; belowC) discount rate; aboveD) discount rate; belowAnswer: AAACSB: Reflective Thinking41) A $10,000 8 percent coupon bond that sells for $10,000 has a yield to maturity ofA) 8 percent.B) 10 percent.C) 12 percent.D) 14 percent.Answer: AAACSB: Analytical Thinking42) Which of the following $1,000 face-value securities has the highest yield to maturity?A) a 5 percent coupon bond selling for $1,000B) a 10 percent coupon bond selling for $1,000C) a 12 percent coupon bond selling for $1,000D) a 12 percent coupon bond selling for $1,100Answer: CAACSB: Analytical Thinking43) Which of the following $5,000 face-value securities has the highest yield to maturity?A) a 6 percent coupon bond selling for $5,000B) a 6 percent coupon bond selling for $5,500C) a 10 percent coupon bond selling for $5,000D) a 12 percent coupon bond selling for $4,500Answer: DAACSB: Analytical Thinking44) Which of the following $1,000 face-value securities has the highest yield to maturity?A) a 5 percent coupon bond with a price of $600B) a 5 percent coupon bond with a price of $800C) a 5 percent coupon bond with a price of $1,000D) a 5 percent coupon bond with a price of $1,200Answer: AAACSB: Analytical Thinking45) Which of the following $1,000 face-value securities has the lowest yield to maturity?A) a 5 percent coupon bond selling for $1,000B) a 10 percent coupon bond selling for $1,000C) a 15 percent coupon bond selling for $1,000D) a 15 percent coupon bond selling for $900Answer: AAACSB: Analytical Thinking46) Which of the following bonds would you prefer to be buying?A) a $10,000 face-value security with a 10 percent coupon selling for $9,000B) a $10,000 face-value security with a 7 percent coupon selling for $10,000C) a $10,000 face-value security with a 9 percent coupon selling for $10,000D) a $10,000 face-value security with a 10 percent coupon selling for $10,000 Answer: AAACSB: Analytical Thinking47) A coupon bond that has no maturity date and no repayment of principal is called aA) consol.B) cabinet.C) Treasury bill.D) Treasury note.Answer: AAACSB: Application of Knowledge48) The price of a consol equals the coupon paymentA) times the interest rate.B) plus the interest rate.C) minus the interest rate.D) divided by the interest rate.Answer: DAACSB: Analytical Thinking49) The interest rate on a consol equals theA) price times the coupon payment.B) price divided by the coupon payment.C) coupon payment plus the price.D) coupon payment divided by the price.Answer: DAACSB: Analytical Thinking50) A consol paying $20 annually when the interest rate is 5 percent has a price ofA) $100.B) $200.C) $400.D) $800.Answer: CAACSB: Analytical Thinking51) If a perpetuity has a price of $500 and an annual interest payment of $25, the interest rate isA) 2.5 percent.B) 5 percent.C) 7.5 percent.D) 10 percent.Answer: BAACSB: Analytical Thinking52) The yield to maturity for a perpetuity is a useful approximation for the yield to maturity on long-term coupon bonds. It is called the ________ when approximating the yield for a coupon bond.A) current yieldB) discount yieldC) future yieldD) star yieldAnswer: AAACSB: Reflective Thinking53) The yield to maturity for a one-year discount bond equals the increase in price over the year, divided by theA) initial price.B) face value.C) interest rate.D) coupon rate.Answer: AAACSB: Analytical Thinking54) If a $10,000 face-value discount bond maturing in one year is selling for $5,000, then its yield to maturity isA) 5 percent.B) 10 percent.C) 50 percent.D) 100 percent.Answer: DAACSB: Analytical Thinking55) If a $5,000 face-value discount bond maturing in one year is selling for $5,000, then its yield to maturity isA) 0 percent.B) 5 percent.C) 10 percent.D) 20 percent.Answer: AAACSB: Analytical Thinking56) A discount bond selling for $15,000 with a face value of $20,000 in one year has a yield to maturity ofA) 3 percent.B) 20 percent.C) 25 percent.D) 33.3 percent.Answer: DAACSB: Analytical Thinking57) The yield to maturity for a discount bond is ________ related to the current bond price.A) negativelyB) positivelyC) notD) directlyAnswer: AAACSB: Reflective Thinking58) A discount bond is also called a ________ because the owner does not receive periodic payments.A) zero-coupon bondB) municipal bondC) corporate bondD) consolAnswer: AAACSB: Application of Knowledge59) Another name for a consol is a ________ because it is a bond with no maturity date. The owner receives fixed coupon payments forever.A) perpetuityB) discount bondC) municipalityD) high-yield bondAnswer: AAACSB: Application of Knowledge60) If the interest rate is 5%, what is the present value of a security that pays you $1, 050 next year and $1,102.50 two years from now? If this security sold for $2200, is the yield to maturity greater or less than 5%? Why?Answer: PV = $1,050/(1. +.05) + $1,102.50/(1 + 0.5)2PV = $2,000If this security sold for $2200, the yield to maturity is less than 5%. The lower the interest rate the higher the present value.AACSB: Analytical Thinking4.2 The Distinction Between Interest Rates and Returns1) The ________ is defined as the payments to the owner plus the change in a security's value expressed as a fraction of the security's purchase price.A) yield to maturityB) current yieldC) rate of returnD) yield rateAnswer: CAACSB: Application of Knowledge2) Which of the following are TRUE concerning the distinction between interest rates and returns?A) The rate of return on a bond will not necessarily equal the interest rate on that bond.B) The return can be expressed as the difference between the current yield and the rate of capital gains.C) The rate of return will be greater than the interest rate when the price of the bond falls during the holding period.D) The return can be expressed as the sum of the discount yield and the rate of capital gains. Answer: AAACSB: Reflective Thinking3) The sum of the current yield and the rate of capital gain is called theA) rate of return.B) discount yield.C) perpetuity yield.D) par value.Answer: AAACSB: Analytical Thinking4) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,200 next year?A) 5 percentB) 10 percentC) -5 percentD) 25 percentAnswer: DAACSB: Analytical Thinking5) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $900 next year?A) 5 percentB) 10 percentC) -5 percentD) -10 percentAnswer: CAACSB: Analytical Thinking6) The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $950 next year isA) -10 percent.B) -5 percent.C) 0 percent.D) 5 percent.Answer: CAACSB: Analytical Thinking7) Suppose you are holding a 5 percent coupon bond maturing in one year with a yield to maturity of 15 percent. If the interest rate on one-year bonds rises from 15 percent to 20 percent over the course of the year, what is the yearly return on the bond you are holding?A) 5 percentB) 10 percentC) 15 percentD) 20 percentAnswer: CAACSB: Analytical Thinking8) I purchase a 10 percent coupon bond. Based on my purchase price, I calculate a yield to maturity of 8 percent. If I hold this bond to maturity, then my return on this asset isA) 10 percent.B) 8 percent.C) 12 percent.D) there is not enough information to determine the return.Answer: BAACSB: Analytical Thinking9) If the interest rates on all bonds rise from 5 to 6 percent over the course of the year, which bond would you prefer to have been holding?A) a bond with one year to maturityB) a bond with five years to maturityC) a bond with ten years to maturityD) a bond with twenty years to maturityAnswer: AAACSB: Analytical Thinking10) An equal decrease in all bond interest ratesA) increases the price of a five-year bond more than the price of a ten-year bond.B) increases the price of a ten-year bond more than the price of a five-year bond.C) decreases the price of a five-year bond more than the price of a ten-year bond.D) decreases the price of a ten-year bond more than the price of a five-year bond.Answer: BAACSB: Analytical Thinking11) An equal increase in all bond interest ratesA) increases the return to all bond maturities by an equal amount.B) decreases the return to all bond maturities by an equal amount.C) has no effect on the returns to bonds.D) decreases long-term bond returns more than short-term bond returns.Answer: DAACSB: Analytical Thinking12) Which of the following are generally TRUE of bonds?A) A bond's return equals the yield to maturity when the time to maturity is the same as the holding period.B) A rise in interest rates is associated with a fall in bond prices, resulting in capital gains on bonds whose terms to maturity are longer than the holding periods.C) The longer a bond's maturity, the smaller is the size of the price change associated with an interest rate change.D) Prices and returns for short-term bonds are more volatile than those for longer-term bonds. Answer: AAACSB: Reflective Thinking13) Which of the following are generally TRUE of all bonds?A) The longer a bond's maturity, the greater is the rate of return that occurs as a result of the increase in the interest rate.B) Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise.C) Prices and returns for short-term bonds are more volatile than those for longer term bonds.D) A fall in interest rates results in capital losses for bonds whose terms to maturity are longer than the holding period.Answer: BAACSB: Reflective Thinking14) The riskiness of an asset's returns due to changes in interest rates isA) exchange-rate risk.B) price risk.C) asset risk.D) interest-rate risk.Answer: DAACSB: Application of Knowledge15) Interest-rate risk is the riskiness of an asset's returns due toA) interest-rate changes.B) changes in the coupon rate.C) default of the borrower.D) changes in the asset's maturity.Answer: AAACSB: Application of Knowledge16) Prices and returns for ________ bonds are more volatile than those for ________ bonds, everything else held constant.A) long-term; long-termB) long-term; short-termC) short-term; long-termD) short-term; short-termAnswer: BAACSB: Reflective Thinking7) There is ________ for any bond whose time to maturity matches the holding period.A) no interest-rate riskB) a large interest-rate riskC) rate-of-return riskD) yield-to-maturity riskAnswer: AAACSB: Analytical Thinking18) All bonds that will not be held to maturity have interest rate risk which occurs because of the change in the price of the bond as a result ofA) interest-rate changes.B) changes in the coupon rate.C) default of the borrower.D) changes in the asset's maturity date.Answer: AAACSB: Application of Knowledge19) Your favorite uncle advises you to purchase long-term bonds because their interest rate is 10%. Should you follow his advice?Answer: It depends on where you think interest rates are headed in the future. If you think interest rates will be going up, you should not follow your uncle's advice because you would then have to discount your bond if you needed to sell it before the maturity date. Long-term bonds have a greater interest-rate risk.AACSB: Reflective Thinking4.3 The Distinction Between Real and Nominal Interest Rates1) The ________ interest rate is adjusted for expected changes in the price level.A) ex ante realB) ex post realC) ex post nominalD) ex ante nominalAnswer: AAACSB: Application of Knowledge2) The ________ interest rate more accurately reflects the true cost of borrowing.A) nominalB) realC) discountD) marketAnswer: BAACSB: Analytical Thinking3) The nominal interest rate minus the expected rate of inflationA) defines the real interest rate.B) is a less accurate measure of the incentives to borrow and lend than is the nominal interest rate.C) is a less accurate indicator of the tightness of credit market conditions than is the nominal interest rate.D) defines the discount rate.Answer: AAACSB: Analytical Thinking4) When the ________ interest rate is low, there are greater incentives to ________ and fewer incentives to ________.A) nominal; lend; borrowB) real; lend; borrowC) real; borrow; lendD) market; lend; borrowAnswer: CAACSB: Reflective Thinking5) The interest rate that describes how well a lender has done in real terms after the fact is called theA) ex post real interest rate.B) ex ante real interest rate.C) ex post nominal interest rate.D) ex ante nominal interest rate.Answer: AAACSB: Analytical Thinking6) The ________ states that the nominal interest rate equals the real interest rate plus the expected rate of inflation.A) Fisher equationB) Keynesian equationC) Monetarist equationD) Marshall equationAnswer: AAACSB: Application of Knowledge7) If the nominal rate of interest is 2 percent, and the expected inflation rate is -10 percent, the real rate of interest isA) 2 percent.B) 8 percent.C) 10 percent.D) 12 percent.Answer: DAACSB: Analytical Thinking8) In which of the following situations would you prefer to be the lender?A) The interest rate is 9 percent and the expected inflation rate is 7 percent.B) The interest rate is 4 percent and the expected inflation rate is 1 percent.C) The interest rate is 13 percent and the expected inflation rate is 15 percent.D) The interest rate is 25 percent and the expected inflation rate is 50 percent.Answer: BAACSB: Analytical Thinking9) In which of the following situations would you prefer to be the borrower?A) The interest rate is 9 percent and the expected inflation rate is 7 percent.B) The interest rate is 4 percent and the expected inflation rate is 1 percent.C) The interest rate is 13 percent and the expected inflation rate is 15 percent.D) The interest rate is 25 percent and the expected inflation rate is 50 percent.Answer: DAACSB: Analytical Thinking10) If you expect the inflation rate to be 15 percent next year and a one-year bond has a yield to maturity of 7 percent, then the real interest rate on this bond isA) 7 percent.B) 22 percent.C) -15 percent.D) -8 percent.Answer: DAACSB: Analytical Thinking11) If you expect the inflation rate to be 12 percent next year and a one-year bond has a yield to maturity of 7 percent, then the real interest rate on this bond isA) -5 percent.B) -2 percent.C) 2 percent.D) 12 percent.Answer: AAACSB: Analytical Thinking12) If you expect the inflation rate to be 4 percent next year and a one year bond has a yield to maturity of 7 percent, then the real interest rate on this bond isA) -3 percent.B) -2 percent.C) 3 percent.D) 7 percent.Answer: CAACSB: Analytical Thinking13) In the United States during the late 1970s, the nominal interest rates were quite high, but the real interest rates were negative. From the Fisher equation, we can conclude that expected inflation in the United States during this period wasA) irrelevant.B) low.C) negative.D) high.Answer: DAACSB: Reflective Thinking14) The interest rate on Treasury Inflation Indexed Securities can be roughly interpreted asA) the real interest rate.B) the nominal interest rate.C) the rate of inflation.D) the rate of deflation.Answer: AAACSB: Analytical Thinking15) Assuming the same coupon rate and maturity length, the difference between the yield on a Treasury Inflation Indexed Security and the yield on a nonindexed Treasury security provides insight intoA) the nominal interest rate.B) the real interest rate.C) the nominal exchange rate.D) the expected inflation rate.Answer: DAACSB: Analytical Thinking16) Assuming the same coupon rate and maturity length, when the interest rate on a Treasury Inflation Indexed Security is 3 percent, and the yield on a nonindexed Treasury bond is 8 percent, the expected rate of inflation isA) 3 percent.B) 5 percent.C) 8 percent.D) 11 percent.Answer: BAACSB: Analytical Thinking17) Would it make sense to buy a house when mortgage rates are 14% and expected inflation is 15%? Explain your answer.Answer: Even though the nominal rate for the mortgage appears high, the real cost of borrowing the funds is -1%. Yes, under this circumstance it would be reasonable to make this purchase. AACSB: Reflective Thinking4.4 Web Appendix: Measuring Interest-Rate Risk: Duration1) Duration isA) an asset's term to maturity.B) the time until the next interest payment for a coupon bond.C) the average lifetime of a debt security's stream of payments.D) the time between interest payments for a coupon bond.Answer: CAACSB: Application of Knowledge2) Comparing a discount bond and a coupon bond with the same maturityA) the coupon bond has the greater effective maturity.B) the discount bond has the greater effective maturity.C) the effective maturity cannot be calculated for a coupon bond.D) the effective maturity cannot be calculated for a discount bond.Answer: BAACSB: Reflective Thinking3) The duration of a coupon bond increasesA) the longer is the bond's term to maturity.B) when interest rates increase.C) the higher the coupon rate on the bond.D) the higher the bond price.Answer: AAACSB: Reflective Thinking4) All else equal, when interest rates ________, the duration of a coupon bond ________.A) rise; fallsB) rise; increasesC) falls; fallsD) falls; does not changeAnswer: AAACSB: Reflective Thinking5) All else equal, the ________ the coupon rate on a bond, the ________ the bond's duration.A) higher; longerB) higher; shorterC) lower; shorterD) greater; longerAnswer: BAACSB: Reflective Thinking。

米什金《货币金融学》背诵手册

米什金《货币金融学》背诵手册第一章货币与货币制度1、货币：是在购买商品和劳务或清偿债务时被普遍接受的任何物体。

—马克思的观点：货币是固定地充当一般等价物的特殊商品，其中，货币的本质是一般等价物—货币债务论：货币本质上是持有者对发行者的一种债权。

这种解释部分地说明了债务货币的形成。

—货币契约论：货币本质上是一种所有者与市场关于交换权的契约，根本上是所有者相互之间关于交换的约定。

2、货币的职能：—价值尺度或记账单位：是指货币作为衡量和表现其他商品和劳务价值的工具。

—流通手段或交易媒介：是指货币充当商品交换的中介或媒介的职能。

—价值储藏：是指是指货币暂时退出流通领域处于相对静止状态，而被人们财富或购买力储藏的工具。

—支付手段：指在以延期付款形式买卖商品的情况下，货币作为独立的价值形式单方面运动时所执行的职能。

其中，价值尺度与流通手段是货币的基本职能。

3、货币支付体系的演变（基本动因——便利交易、降低交易费用）1）实物货币：是指以自然界存在的某种物品或人们生产出来的某种物品的自然形态来充当货币的一种货币形式。

2）金属货币：是指以自然界存在的某种物品或人们生产出来的某种物品的自然形态来充当货币的一种货币形式。

3）纸币：是指以自然界存在的某种物品或人们生产出来的某种物品的自然形态来充当货币的一种货币形式。

4）支票货币：是银行的存款客户向银行签发的无条件付款命令书。

“支票本身不是货币，支票存款才是货币”。

5）电子货币：是指在零售支付机制中，通过销售终端、不同的电子设备之间以及在互联网络上执行支付的“储值”和“预付支付机制”。

－“储值”是指保存在物理介质（硬件或卡介质）中可用来支付的价值，这种介质亦被称为“电子钱包”，当其储存的价值被使用后，可以通过特定设备向其续储价值。

－“预付支付机制”是指存在于特定软件或网络中的一组可以传输并可用于支付的电子数据，通常被称为“数字现金”（Digital Cash）（可以说是“真正的电子货币”）。