米什金货币金融学(商学院版)第16章课件
货币金融学课件米什金讲述
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Structure of Financial Markets 金融市场的结构
• Exchanges and Over-the-Counter (OTC) Markets 交易所和场外交易(柜台交易)市场
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Regulation of the Financial System 金融体系的监管
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Table 3 Primary Assets and Liabilities of Financial Intermediaries 表2-3 金融中介机构主要的资产和负债
• Debt and Equity Markets 债务市场和股权市
场
– Debt instruments (maturity) 债务工具(期限) – Equities (dividends) 股权(股息或红利)
• Primary and Secondary Markets
一级市场和二级市场
– Investment Banks underwrite securities in primary markets 投资银行在一级市场中承销证券 – Brokers and dealers work in secondary markets 经纪人和交易商在二级市场中经营业务
Mishkin 米什金 货币银行学 课件
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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
货币政策操作
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3.政策工具与货币总量(如M2)或长期利 率等中介指标联系在一起。 4.中介指标介于政策手段与货币政策目标 (例如物价稳定、产出增长)之间,它们不能 由中央银行的政策工具直接影响,但与货币政 策目标之间的联系更为密切。
图16-1以图解的方式描述了货币政策工 具、政策手段、中介指标和货币政策目标之间 的联系。
货币当局提高名义利率的幅度应当超出通 货膨胀率的上升幅度,这就是泰勒定理。这对 于货币政策的成功有着至关重要的意义。假定 没有遵循泰勒定理,名义利率上升的幅度小于 通货膨胀率,因此,实际利率随着通货膨胀率 的上升而下降。这会引发严重的动荡,原因是 通货膨胀率上升导致货币政策的实际放松,这 会导致未来通货膨胀率进一步升高。
• 缺点 – 信号迟滞:通货膨胀指标不能及时向公 众和市场发送关于货币政策动向的信号。 – 过于僵化:该战略给货币政策制定者规 定了严格的规则,限制了他们对无法预见的情 况做出反应的判断力。 – 增加产出波动的可能性 – 低经济增长 作为货币政策实施的战略,以通货膨胀为 指标比起以货币为指标,有几个优点。
(3)以货币量为指标战略的优缺点 • 优点 货币指标可以向公众和市场发送近乎实时的 关于货币政策动向和政策制定者控制通货膨胀意 图的信号。 – 有助于稳定通货膨胀预期,降低通货膨 胀率 – 使得保持低通货膨胀的货币政策近乎直 接公开 • 缺点 – 目标变量(通货膨胀率或名义收入)和指 标变量(货币供给)之间必须存在稳定可靠的联 系
供求分析的结论是,利率和准备金(货币) 总量指标是不兼容的。中央银行可以实现其中一 个,但两者不能同时实现。由于不得不在两者之 间做出选择,需要考察选择政策手段时需要遵循 的标准。
6.选择政策手段的标准 中央银行选择政策手段时遵循三条标准:政策手段 必须是可测量的、必须可以由中央银行控制以及必须对 目标有着可以预计的影响。 • 可观测性 – 联邦基金利率在可测量性上似乎超出准备金,因 而更适合作为政策手段,不过真实利率的测量难度很大 • 可控性 – 央行对非借入准备金不能完全控制,但可充分控 制联邦基金利率等短期利率 • 相关性(对目标有着可以预计的影响) – 大部分中央银行认为,利率与通货膨胀率等目标 之间的联系更为密切 • 中央银行普遍使用短期利率作为其政策手段
米什金 货币金融学 课件
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• 所谓股票市场,是各种公司收益的权证 (股票)进行交易的场所,它在经济活 动中起着非常重要的作用。
• 股票市场作为最活跃的金融市场,其状 况往往是经济形势变化的晴雨表。股票 价格的上下波动是变幻莫测的,这种变 动对经济活动会产生很大影响 。
四.金融市场的重要性及其与货 币银行的联系
的统称,各种不同重要性
• 3.货币和其他经济现象 • (1)货币与经济周期。 • (2)货币与货币政策。 • (3)货币与预算赤字。
总结
• 总之,货币、银行与金融市场是非常重要的, 它们不仅与人们的日常生活密切相关,影响人 们的财富规模、投资和消费行为,而且会影响 企业的市场价值、生产和销售行为,同时也会 影响一个国家的财富总量、政局稳定和政策效 应。通过学习货币银行学的有关知识,我们可 以更透彻地理解各种经济现象,从而更好地安 排一生的投资、消费,最大限度地增进个人的 经济福利。
七.与货币银行学有关的几个事 实
• 1.大部分金融公式——无论它们有多么 复杂——都以复利为基础
• ⒉长期贷款的利率通常高于短期贷款的 利率
• ⒊ 为了理解利率如何影响经济决策,你 必须考虑预期通货膨胀
• ⒋购买股票是使你的财富增加的最好方 式——同时也是最坏方式
七.与货币银行学有关的几个事 实
五.银行和金融机构及其重要性
• 4.银行体系与金融创新 • (1)许多金融法规已经不能适应金融创新的发展,
管制当局对金融体系监管的难度加大了。 • (2)金融创新伴生的过度投机行为,不仅严
重损害了广大投资人的公共利益,而且妨碍了 金融体系的健康发展。 • (3)金融创新使国际金融市场的一体化程度 大大提高了。 • (4)金融创新对各国在金融体系监管的国际 协调提出了更高的要求。
货币金融学米什金
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Chapter1物价总水平资产预算赤字预算盈余经济周期资产转换逆向选择信息不对称道德风险货币市场场外市场商品货币通货流动性价值储藏记账单位交易媒介基点统一公债/永续债券指数化债券利率风险名义利率贴现发行债券(零息债券)到期收益率固定支付贷款不变价回报需求曲线预期回报率可贷资金可贷资金理论市场均衡流动性偏好理论供给曲线普通股财政政策外汇市场金融中介金融市场Chapter2股利一级市场风险分担交易成本承销Chapter3M1 M2M3恶性通货膨胀货币总量收入Chapter4普通贷款贴现收益率现期贴现值实际利率息票债券当期收益息票利率率现值资本利得率Chapter5资产需求理论机会成本风险超额需求超额供给费雪效应Chapter6无违约风险债券预期理论翻转的收益率曲线流动性溢价理论期限优先理论适应性预期现金流量股利有效市场假定随机游走戈登增长模型市场基本面代理理论银行业恐慌现金流量抵押品债务萎缩金融危机搭便车鼓励相容啄食顺序假定资产管理资产负债表资本充足性管理补偿余额信用配给信用风险存款外流贴现贷款贴现率久期分析股本乘数超额准备金缺口分析利率风险风险溢价利率的风险结构分割市场理论利率的期限结构收益率曲线Chapter7最优预测未被利用的盈利机会理性预期剩余索取权有效资本市场理论推广的股利估值模型Chapter8委托-代理理论限制性条款担保债务高额核实成本资不抵债净值无担保债务风险投资公司Chapter9负债管理流动性管理贷款承诺贷款出售表外业务法定准备金率法定准备金准备金资产回报率股权回报率二级准备金 T账户库存现金Chapter10自动银行机自动提款机存款利率上限脱媒银行破产银行监管巴塞尔协议商誉年金封闭式基金共同保险免赔额固定受益型计划固定缴费型计划足额基金对冲基金美式期权套利买入期权货币互换欧式期权执行价格衍生金融工具金融期货合约金融期货期权远期合约避险远期利率合约利率互换公开市场操作目标独立性贴现率金融衍生工具期货合约证券化Chapter11杠杆比率表外业务监管套利监管宽容Chapter12初次公开发行(IPO)付佣基金非付佣基金开放式基金再保险适时发行不足额基金承销商Chapter13长头寸综合避险保证金盯市单个避险名义本金未平仓合约期权期权费卖出期权短头寸股票期权互换Chapter14工具独立性Chapter15超额准备金浮款高能货币基础货币多倍存款创造公开市场操作公开市场购买货币乘数防御性市场操作贴现窗口能动性公开市场操作联邦基金率工具指标中介指标国际政策协调自然失业率非加速型通货膨胀失业率升值资本流动性贬值有效汇率指数配额现汇率汇率汇率超调外汇市场国际收支平衡表资本账户固定汇率制度国际货币基金组织官方储备交易余额特别提款权非冲销性外汇干预国际收支危机经常账户公开市场出售法定准备金率法定准备金准备金简单存款乘数Chapter16非借入基础货币Chapter17最后贷款人再买回交易(反回购协议)一级交易商回购协议Chapter18操作指标菲利普斯曲线真实票据原则泰勒规则Chapter19远期汇率现汇交易关税远期交易利息平价条件一价定律货币中性购买力平价理论Chapter20外汇干预国际储备储备货币冲销性外汇干预世界银行布雷顿森林体系法定贬值金本位制度有管理的浮动制度法定升值货币局美元化铸币税交易方程式货币理论实际货币余额总需求总需求函数浮躁情绪自主性消费支出净出口存货投资消费函数可支配收入总需求曲线长期货币中性积极干预主义者总需求总需求曲线总供给总供给曲线浮躁情绪自我纠错机制供给冲击货币流通速度后遗效应凯恩斯主义者长期总供给曲线现代货币数量论耐用消费品支出贸易余额Chapter21名义锚时间一致性问题Chapter22流动性偏好理论货币数量论货币流通速度Chapter23支出乘数固定投资消费支出计划投资支出 LS曲线 LM曲线边际消费倾向政府支出Chapter24总产出的自然水平完全挤出Chapter25货币主义者完全挤出效应消费支出交易方程式政府支出非加速通货膨胀型失业率非积极干预主义者部分挤出效应计划投资支出真是经济周期理论总产出的自然率水平净出口Chapter26消费信用途径消费简化形式实证分析适应性政策单一货币增长规则成本推进型通货膨胀需求拉动型通货膨胀计量经济模型政策无效命题结构模型实证分析货币政策传导机制 Chapter27 政府预算约束债务货币化李嘉图平衡式政府印钞 Chapter28。
米什金《货币金融学》第16章
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米什金《货币金融学》第16章重点知识1.货币政策的其他目标①高就业和产出稳定②经济增长③金融市场稳定④利率稳定⑤外汇市场稳定2.物价稳定是否应该作为最主要的货币政策目标物价稳定与货币政策的其他目标在长期内不存在不一致的问题。
但在短期内,物价稳定常常与高就业和利率稳定等目标发生冲突。
只要物价稳定是长期而非短期目标,中央银行就可以通过允许通货膨胀率在短期内偏离长期目标,实现减少产出波动的目的。
3.通货膨胀目标制以通货膨胀为指标包括几个方面:a)公布中期通货膨胀率目标数值;b)为达到产出稳定等其他目标,央行短期内拥有采取灵活政策的权力;c)要求货币政策决策者保持实质性的开放和透明。
①优点:a)通货膨胀指标允许货币当局使用所有可用的信息,而不仅仅是一个变量,实现了规则性和灵活性的高度统一;b)易于公众理解,透明度高;c)明确的通胀指标数值增强了中央银行的责信度,在很大程度上可以防止中央银行为了在短期内增加产出和就业而推行过分扩张的货币政策,从而降低了中央银行陷入时间不一致性陷阱的概率。
②缺点:a)信号时滞,通货膨胀指标不能及时向公众和市场发送关于货币政策动向的信号;b)过于僵化,给货币政策制定者规定了严格的规则,限制了他们对无法预见的情况做出反应的能力;c)增加产出的波动性,当通货膨胀率高于指标时,只关注通货膨胀可能导致过分紧缩的货币政策,进而可能导致较大的产出波动;d)低经济增长。
4.美联储“直接行动”的货币政策战略①优点:a)不依赖于货币和通货膨胀之间的稳定联系;b)有助于阻止过分扩张的货币政策,进而改善时间不一致问题;c)已被证明是成功的。
②“直接行动”的缺点:a)缺少透明度,导致了金融市场不必要的波动;b)十分依赖中央银行负责人的偏好、能力和可信赖性;违背了民主原则。
5.金融危机对于货币政策战略的启示①金融部门发展对于经济活动的意义超出了我们的认识。
金融震荡的逆向选择对经济活动的破坏作用远远超过我们的预期。
米什金货币金融学(商学院版)第1章课件
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1.2 Why Study Financial Institutions and Banking?
• 1.2.1 Structure of the financial system
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FIGURE 2 Stock Prices as Measured by the Dow Jones Industrial Average, 1950–2008
Source: Dow Jones Indexes: /?u.
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– Banks: accept deposits and make loans – Other Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banks
货币金融学 (ECONOMICS OF MONEY & FINANCE)
薛彤
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• 学习内容:
• 《货币金融学》是教育部确定的“财经类专业 核心课程”之一,也是我校国贸学院国贸、金 融专业以及国贸二学位通开的专业必修课程, 是一门基础课程。 • 内容涉及金融学的各个方面,系统阐述金融学 的基本理论、基本知识及其运动规律;客观介 绍世界上主流金融理论及其最新研究成果、金 融实务运作的机制及最新发展。
货币金融学米什金第笔记资料PPT课件
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债券供给曲线的平移
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利率的风险和期限结构
利率的风险结构: 违约风险:风险溢价 流动性:高流动性资产可以在需要时按照较低的成本迅速转换成现金。流动性
溢价。 所得税因素:所得税税率的高低。 利率的期限结构 1、不同到期期限的债券的利率随时间一起波动; 2、短期利率较低,那么收益率曲线往往向上倾斜,短期利率较高,那么收益率
• 美国很多小银行的破产 • 俄罗斯60年代的经济增长模式
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货币政策
• 物价稳定:越来越被视为货币政策最重要的目标。通货膨胀增加经济中的不确定 性,从而危害到经济的增长。
• 时间不一致性问题 • 个人的例子, • 政府的货币政策总是试图追求扩张性货币政策,因为短期内可以促进经济的产出,
• 3个影响因素: • 投资机会的预期盈利性:在经济周期扩张阶段,经济高速增长,具有较多的盈利
性机会,任何给定的债券价格下,债券供应量都会增加。供给曲线右移。 • 预期通货膨胀率:预期通货膨胀率上升导致债券供给量的增加。曲线右移。 • 政府预算:政府财政赤字越大,债券供给量也越大。
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之差就是CPI。
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• 实际利率越低,借款的动力越大,而贷款的动力越小。 • 实际利率有些年份为负值。
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利率如何被决定:资产供需与价格
• 供需关系决定债券的价格,也就客观上决定了利率
米什金货币金融学课件PPT课件
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金融机构应遵守相关监管要求,包括资本充足率、流动性比率等, 以确保其稳健运营。
米什金货币金融学对经济发展的影响
经济增长
投资与储蓄
通过货币政策和金融市场的有效运作, 促进经济增长和就业。
影响人们的投资和储蓄行为,进而影 响经济发展。
金融稳定
维护金融市场的稳定,降低金融危机 发生的可能性。
THANKS
货币政策与货币供给
总结词
解释货币政策的目标、工具及如何影响货币供给。
详细描述
货币政策通常以稳定物价、促进经济增长和维持金融稳定为目标,通过调整利率 、存款准备金率等工具来影响货币供给,从而调控经济。
货币需求与货币流通速度
总结词
分析影响货币需求的因素以及货币流 通速度的变化规律。
详细描述
货币需求受到收入水平、利率、通货 膨胀预期等因素的影响,而货币流通 速度则与经济周期、金融市场发展等 因素相关,两者共同影响经济运行。
金融体系构成
金融机构、金融市场和金融监管 机构等在金融体系中的作用和相 互关系。
金融市场的功能与结构
金融市场的功能
提供资金供求匹配、风险分散和价格 发现等机制,促进资源优化配置。
金融市场的结构
场内交易与场外交易、现货市场与衍 生品市场、一级市场与二级市场等不 同类型市场的特点。
金融创新与金融监管
通货膨胀与价格水平
总结词
阐述通货膨胀的定义、成因及对价格水平的影响。
详细描述
通货膨胀是指物价普遍上涨的现象,成因包括货币供应过多、需求拉动、成本推动等,通货膨胀对价格水平的影 响表现为价格水平的上涨。
03
金融市场与金融机构
金融市场的构成与功能
金融市场的构成
《货币金融学》PPT课件2024新版
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金融不稳定因素增多
金融创新可能引发金融市场的波动,增加金融不稳定的因素。
金融科技对金融业的影响
提升金融服务效率
金融科技通过技术手段提高金融 服务的自动化和智能化水平,降
低运营成本,提高服务效率。
改变金融业态
金融科技推动金融业向数字化、网 络化、智能化方向发展,改变传统 金融业态。
《货币金融学》 PPT课件
目 录
• 货币与货币制度 • 信用与金融市场 • 金融机构与金融业务 • 货币政策与宏观调控 • 国际金融与汇率制度 • 金融创新与金融发展
01
CATALOGUE
货币与货币制度
货币的定义与职能
货币的定义
货币是充当一般等价物的特殊商品,具有价值 尺度、流通手段、支付手段、贮藏手段和世界
务关系。
金融机构的风险管理
信用风险
金融机构需评估借款人的信用状况,采取相应措施降低信用风险,如 建立信用评级体系、设置风险准备金等。
市场风险
金融机构需关注市场波动对资产价值的影响,通过分散投资、对冲交 易等方式降低市场风险。
操作风险
金融机构需加强内部管理和员工培训,减少操作失误和欺诈行为的发 生。
汇率制度的类型与特点
01
汇率制度的类型
包括固定汇率制、浮动汇率制以及介于两者之间的中间汇率制。
02 03
各类汇率制度的特点
固定汇率制下,汇率波动幅度受到限制,有利于稳定国际贸易和投资; 浮动汇率制下,汇率由市场供求决定,具有灵活性和自动调节国际收支 的功能;中间汇率制则兼具两者特点。
汇率制度的选择
金融市场监管的必要性
01
维护市场秩序、保护投资者利益、防范金融风险等。
Mishkin 米什金 货币银行学 课件
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Proxy for risk-free rate is the yield on newly issued Treasury bonds The market risk premium, or (Rm-Rf), can be estimated using a long-term average of historical data.
12
Rational expectation (RE) = expectation that is optimal forecast
Efficient Markets Hypothesis
RET = RET =
e
Pt+1 – Pt + C Pt
Pet+1 – Pt + C Pt
(1)
Rational Expectations implies: Pet+1 = Poft+1 RETe = RETof
Tests of the Efficient Market Hypothesis (EMH) Test of weak-form
Searches for non-random patterns in prices Cannot find dependencies that can overcome transaction costs
Semistrong-form efficiency
Security prices reflect all public information
Strong-form efficiency
Security prices reflect all information
米什金货币金融学英文版习题答案chapter16英文习题
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米什金货币金融学英文版习题答案chapter16英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 16 Tools of Monetary Policy16.1 The Market for Reserves and the Federal Funds Rate1) The interest rate charged on overnight loans of reserves between banks is theA) prime rate.B) discount rate.C) federal funds rate.D) Treasury bill rate.Answer: CAACSB: Reflective Thinking2) The primary indicator of the Fed's stance on monetary policy isA) the discount rate.B) the federal funds rate.C) the growth rate of the monetary base.D) the growth rate of M2.Answer: BAACSB: Reflective Thinking3) The quantity of reserves demanded equalsA) required reserves plus borrowed reserves.B) excess reserves plus borrowed reserves.C) required reserves plus excess reserves.D) total reserves minus excess reserves.Answer: CAACSB: Reflective Thinking4) Everything else held constant, when the federal funds rate is ________ the interest rate paid on reserves, the quantity ofreserves demanded rises when the federal funds rate ________.A) above, risesB) above, fallsC) below, risesD) below, fallsAnswer: BAACSB: Analytical Thinking5) The opportunity cost of holding excess reserves is the federal funds rateA) minus the discount rate.B) plus the discount rate.C) plus the interest rate paid on excess reserves.D) minus the interest rate paid on excess reserves.Answer: DAACSB: Analytical Thinkingreserves, the demand curve for reserves isA) vertical.B) horizontal.C) positively sloped.D) negatively sloped.Answer: DAACSB: Analytical Thinking7) When the federal funds rate equals the interest rate paid on excess reservesA) the supply curve of reserves is vertical.B) the supply curve of reserves is horizontal.C) the demand curve for reserves is vertical.D) the demand curve for reserves is horizontal.Answer: DAACSB: Analytical Thinking8) The quantity of reserves supplied equalsA) nonborrowed reserves minus borrowed reserves.B) nonborrowed reserves plus borrowed reserves.C) required reserves plus borrowed reserves.D) total reserves minus required reserves.Answer: BAACSB: Reflective Thinking9) In the market for reserves, when the federal funds interest rate is below the discount rate, the supply curve of reserves isA) vertical.B) horizontal.C) positively sloped.D) negatively sloped.Answer: AAACSB: Reflective Thinking10) When the federal funds rate equals the discount rateA) the supply curve of reserves is vertical.B) the supply curve of reserves is horizontal.C) the demand curve for reserves is vertical.D) the demand curve for reserves is horizontal.Answer: BAACSB: Reflective Thinkingreserves, then an open market ________ the supply of reserves, raising the federal funds interest rate, everything else held constant.A) sale decreasesB) sale increasesC) purchase increasesD) purchase decreasesAnswer: A12) In the market for reserves, if the federal funds rate is above the interest rate paid on excess reserves, an open market purchase ________ the ________ of reserves which causes the federal funds rate to fall, everything else held constant.A) increases; supplyB) increases; demandC) decreases; supplyD) decreases; demandAnswer: AAACSB: Analytical Thinking13) In the market for reserves, if the federal funds rate is above the interest rate paid on excess reserves, an open market purchase ________ the supply of reserves and causes the federal funds interest rate to ________, everything else held constant.A) decreases; fallB) increases; fallC) increases; riseD) decreases; riseAnswer: BAACSB: Analytical Thinking14) In the market for reserves, if the federal funds rate is above the interest rate paid on excess reserves, an open market sale ________ the supply of reserves causing the federal funds rate to ________, everything else held constant.A) decreases; decreaseB) increases; decreaseC) increases; increaseD) decreases; increaseAnswer: Dreserves, an open market sale ________ the ________ of reserves, causing the federal funds rate to increase, everything else held constant.A) increases; supplyB) increases; demandC) decreases; supplyD) decreases; demandAnswer: CAACSB: Analytical Thinking16) In the market for reserves, a lower discount rateA) decreases the supply of reserves.B) increases the supply of reserves.C) lengthens the vertical section of the supply curve of reserves.D) shortens the vertical section of the supply curve of reserves.Answer: DAACSB: Analytical Thinking17) In the market for reserves, a lower interest rate paid on excess reservesA) decreases the supply of reserves.B) increases the supply of reserves.C) decreases the effective floor for the federal funds rate.D) increases the effective floor for the federal funds rate.Answer: CAACSB: Analytical Thinking18) Everything else held constant, in the market for reserves, when the federal funds rate is 3%, lowering the discount rate from 5% to 4%A) lowers the federal funds rate.B) raises the federal funds rate.C) has no effect on the federal funds rate.D) has an indeterminate effect on the federal funds rate.Answer: CAACSB: Analytical Thinking19) Everything else held constant, in the market for reserves, when the federal funds rate is 3%, increasing the interest rate paid on excess reserves from 1% to 2%A) lowers the federal funds rate.B) raises the federal funds rate.C) has no effect on the federal funds rate.D) has an indeterminate effect on the federal funds rate.Answer: CAACSB: Analytical Thinking20) Everything else held constant, in the market for reserves, when the federal funds rate is 5%, lowering the discount rate from 5% to 4%A) lowers the federal funds rate.B) raises the federal funds rate.C) has no effect on the federal funds rate.D) has an indeterminate effect on the federal funds rate.Answer: AAACSB: Analytical Thinking21) Everything else held constant, in the market for reserves, when the federal funds rate is 1%, increasing the interest rate paid on excess reserves from 1% to 2%A) lowers the federal funds rate.B) raises the federal funds rate.C) has no effect on the federal funds rate.D) has an indeterminate effect on the federal funds rate.Answer: BAACSB: Analytical Thinking22) Everything else held constant, in the market for reserves, when the federal funds rate is 3%, raising the discount rate from 5% to 6%A) lowers the federal funds rate.B) raises the federal funds rate.C) has no effect on the federal funds rate.D) has an indeterminate effect on the federal funds rate.Answer: CAACSB: Analytical Thinking23) Everything else held constant, in the market for reserves, when the federal funds rate is 3%, lowering the interest rate paid on excess reserves rate from 2% to 1%A) lowers the federal funds rate.B) raises the federal funds rate.C) has no effect on the federal funds rate.D) has an indeterminate effect on the federal funds rate.Answer: CAACSB: Analytical Thinking24) Everything else held constant, in the market for reserves, when the federal funds rate equals the discount rate, lowering the discount rateA) increases the federal funds rate.B) lowers the federal funds rate.C) has no effect on the federal funds rate.D) has an indeterminate effect of the federal funds rate.Answer: BAACSB: Analytical Thinking。
米什金 货币银行学 课件
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Equilibrium RD = RF at E* If Et > E*, RF > RD, sell $, Et If Et < E*, RF < RD, buy $, Et
10
Equilibrium in the Foreign Exchange Market
11
Shifts in RF
9
Deriving RF Curve
Assume iF = 10%, Eet+1 = 1 euro/$ Point A: Et = 0.95, RF = 0.10 – (1 – 0.95)/0.95 = 0.048 = 4.8% B: Et = 1.00, RF = 0.10 – (1 – 1.0)/1.0 = 0.100 =10.0% C: Et = 1.05, RF = 0.10 – (1 – 1.05)/1.05 = 0.148 = 14.8% RF curve connects these points and is upward sloping because when Et is higher, expected appreciation of F higher, RF Deriving RD Curve Points B, D, E, RD = 10%: so curve is vertical
标题
Your Subtitle Goes Here
Chapter 19
The Foreign Exchange Market
Foreign Exchange Rates
3
The Foreign Exchange Market
Definitions: 1. Spot exchange rate 2. Forward exchange rate 3. Appreciation 4. Depreciation
货币金融学,米什金 PPT
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• A bond is a debt securityቤተ መጻሕፍቲ ባይዱthat 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
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.
资金的人那里转移到资金短缺者手中的场所
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
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偿权
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
米什金货币金融学第九版16章:货币政策操作
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货币政策不应刺破资产价格泡沫
加息对资产价格泡沫有高高度的不确定性
并非非所有资产都存在泡沫,但加息却是一一刀刀切 的买卖 加息会使经济付出巨大大的成本
应该用用宏观审慎监督来控制信贷驱动型泡沫
选择政策手手段的标准
可测量性 可控性 对⺫目目标有可预计的影响
泰勒规则
通过设定联邦基金金利率等短期利率指标来实施 货币政策
16章:货币政策操作
资产价格泡沫:资产价格脱离基本价值的显著 上升
政策程序
不能只使用用泰勒规则而而不考虑其他因素
信贷驱动 类型
危害大大 有反馈回路
非非理性繁荣
从逻辑上讲中央银行行不应对泡沫做出反应,但 由于掌握了信贷放松的信息,官员有可能能够 确认泡沫的存在
以货币为指标
每年货币总量增⻓长率要达到特定水水平
评价
优点 缺点
战略
以通货膨胀为指标
货币总直接行行动
联邦储备体系⻓长期内高高度关注控制通货膨胀 评价
思维导图
战术
不能同时选择非非借入入准备金金和联邦基金金利率两 个指标作为政策手手段
选择货币政策手手段
米什金货币金融学(英文)ppt课件
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4. Bank Supervision: Chartering and Examination A. Reduces adverse selection problem of risk takers or crooks owning banks B. Reduces moral hazard by preventing risky activities C. New trend: Assessment of risk management
5. Disclosure Requirements A. Better information reduces asymmetric information problem
© 2005 PeMajor Banking Legislation in Canada
2. Restrictions on Asset Holdings A. Reduces moral hazard of too much risk taking
© 2005 Pearson Education Canada Inc.
11-2
How Asymmetric Information Explains Banking Regulation
3. Bank Capital Requirements A. Reduces moral hazard: banks have more to lose when have higher capital B. Higher capital means more collateral for FDIC
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17-8
Open Market Purchase: Summary
• The effect of an open market purchase on reserves depends on whether the seller of the bonds keeps the proceeds from the sale in currency or in deposits
• Assets
– Government securities: holdings by the Fed that affect money supply and earn interest – Discount loans: provide reserves to banks and earn the discount rate
Federal Reserve System
Assets Securities Liabilities +$100 Reserves +$100
• Net result is that reserves have increased by $100 • No change in currency • Monetary base has risen by $100
(borrowing from Fed)
(borrowing from Fed)
• Monetary liabilities of the Fed have increased by $100 • Monetary base also increases by this amount
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
17-5
Open Market Purchase from a Bank
Banking System
Assets Securities Reserves -$100 +$100 Liabilities
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
17-4
Monetary Base
High-powered money MB = C + R C = currency in circulation R = total reserves in the banking system
• Central bank (Federal Reserve System)
• Banks (depository institutions; financial intermediaries)
• Depositors (individuals and institutions)
• Borrowers from banks (individuals and institutions that borrow and institutions that issue bonds)
(borrowing from Fed)
(borrowing from Fed)
• Net effect on monetary base is a reduction • Monetary base changes one-for-one with a change in the borrowings from the Federal Reserve System
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
17-10
Shifts from Deposits into Currency
Nonbank Public Assets Checkable deposits Currency -$100 +$100 Federal Reserve System Assets Liabilities Currency in circulation +$100 Liabilities Assets Reserves Banking System Liabilities -$100 Checkable deposits -$100
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
17-2
Fed’s Balance Sheet
Federal Reserve System
Assets
Liabilities
Government securities
Currency in circulation
17-11
Making a Discount Loan to a Bank
Banking System Assets Reserves Liabilities +$100 Discount loans +$100 Federal Reserve System Assets Discount loan Liabilities +$100 Reserves +$100
17-7
Open Market Purchase from Nonbank Public II
Nonbank Public Federal Reserve System
Assets
Securities Currency -$100 +$100
Liabilities
Assets
Securities
Liabilities
Very important - Changes in the asset items lead to changes in reserves and consequently to changes in the money supply. - These assets earn interest while the liabilities do not.
• The effect of an open market purchase on the monetary base always increases the monetary base by the amount of the purchase
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
+$100 Currency in circulation +$100
• The person selling the bonds cashes the Fed’s check • Reserves are unchanged • Currency in circulation increases by the amount of the open market purchase • Monetary base increases by the amount of the open market purchase
Discount loans
Reserves
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
17-3
• Monetary Liabilities
– Currency in circulation: in the hands of the public – Reserves: bank deposits at the Fed and vault cash Reserves= required reserves + excess reserves
• They are not fully controlled by the central bank.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
17-14
Fed’s Ability to Control the Monetary Base
Net effect on monetary liabilities is zero Reserves are changed by random fluctuations Monetary base is a more stable variable
Reserves
-$100
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
• Although float and Treasury deposits with the Fed undergo substantial short-run fluctuations, they do not prevent the Fed from accurately controlling it. • Open market operations are controlled by the Fed • The Fed cannot determine the amount of borrowing by banks from the Fed • Split the monetary base into two components
17-9
Open Market Sale
Nonbank Public Federal Reserve System