廣外貨幣銀行學(xué)期末重點(diǎn)全英米什金

1、考試題型以及分?jǐn)?shù)分布:一、選擇題：1'*20=20'二、名詞解釋：4'*5=20 '三、簡答題：8'*5=40 '四、論述題：20*1=20'重點(diǎn)制作思路：1 .考慮到時(shí)間關(guān)系，抓大放小2 .結(jié)合老師提及復(fù)習(xí)容進(jìn)行預(yù)測3 .以理順書本架構(gòu)為主，看到一個(gè)知識點(diǎn)猜一下可能會(huì)出什么題The economics of money,banking and financialmarketsby KyleChapter1 ： Why Study Money, Banking, and Financial Markets ?（本章了解一下這個(gè)問題即可，最

2、多考一下選擇）Answer:? To examine how financial markets such as bond and stock markets work? To examine how financial institutions such as banks work? To examine the role of money in the economyChapter2 : An Overview of the Financial System1. Function of Financial Markets? Perform the essential function of

3、 channeling funds from economic players that have saved surplus funds to those that have a shortage of funds? Direct finance: borrowers borrow funds directly from lenders in financialmarkets by selling them securities.? Promotes economic efficiency by producing an efficient allocation（分酉己）of capital

4、 （資金）,which increases production? Directly improve the well-being of consumers by allowing them to time purchases better?2.Structure of Financial Markets? Debt and Equity （普通股） Markets? Primary and Secondary Markets? Exchanges and Over-the-Counter （OTC不通過交易所而直接售給顧客的）Markets? Money and Capital Market

5、s （貨幣和資本市場）3. Financial Market Instruments（ 要能舉出例子，很可能考選擇）Money markets deal in short-term debt instrumentsCapital markets deal in longer-term debt and equity instruments.4.Internationalization of Financial Markets（重點(diǎn)，選擇、名詞解釋都有可能）? Foreign Bonds & Eurobond? Eurocurrencies & Eurodollars? Worl

6、d Stock Markets5. Function of Financial Intermediaries: Indirect Finance（記一下金融中介機(jī)構(gòu)的功能，交易成本很可能考名詞解釋）? Lower transaction costs （time and money spent in carrying out financialtransactions）.? Reduce the exposure of investors to risk? Deal with asymmetric 不對稱 information problems? Conclusion:Financial in

7、termediaries allow small" savers and borrowers to benefit from the existence of financial markets.6. Types of Financial Intermediaries （會(huì)分類即可）Depository institutionsContractual saving institutionsInvestment intermediaries7. Regulation of the Financial System? To increase the information availab

8、le to investors:? To ensure the soundness 健康爪I固 of financial intermediariesChapter3 : What Is Money?1. Meaning of Money （即 definition ,必考名詞解釋！ ！）? Money （or the money supply "）： anything that is generally accepted in payment for goods or services or in the repayment of debts.2. Functions of Mon

9、ey（重點(diǎn)）Medium of Exchange:A medium of exchange mustUnit of Account:Store 儲(chǔ)藏 of Value:3. Evolution of the Payments System? Commodity 商品 Money? Fiat 法定 Money? Checks 支票 Electronic Payment (e.g. online bill pay).? E-Money (electronic money):4. Measuring Money(重中之重，M1/M2都很有可能考名詞解釋)? Construct monetary ag

10、gregates using the concept of liquidity :(構(gòu)建貨幣總量使用流動(dòng)性的概念)? M1 (most liquid assets) = currency + traveler s checks + demand deposits + other checkable deposits.? M2 (adds to M1 other assets that are not so liquid) = M1 + small denomination time deposits + savings deposits and money market deposit acc

11、ounts + money market mutual fund shares.Chapter4 : Understanding Interest Rates1. measuring interest rates:Present Value（很可能考察名詞解釋）A dollar paid to you one year from now is less valuable than a dollar paid to you todaySimple Present Value : PV=CF/（1+i）n 次2. Four Types of Credit Market Instruments? S

12、imple Loan? Fixed Payment Loan? Coupon Bond附票債券? Discount Bond 貼現(xiàn)債券3. Yield to Maturity（重點(diǎn)，很可能名詞解釋）? The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today計(jì)算4種不同信用工具外加 Consol or Perpetuity （金邊債券或永久債券）的YM4. Yield on a Discount Basis

13、 （了解即可）Current Yield當(dāng)期收益率Yield on a Discount Basis 折價(jià)收益率Rate of Return 收益率5. Rate of Return and Interest Rates（收益率與利息率的 distinction ）? The return equals the yield to maturity only if the holding period equals the time to maturity? A rise in interest rates is associated with a fall in bond prices, re

14、sulting in a capital loss if time to maturity is longer than the holding period? The more distant a bond s maturity, the greater the size of the percentage price change associated with an interest-rate change? The more distant a bond s maturity, the lower the rate of return the occurs as a result of

15、 an increase in the interest rate? Even if a bond has a substantial initial interest rate, its return can be negative if interest rates rise6. Interest-Rate Risk? Prices and returns for long-term bonds are more volatile than those for shorter-term bonds? There is no interest-rate risk for any bond w

16、hose time to maturity matches the holding period7. Real and Nominal Interest Rates（重點(diǎn)，很可能考察簡答題）? Nominal interest rate makes no allowance for inflation? Real interest rate is adjusted for changes in price level so it more accurately reflects the cost of borrowing? Ex ante real interest rate is adjus

17、ted for expected changes in the pricelevelEx post real interest rate is adjusted for actual changes in the price level8. Fisher Equation （重點(diǎn)考察） ei iri = nominal interest rate ir = real interest rate e = expected inflation rate When the real interest rate is low, there are greater incentives to borro

18、w and fewer incentives to lend. The real interest rate is a better indicator of the incentives to borrow and lend.Chapter5 : The Behavior of Interest Rates1 . Determining the Quantity Demanded of an Asset? Wealth: the total resources owned by the individual, including all assets? Expected Return: th

19、e return expected over the next period on one asset relative to alternative assets? Risk: the degree of uncertainty associated with the return on one assetrelative to alternative assets? Liquidity: the ease and speed with which an asset can be turned into cash relative to alternative assets （流動(dòng)性很有可能

20、考名詞解釋）2 .Theory of Asset Demand（必考，死活都得背下來）Holding all other factors constant:1. The quantity demanded of an asset is positively related to wealth2. The quantity demanded of an asset is positively related to its expected return relative to alternative assets3. The quantity demanded of an asset is ne

21、gatively related to the risk of its returns relative to alternative assets4. The quantity demanded of an asset is positively related to its liquidity relative to alternative assets3. Supply and Demand for Bonds（見到看一下圖）Market Equilibrium4. Shifts in the Demand for Bonds? Wealth: in an expansion with

22、growing wealth, the demand curve for bonds shifts to the right? Expected Returns: higher expected interest rates in the future lower the expected return for long-term bonds, shifting the demand curve to the left? Expected Inflation: an increase in the expected rate of inflations lowers the expected

23、return for bonds, causing the demand curve to shift to the left? Risk: an increase in the riskiness of bonds causes the demand curve to shift to the left? Liquidity: increased liquidity of bonds results in the demand curve shifting right5. Shifts in the Supply of Bonds? Expected profitability of inv

24、estment opportunities: in an expansion, the supply curve shifts to the right? Expected inflation: an increase in expected inflation shifts the supply curve for bonds to the right? Government budget: increased budget deficits shift the supply curve to the right6. The Liquidity Preference Framework (重

25、中之重)Keynesian model that determines the equilibrium interest rate in terms of the supply of and demand for money.There are two main categories of assets that people use to storetheir wealth: money and bo nds.s s d dTotal wealth in the economy = B M = B + MRearranging: Bs- Bd = Ms - M ds d、If the mar

26、ket for money is in equilibrium (M = M ),s dthen the bond market is also in equilibrium (B = B ).7. Demand for Money in the Liquidity Preference FrameworkAs the interest rate increases:一 The opportunity cost of holding money increases - The relative expected return of money decreases and therefore t

27、he quantity demanded of money decreases.8. Shifts in the Demand for Money（都很重要）? Income Effect: a higher level of income causes the demand for money at each interest rate to increase and the demand curve to shift to the right? Price-Level Effect: a rise in the price level causes the demand for money

28、 at each interest rate to increase and the demand curve to shift to the rightWord文檔? Liquidity preference framework leads to the conclusion that an increase in the money supply will lower interest rates: the liquidity effect.? Income effect finds interest rates rising because increasing the money su

29、pply is an expansionary influence on the economy (the demand curve shifts to the right).Chapter9:Banking1.The Bank Balance Sheet? Liabilities-Checkable deposits-Nontransaction deposits-Borrowings-Bank capital? Assets-Reserves準(zhǔn)備金)- Cash items in process of collection- Deposits at other banks-Securiti

30、es-Loans- Other assets一2.Basic Banking:? Cash Deposit : Opening of a checking account leads to an increase in the bank's reserves equal to the increase in checkable depositsCheck Deposit3. Inter-business? Bank settlement? Finance lease? Fiduciary business? Safe deposit box4. Off-Balance-Sheet Ac

31、tivities? Loan sales （secondary loan participation）? Generation of fee income. Examples:Chapter12:Central Banks and the Federal Reserve System （止匕章省略很多）1. Structure ofthe Fed（ 了解即可）Board of Governors （7 人）12 FRBs （9 人） Member BanksFOMC （7+1+4 人）Federal Advisory Council （12 人）2.FederalReserve Bank (3

32、+3+3 人)Functions :Clear checksIssue new currencyWithdraw damaged currency from circulationAdminister and make discount loans to banks in their districtsEvaluate proposed mergers and applications for banks to expand their activitiesAct as liaisons between the business community and the Federal Reserv

33、e SystemExamine bank holding companies and state-chartered member banksCollect data on local business conditionsUse staffs of professional economists to research topics related to the conduct of monetary policyChapter13&14 : The Money Supply Process :1.Players in the Money SupplyProcessCentral b

34、ank (Federal Reserve System)Banks (depository institutions; financial intermediaries)Depositors (individuals and institutions)2. Fed s Balance SheetFederal Reserve SystemAssetsLiabilitiesGovernmentsecuritiesCurrency in circulationDiscount loansReserves3.Monetary BaseHigh-powered money MB = C + RC =

35、currency in circulationR = total reserves in the banking system4.Open Market Purchase? 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? The effect of an open market purchase on the monetary base

36、always increases the monetary base by the amount of the purchaseOpen Market Sale? Reduces the monetary base by the amount of the saleReserves remain unchangedThe effect of open market operations on the monetary base is much morecertain than the effect on reserves5. Fed s Ability to Control theMoneta

37、ry BaseSplit the monetary base into two components :MBn= MB - BRthe non-borrowed monetary base :MBnborrowed reserves:BR6. The Formula for Multiple Deposit Creation (很重要！必考，記住公式)Assuming banks do not hold excess reservesRequired Reserves RR) = Total Reserves R) RR = Required Reserve Ratio () times th

38、e total amountof checkable deposits D)Substitutingr D = RDividing both sides by rTaking the change in both sides yields7. Factors that Determine the Money SupplyChanges in the nonborrowed monetary base MBnChanges in borrowed reserves from the FedChanges in the required reserves ratioChanges in curre

39、ncy holdingsChanges in excess reserves8. The Money Multiplied 重點(diǎn))Assume that the desired holdings of currency C and excess reserves ER grow proportionally with checkable deposits D. Then, c = C/D = currency ratio e = ER/D = excess reserves ratioThe monetary base MB equals currency (C) plus reserves

40、(R):MB = C + R = C + (r x D) + ERM=m*MB=m*(MBn+BR)M=1+c/r+e+cChapter 15 : Tools of Monetary Policy1 . Tools of Monetary PolicyOpen market operationsChanges in borrowed reservesChanges in reserve requirementsFederal funds rate: the interest rate on overnight loans of reserves from one bank to another

41、2 .Demand in the Market for ReservesSupply in the Market for Reserves3 .Affecting the Federal Funds Rate4 .Open Market Operations （超級重點(diǎn)）Advantages :The Fed has complete control over the volumeFlexible and preciseEasily reversedQuickly implemented5 .Discount Policy （超級重點(diǎn)）Advantages :Used to perform r

42、ole of lender of last resortdisadvantages :Cannot be controlled by the Fed; the decision maker is the bank6 .Reserve Requirements (超級重點(diǎn))Advantages :? No longer binding for most banksdisadvantages :? Can cause liquidity problems?Increases uncertainty for banks7 . Monetary Policy Tools of the European

43、 Central Bank?Open market operations?Lending to banks?Reserve RequirementsChapte門6 : The Conduct of Monetary Policy: Strategy andTactics1. Goals of Monetary Policy(1) The Price Stability Goal? Low and stable inflation?Inflation?Nominal anchor to contain inflation expectations?Time-inconsistency prob

44、lem(2) Other Goals of Monetary Policy?High employment?Economic growth?Stability of financial markets?Interest-rate stability?Foreign exchange market stability2. Monetary Targeting?Advantages- Almost immediate signals help fix inflation expectations andproduce less inflation- Almost immediate account

45、ability? Disadvantages- Must be a strong and reliable relationship between the goalvariable and the targeted monetary aggregat e3. Inflation Targeting? Public announcement of medium-term numerical target for inflation? Institutional commitment to price stability as the primary, long-run goalof monet

46、ary policy and a commitment to achieve the inflation goal? Information-inclusive approach in which many variables are used in making decisions?Advantages?Does not rely on one variable to achieve target?Easily understood?Reduces potentialof fallingin time-inconsistency trap?Stresses transparency anda

47、ccountability?Disadvantages?Delayed signaling?Too much rigidity?Potential for increased output fluctuations?Low economic growth during disinflation4.Monetary Policy with an Implicit Nominal AnchorThere is no explicit nominal anchor in the form of an overriding concern for the Fed.Forward looking beh

48、avior and periodic preemptive strikes ”The goal is to prevent inflation from getting started.?Advantages一Uses many sources of informationAvoids time-inconsistency problem? Disadvantages- Lack of transparency and accountability一Strong dependence on the preferences, skills, and trustworthinessof indiv

49、iduals in charge- Inconsistent with democratic principles5. Tactics: Choosing the Policy Instrument?Tools- Open market operation- Reserve requirements- Discount rate?Policy instrument (operating instrument)- Reserve aggregates- Interest rates- May be linked to an intermediate target? Interest-rate a

50、nd aggregate targets are incompatible (must chose one or the other).6.Linkages Between Central Bank Tools, Policy Instruments, IntermediateTargets, and Goals of Monetary Policy(中間目標(biāo)是超級重點(diǎn)，死活都要背下來)Twit of th。CenlrAl BunkPolleyInatrumentflIntsrm4diit«TargetsG口業(yè)Open M.irkei Q 四間 ©nsDiscourM 戶d

51、cyResfl-vc AoquirBmenlsRoeerve八的中網(wǎng)翻 (mArvBt, ncnborrawM r砥morwfarv basfl. nanbofrcrwed best)imeresi 舊附g (shon-rHTi sLicti as lederal f jn(±5 rales)Mcmptary Aggr。般箱雪 (Ml. M2)Interest rates bhorl larm andPrice StabilityHi學(xué)i ErrpioymentEconoflnk GrowthFlnanct Markel Stabi tyInlere3t-Pat& Stabi

52、lityFfiragn Ekt 113nge MarketStatiMly1.Chapter19:The Demand for MoneyVelocity of Money and TheEquation of ExchangeV=P*Y/Mm*v=p*y2.Quantity Theory of Money DemandMd k PYSO: Demand for money is determined by:The level of transactions generated by the level of nominal income PYThe institutions in the e

53、conomy that affect the way people conduct transactions and thus determine velocity and hence k3. Keynes's Liquidity Preference TheoryTransactions motivePrecautionary motiveSpeculative motiveVelocity is not constant:4. Friedman s Modern Quantity Theory of Money(記住該公式及其含義)rmYp, rb rm , re rm, P5.

54、Differences between Keynes s and Friedman s Model (cont 'd)? Friedman- Includes alternative assets to money- Viewed money and goods as substitutes- The expected return on money is not constant; however, rb - rmdoes stay constant as interest rates rise一Interest rates have little effect on the demand for money? Friedman (cont 'd)- The demand for money is stablevelocity is predictable- Money is the primary determinant of aggregate spendingChapter23: Transmission Mechani