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1、Chapter 01,Why Study Money, Banking, and Financial Markets?,Why Study Money, Banking, and Financial Markets,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 economy,Part1 Introduction,Cha
2、p1 Why Study Money, Banking and Financial Markets? Chap2 An overviews of the Financial System Chap3 What is Money?,Part2 Financial Markets and Financial Institutions,Chap4 Understanding Interest Rates Chap5 The Behavior of Interest Rates Chap6 Banking,FIGURE 1 Interest Rates on Selected Bonds, 19502
3、008,Sources: Federal Reserve Bulletin; www.federalreserve.gov/releases/H15/data.htm.,Part3 Central Banking and the Conduct of Monetary Policy,Chap7 Structure of Central banks Chap8 Multiple Deposit Creation and the Money Supply Process Chap9 Determinants of the Money Supply Chap10 Tools of Monetary
4、Policy Chap11 What should central Banks Do? Monetary Policy Goals, Strategy and Tactics,Part4 Money Theory,Chap12 The Demand for Money Chap13 Aggregate Demand and Supply Analysis Chap14 Transmission Mechanisms of Monetary Policy: The Evidence Chap15 Money and Inflation,FIGURE 4 Aggregate Price Level
5、 and the Money Supply in the United States, 19502008,Sources: www.stls.frb.org/fred/data/gdp/gdpdef; www.federalreserve.gov/releases/h6/hist/h6hist10.txt.,Money and Inflation,The aggregate price level is the average price of goods and services in an economy A continual rise in the price level (infla
6、tion) affects all economic players Data shows a connection between the money supply and the price level,FIGURE 5 Average Inflation Rate Versus Average Rate of Money Growth for Selected Countries, 19972007,Source: International Financial Statistics.,FIGURE 6 Money Growth (M2 Annual Rate) and Interest
7、 Rates (Long-Term U.S. Treasury Bonds), 19502008,Sources: Federal Reserve Bulletin, p. A4, Table 1.10; www.federalreserve.gov/releases/h6/hist/h6hist1.txt.,Money and Interest Rates,Interest rates are the price of money Prior to 1980, the rate of money growth and the interest rate on long-term Treasu
8、ry bonds were closely tied Since then, the relationship is less clear but the rate of money growth is still an important determinant of interest rates,FIGURE 3 Money Growth (M2 Annual Rate) and the Business Cycle in the United States, 19502008,Note: Shaded areas represent recessions. Source: Federal
9、 Reserve Bulletin, p. A4, Table 1.10; www.federalreserve.gov/releases/h6/hist/h6hist1.txt.,How We Will Study Money, Banking, and Financial Markets,A simplified approach to the demand for assets The concept of equilibrium Basic supply and demand to explain behavior in financial markets The search for
10、 profits An approach to financial structure based on transaction costs and asymmetric information Aggregate supply and demand analysis,References,米什金，货币金融学（中文）（8)，清华大学出版社，2009 米什金，货币金融学（中文）（9)，人民大学出版社，2011 易纲、吴有昌，货币银行学，上海人民出版社，1999年 武康平， 货币银行学教程清华大学出版社2006年 黄达，货币银行学， 中国人民大学出版社2000年 戴国强，货币银行学， 上海财经大学
11、出版社，2003 托马斯，货币，银行业和金融市场机械工业出版社2008 R.哈里斯著，梁小民译：货币理论，中国金融出版社，北京，1989,Chapter 3,What Is Money?,Meaning of Money（货币）,What is it? Money (or the “money supply”): anything that is generally accepted in payment for goods or services or in the repayment of debts.,Meaning of Money,Money (a stock concept) is
12、 different from: Currency: consist of dollar bills（钞票） and coins（硬币）, currency is one type of money. Wealth（财富）: the total collection of pieces of property that serve to store value Income（收入）: flow of earnings per unit of time (a flow concept),Functions of Money,Medium of Exchange（交易媒价）: Eliminates
13、 the trouble of finding a double coincidence of needs (reduces transaction costs) Promotes specialization A medium of exchange must be easily standardized be widely accepted be divisible be easy to carry not deteriorate quickly,Functions of Money,Unit of Account（计算单位）: used to measure value in the e
14、conomy reduces transaction costs Store of Value（价值尺度）: used to save purchasing power over time. other assets also serve this function Money is the most liquid of all assets but loses value during inflation,Evolution of the Payments System（支付制度的演变）,Commodity Money（商品货币）: valuable, easily standardized
15、 and divisible commodities (e.g. precious metals, cigarettes). Fiat Money（不兑现纸币）: paper money decreed by governments as legal tender（法定货币）.,Evolution of the Payments System,Checks（支票）: an instruction to your bank to transfer money from your account Electronic Payment (电子支付，e.g. online bill pay). E-M
16、oney (electronic money，电子货币): Debit card Stored-value card (smart card) E-cash,Measuring Money,How do we measure money? Which particular assets can be called “money”? Construct monetary aggregates using the concept of liquidity: M1 (most liquid assets) = currency（通货） + travelers checks（旅行支票） + demand deposits （活期存款）+ other checkable deposits（其他支票存款）.,Measuring Money,M2 (adds to M1 other assets that are not so liquid) = M1 + small denomination time deposits（小面额定期存款） + saving
