《米什金货币金融学商学院版第1章ppt课件》由会员分享，可在线阅读，更多相关《米什金货币金融学商学院版第1章ppt课件（26页珍藏版）》请在金锄头文库上搜索。
1、Copyright 2010 Pearson Addison-Wesley. All rights reserved.货币金融学货币金融学(ECONOMICS OF MONEY & FINANCE)薛薛 彤彤Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-2 学习内容学习内容:货币金融学货币金融学是教育部确定的是教育部确定的“财经类专业财经类专业核心课程核心课程”之一，也是我校国贸学院国贸、金之一，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，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。是一
2、门基础课程。内容涉及金融学的各个方面，系统阐述金融学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。融实务运作的机制及最新发展。 Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-3教学目的教学目的 本课程的目的是使学生系统地了解和掌握金融学的基本本课程的目的是使学生系统地了解和掌握金融学的基本概念、基本原理、基本知识、基本思想和方法，对货币、概
3、念、基本原理、基本知识、基本思想和方法，对货币、信用、利率、金融机构、金融市场、国际金融、金融宏信用、利率、金融机构、金融市场、国际金融、金融宏观调控、金融监管等基本范畴、内在关系及其运动规律观调控、金融监管等基本范畴、内在关系及其运动规律有较系统的掌握；使学生了解国内外金融问题的现状，有较系统的掌握；使学生了解国内外金融问题的现状，掌握观察和分析金融问题的正确方法，培养辨析金融理掌握观察和分析金融问题的正确方法，培养辨析金融理论和解决金融实际问题的能力；又要为后继课程的学习论和解决金融实际问题的能力；又要为后继课程的学习作好业务、思想和心理上的准备，还要为学生毕业后从作好业务、思想和心理上的
4、准备，还要为学生毕业后从事有关工作打下良好的基础。事有关工作打下良好的基础。 Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-4教材：教材：Mishkin, Frederic, The Economics of Money, Banking, and Financial Markets, （商学院版）（商学院版）, 2010年，人民大学出版社年，人民大学出版社最终成绩最终成绩:1.期末考试：期末考试：602.平时成绩：平时成绩：40Copyright 2010 Pearson Addison-Wesley. All ri
5、ghts reserved.1-5周次周次教学内容纲要教学内容纲要1Ch 1 Why Study Money, Banking, and Financial Markets? 2Ch 2 An Overview of the Financial System.3Ch 3 What is Money? 4Ch 4 Understanding Interest Rates.5Ch 5 The Behavior of Interest Rate6Ch 6 The Risk and Term Structure of Interest Rates7Ch 7 The Stock Market, the
6、Theory of Rational Expectations, and the Efficient Market Hypothesis8Ch 8 An Economic Analysis of Financial Structures 9Ch 9 Banking and the management of financial institutions10Ch 10 Banking industry11Ch12 Nonbank Finance12Ch 13 Financial Derivatives13Ch 15 Structure of Central Banks and the Feder
7、al Reserve System 14Ch 16 Multiple Deposit Creation and the Money Supply Process 15Ch 17 Determinants of the Money Supply16Ch 18 Tools of Monetary Policy17 OverviewPart 1 IntroductionPart 2 Financial MarketPart 3 Financial InstitutionsPart 4 Central Banking & Monetary PolicyCopyright 2010 Pearson Ad
8、dison-Wesley. All rights reserved.Chapter 1Why Study Money, Banking, and Financial Markets?Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-7To examine how financial markets such as bond and stock markets work.To examine how financial institutions such as banks and insurance companies wo
9、rk.To examine the role of money in the economy.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-81.1Why Study Financial MarketsFinancial MarketsMarkets in which funds are transferred from people who have an excess of available funds to people who have a shortage of fundsCopyright 2010 Pe
10、arson Addison-Wesley. All rights reserved.1-91.1.1The Bond Market and Interest RatesA security (financial instrument) is a claim on the issuers future income or assetsA bond is a debt security that promises to make payments periodically for a specified period of timeAn interest rate is the cost of b
11、orrowing or the price paid for the rental of funds.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-10FIGURE 1 Interest Rates on Selected Bonds, 19502008Sources: Federal Reserve Bulletin; www.federalreserve.gov/releases/H15/data.htm.Copyright 2010 Pearson Addison-Wesley. All rights reser
12、ved.1-11Interest rates are important on a number of levels.So it is important to explain fluctuations in interest rates.Because different interest rates have a tendency to move in unison, economists frequently lump interest rates together and refer to “the” interest rate.In Chapter 2 we study the ro
13、le of bond markets and in Chapters 4 through 6 we examine what an interest rate ,how the common movements in interest rates come about and why the interest rate on different bonds vary. Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-121.1.2 The Stock MarketCommon stock represents a sha
14、re of ownership in a corporationA share of stock is a claim on the earnings and assets of the corporationIssuing stock and selling it to the public is a way for corporations to raise funds to finance their activities.The stock market is the most widely followed financial market in almost every count
15、ry. It is a place where people can get rich- or poor- quickly.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-13FIGURE 2 Stock Prices as Measured by the Dow Jones Industrial Average, 19502008Source: Dow Jones Indexes: http:/ 2010 Pearson Addison-Wesley. All rights reserved.1-14In Chapte
16、r 2 we examine the role of stock market and in Chapter 7 we return to the issue of how stock prices behave and respond to information in the marketplace.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-151.2 Why Study Financial Institutions and Banking?1.2.1 Structure of the financial sy
17、stemFinancial Intermediaries: institutions that borrow funds from people who have saved and make loans to other people.Why are financial intermediaries so crucial？Why are they the most heavily regulated businesses in the economy? We answer these questions in Chapter 8.Copyright 2010 Pearson Addison-
18、Wesley. All rights reserved.1-16Banks: accept deposits and make loansOther Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banksIn Chapter 9, we examine how banks and other financial institutions manage their assets and liabilities to make p
19、rofits. In Chapter 10, we look at the banking industry and in Chapter 12, we study the nonbank financial institutions.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-171.2.2 Financial Innovation: in particular, the advent of the information age and e-financeIn Chapter 10 we study why an
20、d how financial innovation takes place.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-181.3 Why Study Money and Monetary Policy?1.3.1 Money and Business Cycles Evidence suggests that money plays an important role in generating business cyclesRecessions (unemployment) and expansions aff
21、ect all of usMonetary Theory ties changes in the money supply to changes in aggregate economic activity and the price levelCopyright 2010 Pearson Addison-Wesley. All rights reserved.1-19FIGURE 3 Money Growth (M2 Annual Rate) and the Business Cycle in the United States, 19502008Note: Shaded areas rep
22、resent recessions.Source: Federal Reserve Bulletin, p. A4, Table 1.10; www.federalreserve.gov/releases/h6/hist/h6hist1.txt.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-20FIGURE 4 Aggregate Price Level and the Money Supply in the United States, 19502008Sources: www.stls.frb.org/fred/d
23、ata/gdp/gdpdef; www.federalreserve.gov/releases/h6/hist/h6hist10.txt.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-211.3.2 Money and InflationThe aggregate price level is the average price of goods and services in an economyA continual rise in the price level (inflation) affects all e
24、conomic playersData shows a connection between the money supply and the price levelCopyright 2010 Pearson Addison-Wesley. All rights reserved.1-22FIGURE 5 Average Inflation Rate Versus Average Rate of Money Growth for Selected Countries, 19972007Source: International Financial Statistics.Copyright 2
25、010 Pearson Addison-Wesley. All rights reserved.1-231.3.3Money and Interest RatesInterest rates are the price of moneyPrior to 1980, the rate of money growth and the interest rate on long-term Treasury bonds were closely tiedSince then, the relationship is less clear but the rate of money growth is
26、still an important determinant of interest ratesCopyright 2010 Pearson Addison-Wesley. All rights reserved.1-24FIGURE 6 Money Growth (M2 Annual Rate) and Interest Rates (Long-Term U.S. Treasury Bonds), 19502008Sources: Federal Reserve Bulletin, p. A4, Table 1.10; www.federalreserve.gov/releases/h6/h
27、ist/h6hist1.txt.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-251.3.4 Conduct of Monetary PolicyMonetary policy is the management of the money supply and interest ratesConducted by the central bank and in the U.S. is by the Federal Reserve System (Fed)In Chapter 15 through 18, we stud
28、y how central banks can affect the quantity of money and interest rate and then look at how monetary policy is actually conducted in the U.S. Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-261.4 How We Will Study Money, Banking, and Financial MarketsA simplified approach to the demand for assetsThe concept of equilibriumBasic supply and demand to explain behavior in financial marketsThe search for profitsAn approach to financial structure based on transaction costs and asymmetric informationAggregate supply and demand analysis
