广外 货币银行学 期末重点 全英 米什金 ()

《货币银行学》课程复习提纲第一章货币原理与货币制度一、货币的本质：货币的法律定义；货币的职能定义；货币的本质定义；人民币的性质。

二、货币的职能：价值尺度，价格标准，货币作为价值尺度的特点；流通手段，货币作为流通手段的特点；支付手段，货币作为支付手段的范围；贮藏手段，典型的货币贮藏的“蓄水池”作用，价值符号的贮藏。

三、货币的作用：作为一般等价物的作用—流通工具、核算工具、分配工具；作为金融资产的作用—经济发展的启动作用，经济稳定的制约作用，经济稳定与发展的消极影响。

四、货币的种类：实物货币，低级阶段和高级阶段；纸质货币，银行券和纸币；存款货币；其它准货币。

银行券与存款货币属于信用货币。

五、货币制度的定义。

货币制度的构成要素：货币材料；货币单位；本国货币的铸造、发行及流通程序—本位币与辅币，自由铸造和限制铸造、无限法偿和有限法偿、超差兑换和自由兑换；金属准备制度。

六、货币制度的演变：银本位制；金银复本位制，“格雷欣法则”；金本位制，金币本位制、金块本位制和金汇兑本位制，典型的金本位制的三大特点，虚金本位制的性质。

七、纸币与银行券的区别，二者相融合的趋势；布雷顿森林体系的核心内容、性质及瓦解的原因；当代不兑现的信用货币制度的特点：现金通货与存款货币，通过信贷程序进行的货币供给，货币种类的多样化、黄金的非货币化。

第二章信用与金融市场一、金融市场的定义：什么是金融市场？场所的具体概念和抽象概念。

二、股票的理论价格；债券的理论价格：债券价格＝债券面额×(1＋债券利率×期限) 1＋银行利率×期限三、直接融资和间接融资；开放完善金融市场的前提和基础：金融资产多样化，国民储蓄基础。

四、信用工具的性质和特征：债权、债务契约；期限性、流动性、风险性和收益率。

其中，收益率分别有名义收益率、当期收益率和实际收益率。

（信用的特征）五、金融工具的种类：商业汇票、银行汇票、银行本票、支票；政府债券、公司债券、银行债券、股票；商业承兑汇票和银行承兑汇票；商业汇票的贴现。

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。

货币金融学米什金期末重点总结计算 Term structure Expectations theory:i nt =i t +i t +1e +i t +2e +?+i t + n?1e n Liquidity premium theory:i nt =i t +i t +1e +i t +2e +?+i t + n ?1e n +l ntBecause of people preferred short- term bonds, there is a larger liquidity premium as the term to maturity lengthens. (上升图)Yield curves tend to have an especially steep upward slope. (下降图）Yield curves will not tend to have a steep downward slope, and maybe will slope upward. Stock pricing modelOne-Period Valuation Model ：P 0=Div 11+k e +P 11+k eP 0=the current price of the stockDiv 1=the dividend paid at the end of year 1.k e =the required return on investments in equity.P 1=the price at the end of the first period .Generalized Dividend Valuation Model ：P 0= D t1+k e ∞t =1Gordon Growth Model ：P 0=D 0× 1+g(k e ?g )=D 1(k e ?g )D 0=the most recet dividend paid .g =the expected constant growth rate in dividends. Interest-Rate Risk A change in its interest rate:percent change in market value of security≈?persentage-point change in interest rate×duration in yearsA1：The assets fall in value by $8 million(=$100 million ×?2%×4 years )while the liabilities fall in value by $10.8 million(=$90 million ×?2%×6 years ). Because the liabilities fall in value by $2.8 million more than the assets do, the net worth of the bank rises by $2.8 million. The interest-rate risk can be reduced by shortening the maturity of the liabilities to a duration of 4 years or lengthening the maturity of the assets to a duration of 6 years. Alternatively, you could engage in an interest-rate swap, in which you swap the interest earned on your assets with the interest in another bank’s assets that have a durati on of 6 years.A2: The gap is $10 million ($30 million of rate-sensitive assets minus $20 million of rate-sensitive liabilities). The change in bank profits from the interest rate rise is +$0.5 million (5%×$10 million); the interest rate risk can be reduced by increasing rate-sensitive liabilities to $30 million or by reducing rate-sensitive assets to $20 million. Alternatively, you could engage in an interest rate swap in which you swap the interest in $10 million of rate-sensitive assets for the interest on another bank ’s $10 million of fixed-rate assets.The Money MultiplierM is money supply.MB is the monetary base.M=m×MBc = {C/D} = currency ratioe = {ER/D} = excess reserves ratioC is currency.ER is excess reserves.D is checkable deposits.r is the required reserve ratio.D=1r+e+c×MBM=1+cr+e+c×MBm=1+cr+e+c问答Present Value: A dollar paid to you one year from now is less valuable than a dollar paid to you today.Yield to Maturity and the Bond Price for a Coupon Bond: have 3 facts.1.When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.2.The price of a coupon bond and the yield to maturity are negatively related; that is, as the yield to maturity rises, the price of the bond falls. AS the yield to maturity falls, the price of the bond rises.3.The yield to maturity is greater than the coupon rate when the bond price is below its face value.Yield to Maturity(到期收益率):1.The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today.2.Also called internal rate of return.3.Most accurate measure of i.Rate of Return:The payment to the owner plus the change in valueexpressed as a fraction of the purchase price.RET=CP t +P t+1?P tP tRET=return from holding the bond from time t to t+1. P t=price of bond at time tP t+1=price of the bond at time t+1C=coupon paymentCP t=current yield=i cP t+1?P tP t=rate of capital gain=gRate of Return and Interest Rates:1.The return equals the yield to maturity only if the holding period equals the time to maturity.2.A rise in interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity is longer than the holding period.3.The more distant a bond’s maturity, the greater the size of the percentage price change associated with an interest-rate change.4.The more distant a bond’s maturity, the lower the rate of return that occurs as a result of an increase in the interest rate.5.Even if a bond has a substantial initial interest rate, its return can be negative if interest rates rise.Real and Nominal Interest Rates:1.Nominal interest rate makes no allowance for inflation.2.Real interest rate is adjusted for changes in price level so itmore accurately reflects the cost of borrowing.3.Ex ante real interest rate is adjusted for expected changes in the price level.4.Ex post real interest rate is adjusted for actual changes in the price level.4 Factors of Asset Demand:An asset is a piece of property that is a store of value, such as money ,bond, stocks, and houses.1.Wealth: the total resources owned by the individual, including all assets2.Expected Return: the return expected over the next period on one asset relative to alternative assets3.Risk: the degree of uncertainty associated with the return on one asset relative to alternative assets4.Liquidity: the ease and speed with which an asset can be turned into cash relative to alternative assetsTheory of Asset Demand: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 negatively 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 assetsThe Structure of Interest Rates风险结构：Bonds with the same maturity have different interest rates due to: Default risk违约风险, Liquidity流动性, Tax considerations 所得税因素.1. Default risk: probability that the issuer of the bond isunable or unwilling to make interest payments or pay off the face value.Conclusion: a bond with default risk will always have a positive risk premium, and an increase in its default risk will raise the risk premium. 具有违约风险的债券通常具有正的风险溢价，而违约风险的增长将会提高风险溢价水平。

货币银行学笔记2.0【米什金笔记】序：货币银行学笔记1.0指的是本座在12年后编写的【胡庆康笔记】，由于缺少了货币理论的三个章节，所以该笔记是一部残篇。

为了能够更好的解释货币银行学，故引用米什金第九版货币金融学作为蓝本进行笔记升级。

笔记主体将由米什金组成，由黄达胡庆康等作品为辅助。

这本笔记的编撰主要是服务于本座的学习实践，所以有的本座认为不必赘述的就略过，不必证明的就直接给结论。

在阅读顺序上，建议读者先阅读笔者的《胡庆康笔记》，后阅读笔者的《米什金笔记》。

章节编写上，由【大纲】/导图，【内容】/主干知识，【补充】/边角知识，【关键术语】，【习题】，【胡说】/编者说（红字） 组成。

其中【胡说】均标红色，仅代表编者看法。

在写作上，笔记多表格少文字，多截图少写字。

表格看的更舒服，截图表示有根据。

【画外音：本座懒】本笔记撰写者：西班牙溃疡/西班牙流感/履虎尾。

天下学问，惟夜航船中最难对付。

2016年7月2日星期六福州 五四路第零章：大纲 我们将针对以下章节展开描述：第1篇 引言第1章 为什么研究货币、银行与金融市场第2章 金融体系概览第3章 什么是货币？第2篇 金融市场第4章 理解利率第5章 利率行为第6章 利率的风险结构与期限结构第7章 股票市场、理性预期理论与有效市场假定 第3篇 金融机构【略】第8章 金融结构的经济学分析第9章 金融危机与次贷风波第10章 银行业与金融机构的管理第11章 金融监管的经济学分析第12章 银行业：结构与竞争第4篇 中央银行与货币政策运作第13章 中央银行的结构与联邦储备体系【略】第14章 多倍存款创造和货币供给过程第15章 货币政策工具第16章 货币政策的操作：战略与战术第5篇 国际金融与货币政策第17章 外汇市场第18章 国际金融体系第19章 货币需求第20章 is-lm模型第21章 is—lm模型中的货币政策与财政政策第22章 总需求与总供给分析第23章 货币政策传导机制的实证分析第24章 货币与通货膨胀第25章 理性预期：政策意义第一章：为什么研究货币、银行与金融市场【胡说】要回答这个问题，首先要回答四个what和一个how1、为什么研究金融市场？2、为什么研究银行和其他金融机构？3、为什么研究货币和货币政策？4、为什么研究国际金融？5、我们如何研究货币、银行与金融市场？简单的说，为什么要研究市场，为什么要研究机构，为什么要研究政策，为什么要研究国际环境。

对外经济贸易大学保险学院《货币银行学》考试试题姓名学号分数一、单选（共6题，每题3分，6*3=18分）1、下列导致基础货币增加的行为有：A 降低再贴现率B 提高发行存款准备金C 政府增税D 央行在公开市场进行正回购2、一般情况下，通货比率越高，则货币乘数就：A 越大B 越小C 不变D 不一定3、央行在公开市场业务大量抛售有价证券，意味着货币政策A 放松B 收紧C 不变D 不一定4、提高房地产贷款中的首付比例，属于货币政策工具中的：A 直接信用控制B 间接信用控制C 选择性控制工具D 一般性控制工具5、货币政策的中介目标是：A.物价稳定B.公开市场业务C.短期利率D.货币供应量6、坚持货币政策应该相机抉择的学派是：A.货币学派B.凯恩斯学派C.理性预期学派D.古典学派二、名词解释（共4题，每题6分，4*6=24分）1、准货币2、格雷欣法则3、流动性陷阱4、货币需求函数三、简答题（共3题，每题8分，3*8=24分）1、简述凯恩斯主义和货币学派的货币政策传导机制2、试论利率的作用以及发挥利率作用的环境与条件3、简要比较费雪方程与剑桥方程四、论述题（共2题，每题17分，2*17=34分）1、试述什么是货币政策的最终目标与中介目标，货币政策中介目标的标准是什么?并说明中央银行在制定货币政策时，能否同时确定货币供给目标和利率目标? 货币政策的目标是指国家通过中央银行制定和实施货币政策对国民经济进行金融调控所要达到的目标。

货币政策的最终目标在20世纪30年代以前以稳定币值作为单一目标现在演变为综合目标：保持物价稳定、维持充分就业、促进经济增长和保持国际收支平衡。

我国赋予中国人民银行的货币政策目标是：保持币值稳定并以此促进经济增长。

货币政策最终目标的实现需要经历一个较长的时间在执行过程中为了及时了解政策的实施效果并及时进行调整中央银行创立了一些可以量化的、可以操作的经济指标作为实现货币政策的中介桥梁即中介目标。

货币银行学期末复习重点(doc 13页)即需要准备金的银行向有剩余准备金的银行借款。

回购协议：银行在卖出证券的同时承诺在未来某日购回，实际上是银行以证券作为担保品介入资金。

票据贴现：银行办理贴现业务即是应客户要求，买进其未到期的票据，或者说客户将未到期的票据卖给银行就是贴现。

中间业务：银行不运用自己的资金而代替客户办理收付和其他委托事项并收取手续费的业务。

表外业务：分为广义和狭义两种，广义的包括所有不在资产负债表中反映的业务，它由中间业务和狭义表外业务构成。

狭义的是指商业银行所从事的按国际会计准则不计入资产负债表内因而不影响资产负债总额，但在一定条件下会转变为资产或者负债的业务。

贷款承诺：银行在未来特定期间内，向客户按事先约定的条件发放一定数额贷款的诺言。

派生存款：由贷款增加而相应增加的借款人账户的存款，就是银行新创造出的存款。

现金余额方程式：MV=QP，M为货币量，V为货币流通速度，Q是实物产量，P是单位产品的价格水平。

流动性陷阱：当利率低到不能再降时，货币需求无限大，无论增加多少货币供给，都会被人们持有。

单一规则：单一地控制货币供应量，使货币供应量始终不变的以一种固定的比率增加，并大致与经济增长率相适应。

货币乘数：用以说明货币供给总量与基础货币的倍数关系的一种系数。

基础货币供给增加以后，货币存量不是简单的以1：1的比例增加，由于存款机构的信用创造，货币存量的增加量会以基础货币增加量的若干倍数扩张。

基础货币：可以从货币的来源和运用两个方面加以理解。

从货币的来源来看，它是货币当局的货币供应量；从运用看，它由商业银行的准备金(R)和流通中的通货(C)组成。

内生变量：它是指在经济体系内部由纯粹因素所决定的变量，这种变量通常不为政策左右。

外生变量：指经济机制中受外部因素影响，而非经济体系内部因素所决定的变量。

名义货币供给：指一定时点上不考虑物价因素影响的货币存量。

实际货币供给：指剔除了物价影响之后的一定时点上的货币存货。

货币银行学一、金融和经济的辩证关系金融是货币流通和信用活动以及与之相关的经济活动。

狭义的金融就是指资金融通；广义的金融除了资金融通外，还包括金融机构体系和金融市场的构成。

二、金融在现代经济中的地位（一）经济货币化程度加深（二）以银行为主体的多元金融体系已经形成（三）金融创新方兴未艾,货币形式正在发生变化（四）经济主体的持币动机发生转移（五）金融调控已经成为主要的宏观调控方式（六）金融深化已经成为现代经济发展中的典型特征.三.西方经济学中有关货币的观点（一）货币金属论（二）货币名目论（三）货币国定论一是创造发明说：古罗马法学家鲍鲁斯，法国经济学家奥雷斯姆二是便于交换说：英国经济学家斯密三是保存财富说：法国经济学家西蒙第（四）货币数量论四、货币层次的划分1、M0（现钞）2、M1（狭义货币）3、M2（广义货币）我国对货币层次的研究起步较晚，按照国际货币基金组织的口径，现阶段我国货币计量分为以下三个层次：(1)、M0=流通中的现金(2)、M1=M0+企业单位活期存款+农村存款+机关团体部分存款(3)、M2=M1+企业单位定期存款+自筹基本建设存款+个人储蓄存款+其他存款五、货币制度及其构成要素（一）货币材料的确定（二）货币名称,货币单位和价格标准（三）本位币,辅币及其偿付能力（四）发行保证制度•也称发行准备(或储备)制度,是指通过银行发行的信用货币作为价值符号依靠什么来保证其币值稳定的制度.这一制度就是国家规定把贵金属集中到国库和中央银行。

六、货币制度的演变与发展•（一）银本位制和金银复本位制(1.平行本位制 2.双本位制)•（二）金本位货币制度(金币本位制, 金块本位制和金汇兑本位制)•（三）纸币本位制•（四）地区货币制度和跨国货币制度七、“格雷欣法则”——劣币驱逐良币所谓”劣币”,是指国家法定价值高于市场价值的货币:所谓”良币”,则是指国家法定价值低于市场价值的货币.由于两种铸币的法定比价不变,而金,银的市场价值随着劳动生产率和供求关系的变动而变动,从而导致两种铸币的法定比价和两种金属的实际比价的背离.这样,当两种铸币在同一市场上流通的时候,实际价值高于法定价值的”良币”会被驱逐出流通,即被熔化或输出国外,导致实际价值低于法定价值的”劣币”充斥市场的现象.八、信用的形式（一）高利贷信用（二）商业信用❖1、商业信用的含义商业信用是指企业之间以赊销商品和预付货款等形式提供的信用；主要是赊销和预付两大类❖2、商业信用的特点(1)商业信用中的债权人和债务人是商品生产者或经营者(2)商业信用中贷出的资本是产业资本中的商品资本；⑶商业信用的动态与产业周期各阶段资本的动态是一致的。

货币金融学第一章为什么研究货币、银行和金融市场？金融市场债券市场股票市场外汇市场……………..证券（security）又称金融工具，是对发行人未来收入与资产的的索取权。

债券是债务证券，承诺在特定的时间段的定期支付，是决定利率的场所，所以利率决定理论，无论是债券需求理论还是流动性偏好理论，都是将债券作为利率的传导机制。

股票，代表的是所有权，是对公司收益和资产的索取权。

金融市场中，资金从拥有闲置货币的人手中转移到资金短缺的人手中，债券市场和股票市场等金融市场将资金从没有生产用途的人转向有生产用途的人手中。

经济周期的误解，经济周期是不规则的，无法预测的，时间跨度变幻不定的，因为有时候经济周期也被称为经济波动。

金融机构银行保险公司共同基金其他金融机构货币经济周期（货币的供给变动是经济周期波动的推动力之一）通货膨胀（货币的持续增加是无价水平持续上涨的一个重要原因）利率货币政策国际金融外汇市场第二章金融体系概览金融市场的功能金融市场最基本的功能就是实现资金盈余者和资金短缺者之间的资金转移，通过直接融资（借款人直接发行债券）或者间接融资，完成了资本的合理配置（包括生产性用途或者物质消费）金融市场的结构债务市场和股权市场一级市场和二级市场交易所和场外市场货币市场和资本市场金融市场工具货币市场工具美国国库券可转让存单商业票据回购协议联邦基金（容易困惑，不是联邦，而是银行间的贷款）资本市场工具股票抵押贷款企业债券美国政府债券美国政府机构债券州和地方政府债券消费者贷款和商业银行贷款金融中介机构的功能为什么金融中介结构和间接融资对金融市场而言如此重要？交易成本（金融中介具有降低成本的专门技术和规模经济）风险分担（资产转换和资产组合多样化）信息不对称造成的逆向选择和道德风险（甄别信贷风险技术和监督）而金融机构为经济社会提供了流动性服务，承担风险分担职能，并解决信息问题，金融中介机构的类型存款机构商业银行储蓄和贷款协会和互助储蓄银行信用社契约性储蓄机构保险公司和养老基金人寿保险公司火灾和意外伤害保险公司养老基金和政府退休基金投资中介机构财务公司共同基金货币市场共同基金投资银行金融体系的监管金融体系受到最严格的监管，旨在帮助投资者获得更多的信息和确保金融体系的健全性。

考试题型以及分数分布：一、选择题：1’*20=20’二、名词解释：4’*5=20’三、简答题：8’*5=40’四、论述题：20’*1=20’重点制作思路：1.考虑到时间关系，抓大放小2.结合老师提及复习内容进行预测3.以理顺书本架构为主，看到一个知识点猜一下可能会出什么题The economics of money,banking and financial markets----by Kyle Chapter1：Why Study Money, Banking, and Financial Markets？（本章了解一下这个问题即可，最多考一下选择）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 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 financial markets by selling them securities.•Promotes economic efficiency by producing an efficient allocation（分配）of capital（资金）, 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不通过交易所而直接售给顾客的) Markets•Money and Capital Markets（货币和资本市场）3. Financial Market Instruments(要能举出例子，很可能考选择)Money markets deal in short-term debt instrumentsCapital markets deal in longer-term debt and equity instruments.4.Internationalization of Financial Markets（重点，选择、名词解释都有可能）•Foreign Bonds & Eurobond?•Eurocurrencies & Eurodollars?•World Stock Markets5．Function of Financial Intermediaries: Indirect Finance（记一下金融中介机构的功能，交易成本很可能考名词解释）•Lower transaction costs (time and money spent in carrying out financial transactions).•Reduce the exposure of investors to risk•Deal with asymmetric 不对称information problems•Conclusion:Financial intermediaries allow “small” savers and borrowers to benefit from the existence of financial markets.6. Types of Financial Intermediaries（会分类即可）Depository institutionsContractual saving institutionsInvestment intermediaries7.Regulation of the Financial System•To increase the information available to investors:•To ensure the soundness 健康稳固of financial intermediariesChapter3：What Is Money?1.Meaning of Money（即definition，必考名词解释！！）•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 Money（重点）•Medium of Exchange:• A medium of exchange must•Unit of Account:•Store 储藏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都很有可能考名词解释）•Construct monetary aggregates using the concept of liquidity:（构建货币总量使用流动性的概念）•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 accounts + money marketmutual fund shares.Chapter 4：Understanding Interest Rates1.measuring interest rates:Present Value(很可能考察名词解释)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次方2.Four Types of Credit Market Instruments•Simple Loan•Fixed Payment Loan•Coupon Bond 附票债券•Discount Bond 贴现债券3.Yield to Maturity（重点，很可能名词解释）•The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today计算4种不同信用工具外加Consol or Perpetuity（金边债券或永久债券）的YM4. Yield on a Discount Basis（了解即可）Current Yield当期收益率Yield on a Discount Basis 折价收益率Rate of Return 收益率5.Rate of Return and Interest Rates（收益率与利息率的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, resulting 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 o f 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 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 whose time to maturity matches the holding period7.Real and Nominal Interest Rates（重点，很可能考察简答题）•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 adjusted for expected changes in the price level•Ex post real interest rate is adjusted for actual changes in the price level8.Fisher Equation（重点考察）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: the return expected over the next period on one asset relative to alternative assets•Risk: the degree of uncertainty associated with the return on one asset relative to alternative assets•Liquidity: the ease and speed with which an asset can be turned into cash relative to alternative assets（流动性很有可能考名词解释）2.Theory of Asset Demand（必考，死活都得背下来）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 returnrelative to alternative assets3.The quantity demanded of an asset is negatively related to the risk of its returnsrelative to alternative assets4.The quantity demanded of an asset is positively related to its liquidity relative toalternative assets3.Supply and Demand for Bonds（见到看一下图）Market Equilibrium4.Shifts in the Demand for Bonds•Wealth: in an expansion with 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 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 right 5．Shifts in the Supply of Bonds•Expected profitability of investment 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（重中之重）7.Demand for Money in the Liquidity Preference Framework•As the interest rate increases:–The opportunity cost of holding money increases…–The relative expected return of money decreases…•…and therefore the 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 at each interest rate to increase and the demand curve to shift to the right•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 supply 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(准备金)–Cash items in process of collection–Deposits at other banks–Securities–Loans–Other assets2.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 Activities•Loan sales (secondary loan participation)•Generation of fee income. Examples:Chapter12:Central Banks and the Federal Reserve System(此章省略很多)1.Structure of the Fed(了解即可)12 FRBs（9人）Member BanksFOMC (7+1+4人)Federal Advisory Council （12人）2.Federal Reserve Bank（3+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 Reserve 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 Supply ProcessCentral bank (Federal Reserve System)Banks (depository institutions; financial intermediaries)Depositors (individuals and institutions)2．Fed’s Balance Sheet4.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 always increases the monetary base by the amount of the purchaseOpen Market Sale•Reduces the monetary base by the amount of the sale•Reserves remain unchangedThe effect of open market operations on the monetary base is much more certain than the effect on reserves5.Fed’s Ability to Control the Monetary 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,记住公式）7.Factors that Determine the Money SupplyChanges in the nonborrowed monetary base MBnChanges in borrowed reserves from the FedChanges in the required reserves ratioChanges in currency holdingsChanges in excess reserves8.The Money Multiplier(重点)Assume that the desired holdings of currency C and excess reserves ER grow proportionally with checkable deposits D. Then,c = {C/D} = currency ratioe = {ER/D} = excess reserves ratioThe monetary base MB equals currency (C) plus reserves (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 2.Demand in the Market for ReservesSupply in the Market for Reserves3.Affecting the Federal Funds Rate4.Open Market Operations（超级重点）Advantages：The Fed has complete control over the volumeFlexible and preciseEasily reversedQuickly implemented5.Discount Policy（超级重点）Advantages：Used to perform role of lender of last resortdisadvantages：Cannot be controlled by the Fed; the decision maker is the bank6.Reserve Requirements（超级重点）Advantages：•No longer binding for most banksdisadvantages：•Can cause liquidity problems•Increases uncertainty for banks7.Monetary Policy Tools of the European Central Bank•Open market operations•Lending to banks•Reserve RequirementsChapter16：The Conduct of Monetary Policy: Strategy and Tactics1. Goals of Monetary Policy（1）The Price Stability Goal•Low and stable inflation•Inflation•Nominal anchor to contain inflation expectations•Time-inconsistency problem（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 and produce less inflation –Almost immediate accountability•Disadvantages–Must be a strong and reliable relationship between the goal variable 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 goal of monetary 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 potential of falling in time-inconsistency trap•Stresses transparency and accountability•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 behavior and periodic “preemptive strikes”The goal is to prevent inflation from getting started.•Advantages–Uses many sources of information–Avoids time-inconsistency problem•Disadvantages–Lack of transparency and accountability–Strong dependence on the preferences, skills, and trustworthiness of individuals 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 and aggregate targets are incompatible (must chose one or the other).6.Linkages Between Central Bank Tools, Policy Instruments, Intermediate Targets, and Goals of Monetary Policy(中间目标是超级重点，死活都要背下来)Chapter19:The Demand for Money1.Velocity of Money and The Equation ofExchangeV=P*Y/MM*V=P*Y2.Quantity Theory of Money DemandSO: Demand for money is determined by:The level of transactions generated by the level of nominal income PYThe institutions in the economy 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(记住该公式及其含义)5.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, r b – r m does stay constant as interest rates rise–Interest rates have little effect on the demand for money•Friedman (cont’d)–The demand for money is stable–velocity is predictable–Money is the primary determinant of aggregate spendingChapter23：Transmission Mechanisms of Monetary Policy: The Evidence1.Framework(1)Structural Modelwhether one variable affects another•Transmission mechanism–The change in the money supply affects interest rates–Interest rates affect investment spending–Investment spending is a component of aggregate spending (output) Advantages and Disadvantages(2)Reduced-Form•Analyzes the effect of changes in money supply on aggregate output (spending) to see if there is a high correlationAdvantages and Disadvantages2.Transmission Mechanisms of Monetary Policy(1)Asset Price EffectsTraditional interest rate effectsExchange rate effects on net exports...(2)Credit ViewChapter24:Money and Inflation1.meaning of inflation(死活背下来)extremely high for a sustained period of time, its rate of money supply growth is also extremely high•Money Growth–High money growth produces high inflation•Fiscal Policy–Persistent high inflation cannot be driven by fiscal policy alone•Supply Shocks–Supply-side phenomena cannot be the source of persistent high inflation •Conclusion: always a monetary phenomenon2.Origins of Inflationary Monetary Policy•Cost-push inflation–Cannot occur without monetary authorities pursuing an accommodating policy •Demand-pull inflation•Budget deficits–Can be the source only if the deficit is persistent and is financed by creating money rather than by issuing bonds•Two underlying reasons–Adherence of policymakers to a high employment target–Presence of persistent government budget deficits3.The Discretionary (Activist)/ Nondiscretionary (Nonactivist) Policy Debate（1）Advocates of discretionary policy：regard the self-correcting mechanism as slowPolicy lags slow activist policy（2）Advocates of nondiscretionary policy:believe government should not get involvedDiscretionary policy produces volatility in both the price level and output。

1,measurement of moneyM0:流通中的现金Currency in circulation refers to that circulated in nonbank publics, this is the money in the narrowest sense,We use M 0 to denote. Eg: coins, paper moneyM1: narrow money 狭义货币currency in circulation and checkable deposits 反应了社会的直接购买支付能力M2: broad money 广义货币 M 1+Saving deposits既反映了现实的购买力也反映了潜在的购买力，中央银行货币政策调节的主要中介目标2，function definition:（会判断）Measurement of money 价值尺度Medium of exchange 流通手段Medium of payment 支付手段Means of storage 储藏手段World currency 世界货币3，Gold standard 大致了解Gold coin standard is the typical example （金铸币本位制）4，fiat money standard （不兑现信用货币制度）Lecture2 money and monetary systems2011年11月20日0:231，components of financial system 看一下定义2，funds flows 流动的载体、原则、监管Indirect financing 间接融资：●3，直接融资和间接融资（了解）Indirect financing is a means of financing via financial intermediaries which mainly includes commercial banks.Commercial banks, insurance companies, investment funds, etc., are bridges for indirect financing.Theory of financial intermediation focusing on the reason why there is financial intermediary, the nature of financial intermediary, and the division of labor between financial markets and intermediaries.Direct financing●Financing activities between demanders for funds and suppliers of funds are conducted in financial markets directly.It is worth pointing out that direct financing also involves financial institutions such as investment banks, security brokers, and market makers, etc.Financial market theory focusing on allocation efficiency of capitals, and asset pricing, etc.Disadvantages of direct financing●Advantages vs. disadvantages of different financingsExpertise requirementsHigher risks involvedIndirect financing●Tough requirements for issuersReducing information and contract costsReducing risks by diversificationsTransformation of maturities4，两种结构，大致理解比较bank-based and market-based市场，伙伴关系相对少，股权分散银行，贷款，商业往来，合作伙伴，允许交叉持股直接融资：市场间接融资：银行Lecture3 financial system and financial structure2011年12月9日15:495，中国的金融体系概览（有所了解）A glimpse at china's financial system中国以商业银行主导的间接融资模式为主● 非简单的银行主导，政府干预太多在直接融资中，通过发行企业债券方式所筹集的资金比例低于股票融资。

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8第七章股票市场，理性预期理论与有效市场假定1.一个基本的融资原则：投资的价值可以用整个生命周期内产生的全部现金流的现值来衡量。

2.戈登增长模型：一种股票估值模型，假设股利增长率不变，且低于股票投资的要求回报率。

3.适应性预期：预期仅基于过去的经验形成的，通胀预期为过去通胀平均值。

4.理性预期：预期与利用所有可得信息做出的最优预测相一致（不可能完全精确）。

含义：某一变量的运动方式发生变化，相应预期形成方式也要随之改变。

预期的预测误差均值为零且事先无法预知。

规范表述：5.非理性预期原因：1）人们了解所有可得信息，但不愿意将自己的预期变成最好估计。

2）人们不了解某些信息，因此对未来的最好估计不准确。

6.有效市场假定基于假设：金融市场中证券价格反映了所有可得信息。

表述：市场中现价水平应当使根据所有可得信息对证券回报率的最优预测等于均衡回报率。

或者说，有效市场中所有未被利用的盈利机会都会被消除。

第八章金融结构的经济学分析1.名词解释规模经济：每单位投资的交易成本随着交易规模的增加而降低。

范围经济：将一种资源使用与不同产品和服务，可以降低平均生产成本。

免费搭车：不付费的人却享受其他人付费的信息所导致的问题。

担保债务：有抵押品或者第三人为借款人提供担保为条件的债务。

激励相容：任何委托人希望代理人所采取的行动，都只能通过使其效用最大化来实现。

将借款人与贷款人的动机统一起来。

2.金融中介降低交易成本的途径：规模经济，专门技术。

3.金融市场中的逆向选择与道德风险：逆向选择是交易之前的信息不对称问题，潜在的不良贷款风险来自那些积极寻求贷款的人。

道德风险是交易之后发生的，借款人从事了违背贷款人意愿的活动，增加了违约风险。

4.什么是“次品车问题”？解决方法？1）相对于买方来说，卖方对产品质量更了解，由于买方难以区分优劣，只愿意以反映平均质量的价格购买，而愿意以此价格出售的均是劣质产品，最终导致没有人愿意购买产品。

货币：是充当一般等价物的特殊商品，这是反映货币本质的概念。

货币的职能和及其特点：1.价值尺度。

这是货币最重要、最基本的职能。

(1).货币在执行价值尺度职能时，只是观念上的、相像的、思维的货币，不一定要现实的货币。

（2）.执行价值尺度职能的货币本身须具有价值。

2.流通手段。

货币的流通手段职能是指货币在商品流通过程中起媒介作用时所发挥的职能。

作为流通手段的货币必须是现实的货币，但不一定是足值的货币。

3.贮藏手段。

货币的贮藏手段职能是指货币推出流通领域，处于静止状态时执行的一种职能。

作为贮藏手段的货币必须具有价值，并且必须是现实的货币。

4.支付手段。

货币在执行支付手段职能时的特点就是货币让渡与商品让渡在时间上相分离了。

5.世界货币。

货币在世界市场上作为一般等价物发挥作用时，我们称其为世界货币。

作为世界货币，必须有十足价值，并且是贵金属块，按其实际重量来发挥职能。

实际上，发挥世界货币职能的就是金块、银块。

“格雷欣法则”即“劣币驱逐良币”规律。

在金属货币流通条件下，当一个国家同时流通两种实际价值不同，但法定比价不变的货币时，实际价值高的货币（良币）必然被人们熔化、收藏或输出而退出流通，而实际价值低的货币（劣币）反而充斥市场。

信用：是商品货币经济发展到一定阶段的产物。

当商品交换出现延期支付，货币执行支付手段职能时，信用就产生了。

商业信用是现代信用的基础，银行信用是主要形式。

汇票是出票人要求受票人在一定期间内向收款人支付一定金额的支付命令书，须经付款人承兑后方为有效票据。

银行的职能与作用：1.信用中介。

这是银行的基本职能。

2.支付中介.3.信用创造。

这是银行的特殊职能。

4.金融服务。

5.调节经济。

存款性金融机构主要包括：商业银行、储蓄机构、信用合作社。

非存款性金融机构包括：保险公司、养老金基金，投资公司，金融公司等。

债券：是债务人依照法定程序发行，承诺按约定的利率和日期支付利息，并在特定日期偿还本金的书面债务凭证。

货币银行学理想的货币的特点：1、价值高2、易于标准化3、易于分割4、便于携带5、币材稳定，易于保存。

实物货币：1、商业货币：贝壳，牲畜，农具等。

2、金属货币：也称实体货币，金或银。

金属货币有内在价值而信用货币没有。

信用货币代用货币：可兑现的信用货币----银行券，以银行信用，商业票据为担保----银行机构发出的一种银行本票，表明银行对持有者的负债。

不可兑现的信用货币：典型的信用货币，即现钞和银行存款。

现代信用货币是纸币与银行券的融合。

纸币：由国家发行并强制使用的纸质货币。

是政府获得财政收入的来源，为弥补财政赤字。

纸币不能兑现，会贬值；银行券可兑现，不会贬值。

货币的定义1、法律定义：国家通过立法授予某种物品具有清偿债务和合法权力，债权人若拒绝接受，不得要求用另外的任何物品来支付。

---此物品具有普遍接受性，成为法偿货币。

2、本质定义：固定充当一般等价物的特殊商品。

---货币与一般商品具有共性，即都有价值和使用价值。

价值方面：货币以其自身的价值来表现并衡量其他一切商品的价值，而货币的价值则由其他商品综合体现，即“货币购买力”使用价值方面：有自然属性决定的使用价值，还有其社会属性决定的特殊使用价值。

即充当一般等价物，具有与其他商品相交换的能力。

货币的职能1、价值尺度：表现和计算其他商品价值，计价简单，价格标准，只需要观念上的货币。

2、流通手段：商品流通的媒介，避免“需求双重巧合”，需要显示的货币。

3、支付手段（延期偿付标准）：债权债务，财政，分配的货币支付---与商业信用联系，要求币值稳定。

4、贮藏手段：当货币推出流通领域以后，被人们保存，收藏起来。

一般等价物，价值的代表，自发地调节货币流通。

货币的作用一、作为一般等价物的作用：1、实现经济核算的工具，是货币在执行价值尺度只能时发挥的作用。

2、发展商品生产和商品流通的工具。

流通手段3、实现国民收入分配与再分配的工具。

支付手段4、反映和监督社会经济活动的工具。