货币金融学第十二版内容

货币金融学第十二版课后题答案货币金融学第十二版课后题答案第一章经济学和货币金融学1. 什么是货币金融学？货币金融学是经济学中的一个分支领域，研究货币和金融市场的运作及其对经济总量、价格水平和就业率等方面的影响。

2. 描述货币的组成部分。

货币主要由现金和存款两部分组成。

现金包括纸币和硬币，存款包括支票存款、储蓄存款、时间存款、银行间市场存款等。

3. 描述货币的职能。

货币具有交易媒介、价值尺度、价值储藏和债务履行手段等职能。

4. 描述货币增发的影响。

货币增发可能导致通货膨胀、货币贬值、利率上升、经济不稳定等后果。

第二章货币市场1. 描述货币市场的特征。

货币市场是指短期债券和货币市场基金等金融工具在交易的市场，具有低风险、低收益、高流动性和高度竞争等特征。

2. 描述央行在货币市场中的作用。

央行通过货币政策、公开市场操作等手段影响货币市场利率和流动性，维护货币市场的稳定运转。

3. 描述国库券的特点。

国库券是一种以政府信用为担保和支付利息的短期国债，具有零风险、流动性好、购买门槛低等特点。

第三章利率1. 描述名义利率和实际利率的区别。

名义利率是指借贷协议中的利率，实际利率则考虑通货膨胀等因素后的利率。

2. 描述实际利率对投资的影响。

实际利率越高，对投资的机会成本就越高，从而会减少投资的数量和规模。

3. 描述利率曲线的形态及含义。

利率曲线表现出各种期限的借贷利率之间的关系，常见的包括正常型、倒挂型、平坦型等。

利率曲线的形状反映市场对未来经济情况的预期。

第四章中央银行和货币政策1. 描述中央银行的职能。

中央银行的职能包括银行监管、货币政策、支付系统稳定、国际储备等。

2. 描述开放市场操作的作用。

开放市场操作是央行通过购买或卖出政府债券等金融工具来影响货币市场流动性和利率的工具。

3. 描述货币多重生成过程。

货币多重生成过程指的是银行通过贷款来创造存款，从而进一步带动其他银行贷款和存款的生成的过程。

第五章货币政策的框架1. 描述主要通胀预期测量指标。

FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock Market, the Theory of Rational Expectations, and the Efficient Market HypothesisLecture 7The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis •What Is a Stock?•Computing the Price of Common Stock•How the Market Sets Stock Prices•The Theory of Rational Expectations•The Efficient Market Hypothesis •Behavioral FinanceLearning ObjectivesCalculate the price of common stock.Recognize the impact of new information on stock prices.Compare and contrast adaptive expectations and rational expectations.Identify and explain the implications of the efficient market hypothesis for financial markets.Summarize the reasons why behavioral finance suggests that the efficient market hypothesis may not hold.What Is a Stock?1.1 What Is a Stock?A stock (also known as equity) is a security that represents the ownership of a fraction of a corporation.This entitles the owner of the stock to a proportion of the corporation’s assets and profits equal to how much stock they own.Units of stock are called “shares”.股票（也称为股权）是代表公司一部分所有权的证券。

货币金融学第十二版pdf
货币金融学第十二版是为学习货币金融的学生和从业者准备的重要参
考书籍之一。

书中介绍了很多有关货币金融的知识，包括货币结构与机制、信用制度、投资组合、金融监管等等。

本书的内容既新颖又实用，既注重
理论性又做到实际应用，既综合性又简明易懂。

首先，本书介绍了货币结构与机制，详细概述了央行货币政策、货币
价格稳定理论、国内和外汇市场、汇率制度和流动性管理等货币理论知识。

此外，书中还阐述了信用制度的本质，重点论述了信用市场的结构，以及
信用和各种金融工具在投资组合中的作用。

另外，本书还介绍了货币金融
监管，包括金融市场与监管、金融资产与风险管理、国际金融市场等等。

本书适合金融专业及相关专业的大学生阅读，书中具有丰富的实践性
内容，可以使读者在阅读书籍的过程中可以领略货币金融专业的魅力。

FinanceChapter1 IntroductionWhy Study Money, Banking, and Financial Markets An Overview of the Financial SystemWhat Is Money?Lecture 1Why Study Money, Banking, and Financial Markets?•Course Overview•Why Study Financial Markets?•Why Study Financial Institutions and Banking?•Why Study Money and Monetary Policy?Learning Objectives：How to construct a preliminary financial knowledge system Types of financial marketsTypes of financial institutionsHow the central bank implement monetary policyWhat is monetary theoryPart 1Why Study Financial Markets?1.1 Financial MarketsFinancial Markets (P2)：Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage.金融市场：资金从那些可用资金过剩的人转移到资金短缺的人的市场。

Why study financial markets?•Channel funds from savers to borrowers, thereby promoting economic efficiency•Affect personal wealth and behavior of business firms1.2 The Bond Market and Interest RatesBond (P3) is a debt security that promises to make periodic payments for a specified period of time.债券：是一种债务性证券，承诺在一个特定时间段内定期支付。

FinanceLecture 2An Overview of the Financial System I•Function of Financial Markets •Structure of Financial Markets •Financial Market Instruments •Internationalization of Financial MarketsLearning ObjectivesCompare direct and indirect finance.Identify the structure and components of financial markets. Describe different types of financial market instruments.Recognize the international dimensions of financial markets.Part 1Function of Financial Markets1.1 Financial MarketsFinancial Markets (P2)：Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage.金融市场：资金从那些可用资金过剩的人转移到资金短缺的人的市场。

1.2 Direct FinanceIn direct finance (P23), borrowers borrow funds directly from lenders in financial markets by selling the lenders securities (also called financial instruments).在直接融资中，借款人通过在金融市场出售证券（也称为金融工具），直接从贷款人手中借入资金。

FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock MarketTheory of Rational Expectations, and the Efficient Market HypothesisLecture 4Interest Rates and Calculation of Interest Rates •Interest Rate and Classification of Interest Rate •Simple and Compound Interest Rate •Present Value•Yield to Maturity and Its Calculation•The Distinction Between Interest Rates And ReturnsLearning ObjectivesCalculate the present value of future cash flows and the yield to maturity on the four types of credit market instruments.Recognize the distinctions among yield to maturity, current yield, rate of return, and rate of capital gain.Interpret the distinction between real and nominal interest rates.Part 1Interest Rate and Classification of Interest Rate1.1 Interest RateInterest rate (P3) is the cost of borrowing or the price paid for the rental of funds.利率是借款的成本或为借入资金支付的价格。

FinanceChapter4 Central Banking and the Conduct of Monetary PolicyCentral BanksThe Money Supply ProcessTools of Monetary PolicyLecture 10Tools of Monetary Policy•Goals of Monetary Policy and Conventional Monetary Policy Tools•The Market for Reserves and the Federal Funds Rate •How Tools of Monetary Policy Affect the Federal Funds Rate •Advantages and Disadvantages of Conventional Monetary Policy ToolsLearning ObjectivesSummarize how conventional monetary policy tools are implemented and the relative advantages and limitations of each toolIllustrate the market for reserves, and demonstrate how changes in monetary policy can affect the equilibrium federal funds rate.Part 1Goals of Monetary Policy and Conventional Monetary Policy Tools1.1 Goals of Monetary Policy•Price stability (*)•High Employment•Economic Growth•Stability of Financial Markets •Interest-Rate Stability•Stability in Foreign Exchange Markets1.2 Monetary Policy ToolsMonetary policy tools are the instruments used by the central bank to regulate the money supply and interest rates in order to achieve the goal of monetary policy.Conventional monetary policy tools :•Open market operations•Discount lending•Reserve requirementsNonconventional Monetary Policy Tools:Quantitative Easing, Credit Easing, Liquidity Provision, Large-Scale Asset Purchases, Forward Guidance and the Commitment to Future Policy ActionsPart 2The Market for Reserves and the Federal Funds Rate2.1 Goals of the Fed's Monetary PolicyThe goals of the Fed's monetary policy:According to the Federal Reserve Act, the goal of U.S. monetary policy is to control inflation and promote full employment.Intermediate goals of the Fed's monetary policy:The Fed uses the federal funds rate as the main monetary policy monitoring indicator and manipulation target.2.2 The Market for Reserves and the Federal Funds Rate•Demand CurveRR dd= Required reserves + Excess reservesThe trend of demand curve:As the federal funds rate ii ffff decreases, other things being equal, the opportunity cost of holding excess reserves decreases and the demand for excess reserves increases——the demand curve is downward sloping——but the process is not over.2.2 The Market for Reserves and the Federal Funds Rate•Demand CurveThe trend of demand curve:Since 2008, the Fed has paid interest on reserves at a level that is typically set at a fixed amount below the federal funds rate target.Suppose the interest rate paid on reserves is ii oooo, when federal funds rate ii ffff begins to fall below ii oooo, banks do not lend in the overnight market at a lower interest rate. Instead, they just keep on adding to their holdings of excess reserves indefinitely——the demand curve becomes flat (infinitely elastic)2.2 The Market for Reserves and the Federal Funds Rate2.2 The Market for Reserves and the Federal Funds Rate•Supply CurveRR ss= Nonborrowed reserves (NBR)+ borrowed reserves (BR) NBR: Amount of reserves that are supplied by the Fed’s open market operations. BR: Amount of reserves borrowed from the Fed, the interest rate charged by the Fed on these loans is the discount rate,ii dd, which is set at a fixed amount above the federal funds target rate.2.2 The Market for Reserves and the Federal Funds Rate•Supply CurveThe trend of supply curve:Borrowing federal funds from other banks is a substitute for borrowing (taking out discount loans) from the Fed.When ii ffff< ii dd,banks will not borrow from the Fed because borrowing in the federal funds market is cheaper, so BR=0, R s= NBR. And so the supply curve will be vertical. When ii ffff> ii dd, banks will want to keep borrowing more and more at ii dd and then lending out the proceeds in the federal funds market at the higher rate, ii ffff. The supply curve becomes flat (infinitely elastic) at ii dd.2.2 The Market for Reserves and the Federal Funds Rate2.2 The Market for Reserves and the Federal Funds Rate•Market EquilibriumMarket equilibrium occurs when the quantity of reserves demanded equals the quantity supplied, RR dd=RR ssEquilibrium therefore occurs at the intersection of the demand curve RR dd and the supply curve RR ss, with an equilibrium federal funds rate of ii ffff∗When ii ffff>ii ffff∗, more reserves are supplied than are demanded (excess supply). When ii ffff<ii ffff∗, more reserves are demanded than are supplied (excess demand).2.2 The Market for Reserves and the Federal Funds Rateii dd>ii ffff>ii ooooPart 3How Tools of Monetary Policy Affect the Federal Funds RateOpen market purchase leads to greater quantity of reserves supplied, which increases nonborrowed reserves.Open market sale leads to less quantity of reserves supplied, which decreases nonborrowed reservesThe effect of an open market operation depends on whether the supply curve initially intersects the demand curve in its downward-sloped section or in its flat section.If the intersection initially occurs on the downward-sloped section of the demand curve, an open market purchase causes the federal funds rate to fall, whereas an open market sale causes the federal funds rate to rise. (typical situation)If the supply curve initially intersects the demand curve on its flat section, open market operations have no effect on the federal funds rate, because the interest rate paid on reserves, ii oooo, sets a floor for the federal funds rateThe effect of a discount rate change depends on whether the demand curve intersects the supply curve in its vertical section or its flat section.If the intersection occurs on the vertical section of the supply curve, there is no discount lending and borrowed reserves (BR=0). When the discount rate (ii dd) is lowered by the Fed, no change occurs in the equilibrium federal fundsrate. (typical situation)If the demand curve intersects the supply curve on its flat section, there is some discount lending (BR>0). When the discount rate (ii dd) is lowered by the Fed, the equilibrium federal funds rate falls, and BR increases.When the required reserve ratio increases, required reserves increase and hence the quantity of reserves demanded increases for any given interest rate.When the Fed raises reserve requirements, the federal funds rate rises.When the Fed decreases reserve requirements, the federal funds rate fallsMonetary PolicyTools How to Affect Money Supply and ii ffffOpen Market Operations•Affect Money Supply: Open Market Purchase → MB↑→M↑•Affect ii ffff : a) Open Market Purchase → ii ffff ↓ (Usually)b) Open Market Purchase → ii ffff remains unchangedDiscount Lending •Affect Money Supply: a) Discount rate change → M is unchanged (Usually)b) Discount rate ↓ → M↑•Affect ii ffff : a) Discount rate change →ii ffff remains unchanged (Usually)b) Discount rate ↓ → ii ffff ↓Reserve Requirements•Affect Money Supply: rr ↑→M↓•Affect ii ffff : rr ↑→ii ffff ↑3.4 Summary3. How Monetary Policy Tools Affect ii ffffPart 4Advantages and Disadvantages of Conventional Monetary Policy ToolsMonetaryPolicy ToolsAdvantages DisadvantagesOpen Market Operations •The initiative lies with the centralbank•Flexible and precise•Can be executed quicklyMust be based on well-developed financialmarkets, i.e. there must be a sufficient variety andnumber of securitiesDiscount Lending •Central bank can act as the lenderof last resort•Central banks can realize theirpolicy intentions by increasing ordecreasing the discount rate•Central banks can only affect discount rate,but cannot command banks to borrow•When ii dd remains unchanged, changes in ii ffffmay change discount loans and money supply.•Central bank's changes in the discount ratemay be misinterpreted by the market.MonetaryPolicy ToolsAdvantages DisadvantagesReserve Requirements •The initiative lies with the central bank•Can have a rapid, powerful and widespreadimpact on the money supply•Acts on all banks or depository financialinstitutions, and is objective and fair to allfinancial institutions.•Can reflect the policy intention of the centralbank.•The effect on the money supplyis too violent and lack ofelasticity;•The expected effect of thepolicy is largely limited by theamount of excess reserves in thebanking system.SummaryT H A N K S。