米什金货币银行学 电子版
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货币银行学 米什金 第一章PPT
• A continual rise in the price level (inflation) affects all economic players • Data shows a connection between the money supply and the price level
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
• Recessions (unemployment) and expansions affect all of us • Monetary Theory ties changes in the money supply to changes in aggregate economic activity and the price level
• Monetary policy is the management of the money supply and interest rates
– Conducted in the U.S. by the Federal Reserve System (Fed)
• Fiscal policy deals with government spending and taxation
– Banks: accept deposits and make loans – Other Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banks
• Financial Innovation: in particular, the advent of the information age and efinance
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
• Recessions (unemployment) and expansions affect all of us • Monetary Theory ties changes in the money supply to changes in aggregate economic activity and the price level
• Monetary policy is the management of the money supply and interest rates
– Conducted in the U.S. by the Federal Reserve System (Fed)
• Fiscal policy deals with government spending and taxation
– Banks: accept deposits and make loans – Other Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banks
• Financial Innovation: in particular, the advent of the information age and efinance
米什金货币银行学第18章-货币政策目标及工具
© 2006 Pearson Addison-Wesley. All rights reserved 18-7
Pegging of Interest Rates: 1942-51
1. To help finance war, T-bill at 3/8%, T-bond at 2 1/2% 2. Fed-Treasury Accord in March 1951
Chapter 18
Conduct of Monetary Policy: Goals and Targets
Goals of Monetary Policy
Goals
1. High Employment 2. Eility 4. Interest Rate Stability 5. Financial Market Stability 6. Foreign Exchange Market Stability Goals often in conflict
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18-10
Taylor Rule and Fed Funds Rate
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18-11
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18-2
Central Bank Strategy
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18-3
Money Supply Target
Discovery of Open Market Operations
Pegging of Interest Rates: 1942-51
1. To help finance war, T-bill at 3/8%, T-bond at 2 1/2% 2. Fed-Treasury Accord in March 1951
Chapter 18
Conduct of Monetary Policy: Goals and Targets
Goals of Monetary Policy
Goals
1. High Employment 2. Eility 4. Interest Rate Stability 5. Financial Market Stability 6. Foreign Exchange Market Stability Goals often in conflict
© 2006 Pearson Addison-Wesley. All rights reserved
18-10
Taylor Rule and Fed Funds Rate
© 2006 Pearson Addison-Wesley. All rights reserved
18-11
© 2006 Pearson Addison-Wesley. All rights reserved
18-2
Central Bank Strategy
© 2006 Pearson Addison-Wesley. All rights reserved
18-3
Money Supply Target
Discovery of Open Market Operations
米什金货币银行学第6章-利率的期限结构
© 2006 Pearson Addison-Wesley. All rights reserved 6-8
Term Structure Facts to be Explained
1. Interest rates for different maturities move together over time 2. Yield curves tend to have steep upward slope when short rates are low and downward slope when short rates are high 3. Yield curve is typically upward sloping Three Theories of Term Structure 1. Expectations Theory(理性预期的利率结构理论) (理性预期的利率结构理论) 2. Segmented Markets Theory 3. Liquidity Premium (Preferred Habitat) Theory
Chapter 6
The Rterest Rates
Risk Structure of Long-Term Bonds in the United States
© 2006 Pearson Addison-Wesley. All rights reserved
© 2006 Pearson Addison-Wesley. All rights reserved 6-6
Tax Advantages of Municipal Bonds
由于州具有相对独立的法律体系, 由于州具有相对独立的法律体系,导致了市政债券具有税收优势 .这里并没有考虑到市政债券的违约风险. ©这里并没有考虑到市政债券的违约风险. 2006 Pearson Addison-Wesley. All rights reserved 6-7
Term Structure Facts to be Explained
1. Interest rates for different maturities move together over time 2. Yield curves tend to have steep upward slope when short rates are low and downward slope when short rates are high 3. Yield curve is typically upward sloping Three Theories of Term Structure 1. Expectations Theory(理性预期的利率结构理论) (理性预期的利率结构理论) 2. Segmented Markets Theory 3. Liquidity Premium (Preferred Habitat) Theory
Chapter 6
The Rterest Rates
Risk Structure of Long-Term Bonds in the United States
© 2006 Pearson Addison-Wesley. All rights reserved
© 2006 Pearson Addison-Wesley. All rights reserved 6-6
Tax Advantages of Municipal Bonds
由于州具有相对独立的法律体系, 由于州具有相对独立的法律体系,导致了市政债券具有税收优势 .这里并没有考虑到市政债券的违约风险. ©这里并没有考虑到市政债券的违约风险. 2006 Pearson Addison-Wesley. All rights reserved 6-7
米什金货币银行学第八章金融结构的经济学分析
8-3
© 2016 Pearson Education Ltd. All rights reserved.
本章学习目标
一个健康有活力的经济需要这样一个金融体系， 它能够把资金从储蓄者转移到拥有生产性投资机会 的人手中。但是，金融体系如何能够确保把你辛辛 苦苦积累的储蓄转移到生产性投资者波拉的手中而 不是乞丐本尼的手中呢？这就是本章要解答的问题。 通过本章的学习，你应该了解金融市场的信息不对 称问题，掌握解决信息不对称问题的方法。
8-12 © 2016 Pearson Education Ltd. All rights reserved.
四、次品车问题：逆向选择如何影响金融机构
2.逆向选择问题的解决办法
• 在金融市场中表现为逆向选择的信息不对称问题，有助于解释金 融市场是经济中受到最严格监管的部门之一的原因（事实5）。 但政府的监管还是不能彻底消灭逆向选择问题。 • 金融中介机构 金融中介机构（比如银行）是生产公司信息的 专家，从而能分辨出信贷风险的高低，进而它们能够从存款者那 里获得资金，再将资金贷放给优质公司。 • 我们对逆向选择的分析说明，总体而言，金融中介机构（尤其是 银行，持有大量非交易贷款）在将资金融通给企业方面，发挥比 证券市场更为重要的作用。这样我们就解开了事实3和事实4的 谜底:为何间接融资比直接融资更重要，以及为什么银行是企业 外部融资最重要的来源。
8-14
© 2016 Pearson Education Ltd. All rights reserved.
五、道德风险如何影响债权合约和股权合约的选择
1.股权合约中的道德风险：委托-代理问题
• 如果经理只拥有其所在公司很小一部分的股权，拥有大部分 股权的股东（被称为委托人）与公司经理（所有者的代理人） 的利益就会出现矛盾。所有权和控制权的分离就会产生道德 风险，这是因为拥有控制权的经理（代理人）会从自身利益 出发而不是从股东（委托人）的利益出发行事，公司经理对 利润最大化的追求远没有股东们那么强烈。
Mishkin 米什金 货币银行学 课件
3
How Asymmetric Information Explains Banking Regulation
7. Consumer Protection
A. StaБайду номын сангаасdardized interest rates (APR) B. Prevent discrimination: e.g., CRA 8. Restrictions on Competition to Reduce Risk-Taking A. Branching restrictions B. Separation of banking and securities industries in the past: Glass-Steagall
International Banking Regulation 1. Bank regulation abroad similar to ours 2. Particular problem of regulating international banking e.g., BCCI scandal
11
Banking Crises Worldwide
12
Cost of Banking Crises in Other Countries
13
14
4
Major Banking Legislation in U.S.
5
Major Banking Legislation in U.S.
6
Bank Failures
7
Why a Banking Crisis in 1980s?
Early Stages 1. Decreasing profitability: banks take risk to keep profits up 2. Deregulation in 1980 and 1982, more opportunities for risk taking 3. Innovation of brokered deposits enabled circumvention of $100,000 insurance limit 4. i , net worth of S&Ls A. Insolvencies B. Incentives for risk taking Result: Failures and risky loans Later Stages: Regulatory Forbearance 1. Regulators allow insolvent S&Ls to operate because A. Insufficient funds B. Sweep problems under rug C. FHLBB cozy with S&Ls 2. Huge increase in moral hazard for zombie S&Ls: now have incentive to “bet the bank” 3. Zombies hurt healthy S&Ls A. Raise cost of funds B. Lower loan rates 4. Outcome: Huge losses
How Asymmetric Information Explains Banking Regulation
7. Consumer Protection
A. StaБайду номын сангаасdardized interest rates (APR) B. Prevent discrimination: e.g., CRA 8. Restrictions on Competition to Reduce Risk-Taking A. Branching restrictions B. Separation of banking and securities industries in the past: Glass-Steagall
International Banking Regulation 1. Bank regulation abroad similar to ours 2. Particular problem of regulating international banking e.g., BCCI scandal
11
Banking Crises Worldwide
12
Cost of Banking Crises in Other Countries
13
14
4
Major Banking Legislation in U.S.
5
Major Banking Legislation in U.S.
6
Bank Failures
7
Why a Banking Crisis in 1980s?
Early Stages 1. Decreasing profitability: banks take risk to keep profits up 2. Deregulation in 1980 and 1982, more opportunities for risk taking 3. Innovation of brokered deposits enabled circumvention of $100,000 insurance limit 4. i , net worth of S&Ls A. Insolvencies B. Incentives for risk taking Result: Failures and risky loans Later Stages: Regulatory Forbearance 1. Regulators allow insolvent S&Ls to operate because A. Insufficient funds B. Sweep problems under rug C. FHLBB cozy with S&Ls 2. Huge increase in moral hazard for zombie S&Ls: now have incentive to “bet the bank” 3. Zombies hurt healthy S&Ls A. Raise cost of funds B. Lower loan rates 4. Outcome: Huge losses
米什金货币银行学 电子版
Copyright © 2003 Addison Wesley
TM 1- 10
How We Study Money and Banking
Basic Anapproach to the demand for assets
2. Concept of equilibrium
Aggregate Price Level
nominal GDP GDP Deflator =
real GDP
GDP Deflator =
$9 trillion $6 trillion
Consumer Price Index (CPI)
= 1.50 price of “basket” of goods and services
3. Basic supply and demand approach to understand behavior in financial markets
4. Search for profits
5. Transactions cost and asymmetric information approach to financial structure
2. Affect personal wealth and behavior of business firms
Why Study Banking and Financial Institutions? 1. Financial Intermediation
Helps get funds from savers to investors
6. Aggregate supply and demand analysis
Features
1. Case studies
货币银行学 米什金 14章
Net effect on monetary liabilities is zero Reserves are changed by random fluctuations Monetary base is a more stable variable
Reserves
-$100
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
14-9
Shifts from Deposits into Currency
Nonbank Public Assets Checkable deposits Currency -$100 +$100 Federal Reserve System Assets Liabilities Currency in circulation +$100 Liabilities Assets Reserves Banking System Liabilities -$100 Checkable deposits -$100
14-8
Open Market Sale
Nonbank Public Federal Reserve System
Assets
Securities Currency +$100 -$100
Liabilities
Assets
Securities
Liabilities
-$100 Currency in circulation -$100
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
米什金货币银行学Topic 1a
批注本地保存成功开通会员云端永久保存去开通
topic 1a
Chapter 2 :An Overview of the Financial System
School of Finance, Shanghai University of
Finance and Economics
Copyright @ 2009 School of Finance, SUFE
Copyright @ 2009 School of Finance, SUFE
1.
A key feature distinguishing equity from debt is that the equity holders are the residual claimants: the firm must make payments to its debt holders before making payments to its equity holders.
Байду номын сангаас
Copyright @ 2009 School of Finance, SUFE
Structure of Financial Markets
1. 2. 3.
4.
Debt and Equity Markets Primary and Secondary Markets Exchanges and Over-the-Counter Markets Money and Capital Markets
copyright @ 2009 School of Finance, SUFE
Copyright @ 2009 School of Finance, SUFE
Copyright @ 2009 School of Finance, SUFE
topic 1a
Chapter 2 :An Overview of the Financial System
School of Finance, Shanghai University of
Finance and Economics
Copyright @ 2009 School of Finance, SUFE
Copyright @ 2009 School of Finance, SUFE
1.
A key feature distinguishing equity from debt is that the equity holders are the residual claimants: the firm must make payments to its debt holders before making payments to its equity holders.
Байду номын сангаас
Copyright @ 2009 School of Finance, SUFE
Structure of Financial Markets
1. 2. 3.
4.
Debt and Equity Markets Primary and Secondary Markets Exchanges and Over-the-Counter Markets Money and Capital Markets
copyright @ 2009 School of Finance, SUFE
Copyright @ 2009 School of Finance, SUFE
Copyright @ 2009 School of Finance, SUFE
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ator = GDP Deflator = nominal GDP real GDP = 1.50 price of “basket” of goods and services
TM 1- 12
$9 trillion $6 trillion Consumer Price Index (CPI)
Copyright © 2003 Addison Wesley
TM 1- 10
How We Study Money and Banking
Basic Analytic Framework
1. Simplified approach to the demand for assets 2. Concept of equilibrium 3. Basic supply and demand approach to understand behavior in financial markets 4. Search for profits 5. Transactions cost and asymmetric information approach to financial structure 6. Aggregate supply and demand analysis
Copyright © 2003 Addison Wesley
TM 1- 5
Money and Business Cycles
Copyright © 2003 Addison Wesley
TM 1- 6
Money and the Price Level
Copyright © 2003 Addison Wesley
Copyright © 2003 Addison Wesley
TM 1- 7
Money Growth and Inflation
Copyright © 2003 Addison Wesley
TM 1- 8
Money Growth and Interest Rates
Copyright © 2003 Addison Wesley
TM 1- 9
Budget Deficits and Monetary Policy
Features
1. 2. 3. 4. 5. Case studies Applications Special-interest boxes Following the Financial News boxes Reading the Wall Street Journal
TM 1- 11
Copyright © 2003 Addison Wesley
Total income of factors of production (land, capital, labor) during year
Distinction Between Nominal and Real
Nominal = values measured using current prices Real = quantities, measured with constant prices
Copyright © 2003 Addison Wesley TM 1- 2
Bond Market
Copyright © 2003 Addison Wesley
TM 1- 3
Stock Market
Copyright © 2003 Addison Wesley
TM 1- 4
Foreign Exchange Market
Helps get funds from savers to investors
2. Banks and Money Supply
Crucial role in creation of money
3. Financial Innovation Why Study Money and Monetary Policy? 1. Influence on business cycles, inflation, and interest rates
chapter 1
Why Study Money, Banking, and Financial Markets?
Why Study Financial Markets? 1. Channel funds from savers to investors, thereby promoting economic efficiency 2. Affect personal wealth and behavior of business firms Why Study Banking and Financial Institutions? 1. Financial Intermediation
Appendix: Definitions
Aggregate Output
Gross Domestic Product (GDP) = Value of all final goods and services produced in domestic economy during year
Aggregate Income
TM 1- 12
$9 trillion $6 trillion Consumer Price Index (CPI)
Copyright © 2003 Addison Wesley
TM 1- 10
How We Study Money and Banking
Basic Analytic Framework
1. Simplified approach to the demand for assets 2. Concept of equilibrium 3. Basic supply and demand approach to understand behavior in financial markets 4. Search for profits 5. Transactions cost and asymmetric information approach to financial structure 6. Aggregate supply and demand analysis
Copyright © 2003 Addison Wesley
TM 1- 5
Money and Business Cycles
Copyright © 2003 Addison Wesley
TM 1- 6
Money and the Price Level
Copyright © 2003 Addison Wesley
Copyright © 2003 Addison Wesley
TM 1- 7
Money Growth and Inflation
Copyright © 2003 Addison Wesley
TM 1- 8
Money Growth and Interest Rates
Copyright © 2003 Addison Wesley
TM 1- 9
Budget Deficits and Monetary Policy
Features
1. 2. 3. 4. 5. Case studies Applications Special-interest boxes Following the Financial News boxes Reading the Wall Street Journal
TM 1- 11
Copyright © 2003 Addison Wesley
Total income of factors of production (land, capital, labor) during year
Distinction Between Nominal and Real
Nominal = values measured using current prices Real = quantities, measured with constant prices
Copyright © 2003 Addison Wesley TM 1- 2
Bond Market
Copyright © 2003 Addison Wesley
TM 1- 3
Stock Market
Copyright © 2003 Addison Wesley
TM 1- 4
Foreign Exchange Market
Helps get funds from savers to investors
2. Banks and Money Supply
Crucial role in creation of money
3. Financial Innovation Why Study Money and Monetary Policy? 1. Influence on business cycles, inflation, and interest rates
chapter 1
Why Study Money, Banking, and Financial Markets?
Why Study Financial Markets? 1. Channel funds from savers to investors, thereby promoting economic efficiency 2. Affect personal wealth and behavior of business firms Why Study Banking and Financial Institutions? 1. Financial Intermediation
Appendix: Definitions
Aggregate Output
Gross Domestic Product (GDP) = Value of all final goods and services produced in domestic economy during year
Aggregate Income