金融的本质：伯南克四讲美联储(中英双语版)
伯南克公开课第三讲
伯南克公开课第三讲美联储与危机伯南克自辩危机应对：必须“注水”，没冒险使用纳税人的钱希望金融机构“大而不能倒”的困境不再出现2008年以前，美国金融机构极力怂恿居民通过抵押贷款购房伯南克（Ben S. Bernanke）在此前两课中我曾提到这一系列讲座的关键主题是央行的两大主要责任，即力求金融稳定和经济稳定。
为实现金融稳定，央行的主要工具是其作为最后贷款人的能力，央行通过向金融机构提供短期流动性来弥补匮乏的融资。
为实现经济稳定，央行的主要工具是货币政策，包括调整短期利率水平等。
今天我将主要讲讲金融危机发生的2008年和2009年，并关注央行作为最后贷款人的功能。
非优质贷款被“扮靓”并遍布所有金融机构上次我谈到了金融体系中存在的一些脆弱性使房价下跌的影响更加复杂，否则，仅仅房价下降给经济带去的冲击不过是像2000年科技股泡沫散去一样。
这里的脆弱性包括私人机构的脆弱性，包括过度举债等。
而更重要的是，银行无力监管自身风险，从19世纪一些银行的遭遇可以发现，如果短期资金撤出，那么银行面临挤兑状况时将无能为力。
此外，像信用违约掉期和其他有毒金融工具的过度使用等，都会导致风险在特定公司或特定市场中过度集中。
公共机构也存在脆弱性，包括监管结构上的缺陷、重要公司和市场未得到有效监管或至少法律方面的监管不充分等。
例如，监管机构在要求银行提高监管和管理其风险的能力上的努力是不够的。
危机开始后我们也关注到：不同的监管机构负责金融体系中的不同领域，而对整个金融体系的稳定则关注不够。
公共机构存在脆弱性的典型表现就是被称为政府资助企业的房利美和房地美。
房利美和房地美（下称“两房”）虽有股东和董事会，却并不仅仅是私人企业，它们是国会批准成立的，其使命是支持住房市场。
它们并不提供住房抵押贷款，相反，它们是作为中间人存在的，介于房屋抵押贷款最初提供方和抵押贷款的最终持有人之间。
所以，一家银行可以将抵押出售给房利美和房地美，后者会接受这些抵押品，并将其转变成抵押贷款支持债券。
伯南克第一课英文讲义电子版本
伯南克第一课英文讲义伯南克第一课英文讲义北京时间3月21日凌晨，美联储主席伯南克稍早时在乔治-华盛顿大学商学院进行了针对该院学生系列讲座的第一讲，题目为：美联储的基本使命。
以下是伯南克本次讲座的英文讲义全文。
(资料来源于美联储网站)The Federal Reserve and the Financial CrisisOrigins and Mission of the Federal Reserve, Lecture 1George Washington University School of BusinessMarch 20, 2012, 12:45 p.m。
[Applause]President Steve Knapp: Well, good afternoon. I think the students here may know who I am but for those who are watching the broadcast, I'm Steve Knapp, President of George Washington University. And it's really a pleasure to welcome you to today's first class in the series entitled Reflections on the Federal Reserve and its place in today's economy, featuring the Chairman of the Federal Reserve, Dr. Ben Bernanke. I'm pleased to acknowledge that we have with us two of the university's trustees, Nelson Carbonell and Mark Shenkman, and also a number of faculty members are here in the audience and some of them will be teaching later in the series. Today is the first university lecture series delivered by a sitting Chairman of the Federal Reserve. I think it does provide an extraordinary opportunity for the students who are here in the classroom, but also for those watching online. They have an opportunity to gain insight into the nation's central banking system and a wide range of issues that affect this country and the world. I do want to say that there are microphones available for the students, and certainly encourage you when the Chairman's lecture is over to avail yourself of those and we hope there'll be a lively exchange of questions and answers at the end of the lecture. It's now a distinct honor to introduce the Chairman of the Board of Governors of the Federal Reserve System, Dr. Ben Bernanke. Dr. Bernanke took office in 2006, and is now serving a second term as Chairman. He also serves as Chairman of the Federal Reserve's Open Market Committee. Before his appointment as Chairman, Dr. Bernanke was involved with the Federal Reserve in several roles as a Member of the Board of Governors, as a visiting scholar, and as a member of the Academic Advisory Panel at the Federal Reserve Bank of New York. He also served as Chairman of the President's Council of Economic Advisers from June 2005 to January 2006.Now Chairman Bernanke is no stranger to academia. He's been a faculty member at Princeton, Stanford and New York University, as well as the Massachusetts Institute of Technology. He's held a Guggenheim and a Sloan Fellowship, and is a fellow of the Econometric Society and the American Academy of Arts and Sciences. Chairman Bernanke received aBachelor of Arts from Harvard University and a PhD from MIT. Ladies and gentlemen, please join me in welcoming Chairman of the Federal Reserve, Dr. Ben Bernanke.[ Applause ]Chairman Ben Bernanke: Thank you very much, President Knapp. Gee, this is great. This is what I used to do before I got in this line of work for 23 years and I've always enjoyed engaging with college students. So thank you for being here, and I hope we do have a good conversation. Let me particularly thank President Knapp and Professor Fort and George Washington University. As everybody here knows, these lectures are part of a real course and after I get off the scene there will be other professors talking about other aspects of the Fed and you'll hear different points of view which is great. And you'll have to do some papers and all those kinds of things and I'm going to read a few of the paper. So, I look forward to doing that.So, I'll be talking from slides, which is in part for the purpose of making this available to others who might be interested. These slides will be posted on the Federal Reserve's website, , as we go through. And so, if you need extra copies, by all means do that. And as President Knapp said, I'm going to be talking for a while from the presentation but at the end, I hope we can have some questions and answers.So, let me get started. So what I want to talk about in these four lectures is the Federal Reserve and the financial crisis. Now, my thinking about this is very much conditioned by my experience as an economic historian. I think when you talk about the issues that just occurred of the last few years, it makes the most sense to think about it in the broader context of central banking as its taking place over the centuries. So, even though we're going to be focusing a good bit of the lectures, particularly next week, on the financial crisis and how the Fed responded. I think we need to go back and look at the broader context. So, as we talk about the Fed we'll be talking about the origin and mission of central banks in general, and we're looking at previous financial crises, most notably the Great Depression, and see how that informed the Fed's actions and decisions in the recent crisis. So let me just give you a roadmap of the four lectures. Today, lecture one, we won't touch on the current crisis at all. Instead, we'll talk about what central banks are, what they do, how central banking got started in the United States and we'll do some history. We'll talk about how the Fed engaged with its first great challenge, the Great Depression of the 1930s. The second lecture on Thursday, we'll take up the history. We'll review developments in central banking and with the Federal Reserve after World War II talking about the conquest of inflation, the great moderation and other developments that occurred after World War II. But we'll spend a good bit of time lecture two, in lecture two, talking about the build-up to the crisis and some of the factors that led to the crisis of 2008, 2009.Then next week, we'll get into the more recent events. In lecture three, we'll talk about the intense phase of the financial crisis, its causes, its implications, and particularly, the response to the crisis by the Federal Reserve and by other policymakers. And then, in the final lecture, lecture four, we'll look at the aftermath. We'll talk about the recession that followed the crisis, the policy response of the Fed including monetary policy, the broader response in terms of the changes infinancial regulation, and a little bit of forward-looking discussion about how this experience will change how central banks operate and how the Federal Reserve will operate going forward. Sothis is our topic today is origins and missions of the Federal Reserve. So let's talk in general about what a central bank is. If you've had some background in economics you know that a central bank is not a regular bank, it's a government agency, and it stands at the center of the monetary and financial system of a country. Central banks are very important institutions, they have helped to guide the development of modern financial systems, modern monetary systems and they play a major role in economic policy. Now, we've had various arrangements over the years but today, virtually, all countries have central banks. The Federal Reserve in the United States, the Bank of Japan in Japan, Bank of Canada, and so on. The main exception is only cases where you have what's called a currency union where a number of countries collectively share a central bank. The most important example by far of that is the European Central Bank which is central bank to 17 European countries who share the common currency, the Euro. But even in that case, each of the participating countries does have its own central bank which is part of the overall system of the Euro. So central banks are now ubiquitous, even the smallest countries typically have central banks. Now, this is a very important theme here, what do Central Banks do? What is their mission? And as I'll discuss throughout the lectures, it's convenient to talk about two broad aspects of what central banks do. The first is to try to achieve macroeconomic stability. And by that, I generally mean stable growth in the economy, avoiding big swings, recessions and the like, and keeping inflation low and stable. So that's the economic function of a central bank. The other function of central banks, which is going to get a lot of attention, obviously, in these lectures, is the financial stability function. Central banks try to keep the financial system working normally and in particular, they either, they try to prevent or if unsuccessful in preventing they try to mitigate financial panics or financial crises. And I'll talk more about what those are. Now what are the tools that central banks use to achieve these two broad objectives? Very, in very simple terms, there are basically two broad sets of tools. On the economic stability side, the main tool as I'm sure everyone knows is monetary policy. In normal times, the Fed, for example, can raise or lower short-term interest rates. It does that by buying and selling securities in the open market. And again, in normal times, if the economy is growing too slowly or inflation is falling too low, the Fed can stimulate the economy by lowering interest rates. Lower interest rates feed through to a broad range of other interest rates that encourages spending, acquisition of homes for example, construction, investment by firms, borrowing. It just generates more demand, more spending and more investment in the economy, and that creates more thrust in growth so that to stimulate an economy, you lower interest rates. And similarly, if the economy is growing too hot, if inflation is becoming a problem, then the normal tool of central bank is to raise interest rates. So by raising the overnight interest rate, known in the United States as the federal funds rate, higher interest rates feed through the system and help to slow the economy by raising the cost of borrowing, of buying a house, of buying a car, or of investing in capital goods and that will slow the economy and reduce pressure of overheating. So, monetary policy is the basic tool that central banks have used for many, many years to try to keep the economy at a more or less even keel in terms of both growth and inflation.Now, a little less familiar is the main tool of central banks in dealing with financial panics or financial crises. And that tool is the provision of liquidity. So to address financial stabilityconcerns and for reasons I'll explain, one thing that central banks can do is make short-term loans to financial institutions. As I'll explain, providing short-term credit to financial institutions during a period of panic or crisis can help calm the market, can help stabilize those institutions and can help mitigate or bring to an end a financial crisis. So this activity which is an old one, as I'll discuss, is known as the lender of last resort tool. So again, if financial markets are disrupted, financial institutions don't have alternative sources of funding, then the central bank stands ready to service the lender of last resort providing liquidity to the system and thereby helping to stabilize the financial system.Now, there's a third tool which the Fed has had from the beginning and most central banks have which is financial regulation and supervision. Central banks usually play a role in supervising the banking system, assessing the extent of risk on their portfolios, making sure their practices are sound, and in that way, trying to keep the financial system healthy. To the extent that financial system can be kept healthy and its risk-taking within reasonable bounds, then the chance of a financial crisis occurring in the first place is reduced. However, this activity, and I will come back to it, this is something which is not unique to central banks. In the United States, for example, there are a number of different agencies, like the FDIC or the Office of the Comptroller of the Currency that work with the Fed in supervising the financial system. So this is not unique to central banks and so I'll be down playing this for the time being and focusing on the two principle tools, monetary policy and lender of last resort activities.Now, where do central banks come from? One thing people don't appreciate, I think, is that central banking is not a new development. It's been around for a very long time. The Swedes set up a central bank in 1668, three and a half centuries ago. The Bank of England was founded in 1694 and that of course for many decades or if not centuries was the most important and influential central bank in the world, and France in 1800. So, central bank theory and practice is, again, not a new thing. We have been thinking about these issues collectively as an economics profession and in other contexts for many, many years. Now, I've exaggerated slightly in a sense that, say, the Bank of England in 1694 wasn't set up from scratch, it's a full-fledged central bank, it was originally a private institution. And over time, it acquired some of the functions of a central bank such as issuing money or serving as lender of last resort. But over time, these central banks became essentially government agencies, government institutions as they all are today. Certainly, one important responsibility of central banks for much of the period that I'm talking about was to manage the gold standard to issue paper money that was backed by gold and I'll talk more about gold in a few moments.Now, the lender of last resort function, which I mentioned earlier, became important in the-- mostly in the 19th century. Early in the 19th century, the Bank of England was doing a lot of this type of activity and they became very good at it. And as we'll see, while the United States was suffering with banking panics in the latter part of the 19th century, banking panics in the United Kingdom were quite rare. So the Bank of England sort of set the pace in some sense. It was the most important central bank and it helped establish the practices and the approaches that we still use today. Now, I need to talk a little bit because it's less familiar about what a financial panic is. In general, a financial panic is sparked by a loss of confidence in an institution and I think the bestway to explain this is to give a familiar example. How many of you have ever seen the movie "It's a Wonderful Life"? No? Less people are watching Christmas movies than they used to be, I guess [laughter]. Well, one of the problems that Jimmy Stewart runs into as a banker in “It’s a Wonderful Life” is a threatened run on his institution. And what is a run? Well, let's imagine a situation like Jimmy Stewart's situation before there was any deposit insurance, no FDIC. And imagine you have a bank on the corner, just a regular commercial bank, the first bank of Washington, D.C., and this bank makes loans to businesses and the like, and it finances itself by taking deposits from the public and deposits are demand deposits, which means that anybody can pull out their money anytime they want which is important because people use deposits for ordinary activities, like shopping.Now imagine what would happen if for some reason, a rumor goes around that this bank has made some bad loans and is losing money. As a depositor, you say to yourself, "Well, I don't know if this rumor is true or not。
美联储商业银行与货币供应(英文版)精讲
Credit Channels under the Federal Reserve System
Federal Reserve
= Federal Funds Market
= Discount Window
The Federal Reserve System Divides the country into 12 Districts numbered 1 - 12 from east to west
Like any commodity, excess supply lowers the value of money….too much money creates inflation.
We need to find a balance between the two…
The Constitution grants the federal government the power "to coin Money, regulate the Value thereof...”
The Federal Reserve, Commercial Banking, and the Supply of Money
Remember the story of Goldilocks and the three bears?
“ Papa bear’s bed was too hard…..Mama bear’s bed was too soft…..but baby bear’s bed was just right!
Nickel/Half Dime (Silver/Copper)
Dime (Silver/Copper
Twenty Cents (Silver)
金融学讲义(整合版)
第一章金融概论一、金融的涵义货币资金的融通或货币资金在盈余单位和亏空单位之间调剂余缺的信贷活动。
二、金融的构成、金融主体：谁参与了金融活动；、金融对象：货币和资金；、金融方式：有偿的信用方式；、金融工具：票据和各种有价证券；、金融市场：有形和无形两类；三、金融的特点、可回收性：授信人（债权人）原则上要按等值收回本金；、期限性；、收益性：利息或股息；、风险性：如债务人（受信人）的违约风险；购买力风险；市场风险。
违约风险如政府债券的偿还，其来源是税收，因而本息偿还能力高，违约风险低。
尤其是中央政府发行的债券，违约风险就更低。
而公司债券的偿还能和与经济状况大环境和公司经营的小环境都有密切关系，因而不确定性高，违约风险大。
违约风险低的债券，其利率也低；违约风险高，其债券的利率也就。
债券利率与无风险证券利率之差称为风险溢价。
而无风险证券是指信用风险相对较小的证券，如国库券、政府债券、大银行存单等。
有违约风险的公司债券的风险溢价必须为正，违约风险越大，风险溢价越高。
流动性风险是指因资产变现速度慢而可能遭受的损失。
假定公司债券与公司债券在初始时节利率是相等的，公司因经营亏损致使其公司债券不易变卖，流动性下降，债券需求下降，从而导致该债券的利率上升；而公司债券的流动性溢价。
流动性风险往往与违约风险相伴而生，因此风险溢价是两个风险共同带来的。
巴林银行的破产年月日，世界各地的新闻都以最夺目的标题报道了同一事件：巴林银行破产了。
巴林银行集团是有着年历史的老牌英国银行，在全球拥有雇员多人，总资逾亿美元，所管理的资产高达亿元，在世界家大银行中按核心资本排名位。
巴林银行经历了年伦敦金融市场解除管制的“大爆炸”，仍然屹立不倒，已成为英国金融市场体系的重要支柱。
然而，巴林银行长达两个多世纪的辉煌业绩，却在年月毁于一旦。
巴林银行破产的直接原因是其新加坡的交易员尼克·李森的违规交易。
李森，事发时刚满岁。
年，李森由摩根士丹的衍生工具部转投巴林，被派往新加坡分行。
英语演讲原文：奥巴马演讲 会见美联储主席伯南克
奥巴马演讲会见美联储主席伯南克THE PRESIDENT: Well, I just had an excellent conversation with Chairman Bernanke. This is a periodic discussion that we have to get the Chairman’s assessment 1 of the economy and to discuss some of the policy initiatives that we have here at the White House.I think in our discussions, we share the view that the economy is strengthening, that we are into recovery, thatit’s actually led by some interesting sectors 3 like manufacturing that we haven’t seen in quite some time -- the tech sectors are strong; we have gone from losing750,000 jobs per month to five months of job growth now; private sector 2 （私营部门） job growth that is obviously so important to consumer confidence and the well-being 4 of the economy overall.But w hat we also agreed is that we’ve still got a lot of work to do. There is a great concern about the 8 million jobs that were lost during the course of these last two years, and that we’ve got to continually push the pace of economic growth in order to put people back to work. That ultimately is the measure for most Americans of how well the economy is doing.And although we’ve seen corporate 5 profits go up, we have seen some very positive trends in a number of sectors, unfortunately, because of the troubles that we’ve seen in Europe, we’re now seeing some headwinds（逆风，顶头风）and some skittishness 6 （活泼好动，易惊） and nervousness on the part of the markets and on part of business and investors 7 . And so we’re still going to have to work through that.The thing that I think both of us emphasized was that if we can make sure that we continue to do the things that we’re doing, deal with folks who need help -- so passing unemployment insurance, for example; making sure that we are working to get credit flowing to small businesses that are still having some difficulties in the credit markets; strengthening consumer confidence -- then we think that the general trends will be good, but we’re going to have to keep on paying a lot of attention to the labor 8 markets and helping 9 people who have been displaced during the last couple of years get back into the labor market. So that’s going to be a major challenge.We also talked about the financial regulatory reform package that has now cleared both the House and the Senateconferees. It will now be going to both the House and the Senate. This was a result of terrific work, I think, by my economic team, by members of the committee and Chairman Dodd and Chairman Frank, and some good advice from Chairman Bernanke in consultation 10 during this process.Not only will completion of the financial regulatory reform bill provide some certainty to the markets about how we are going to prevent a crisis like this from happening again, but it also ensures that consumers are going to be protected like never before on all the things day to day that involve interactions with the financial system. From credit card debt to mortgages（抵押贷款） , consumers are going to have the kinds of protections that they have not had before.We’re going to be taking a whole range of financial instruments that had been in the shadows and we’re going to be putting them in the light of day so that regulators can provide the oversight 11 that potentially would prevent a future crisis. We’re going to be in a position to resolve the failure of one institution without seeing it infect the entire financial system.And this weekend at the G20, we talked about how we can coordinate 12 effectively with the international communityto make sure that high standards for capital and reduced leverage 13 （手段，影响力） apply not just here in the United States but across the board.So, overall, I think that, listening to Chairman Bernanke, I continue to be convinced that with financial regulatory reform in place, with a recovery well underway, that we have enormous potential to build on the hard work that’s been done by this team and put people back to work and keep this recovery and the economy growing over the next several years.But we can’t let up.We’re going to have to continue to be vigilant 14 （警惕的，注意的） . I know that the Chairman feels the same way with respect to his role. And we look forward to working together in our respective institutions to make sure that we keep this recovery going on track.CHAIRMAN BERNANKE: Thank you. We had a wide-ranging discussion; I’m very appreciative 15 of the chance to do that. We talked about the outlook for the economy. We talked about financial regulatory reform. The President talked about some of the issues in that area. But I think very importantly, we also talked a lot about the international context. What’s happening around the worldin the emerging markets, in Europe, affects us here in the United States and it’s important fo r us to take that global perspective as we discuss the economy.THE PRESIDENT: All right.Q Mr. President, are you at all concerned that the passing of Senator Byrd jeopardizes 16 （危害） regulatory reform? And how big a blow would that be to the economic recovery?THE PRESIDENT: Well, I’m concerned about the fact that a giant of the Senate and a personal friend of mine passed away. I don’t think about that in the context of financial regulatory reform.I’m confident that given the pac kage that has been put together, that senators, hopefully on both sides of the aisle 17 , recognize it’s time we put in place rules that prevent taxpayer 18 bailouts（救助，跳伞） and make sure that we don’t have a financial crisis that can tank the economy. And I think there’s going to be enough interest in moving reform forward that we’re going to get this done.But when I think about Senator Byrd, what I think about issomebody who, during the course of an unparalleled（无比的，无双的） career, not only helped to transform the institutionof the Senate but, through his own personal transformation 19 , embodied 20 the kind of changes in America that have made us more equal, more just, more fair. And he will be sorely missed.END 10:51 A.M. EDT■文章重点单词注释：1assessmentn.评价；评估；对财产的估价，被估定的金额参考例句：This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
金融英语课件4
Open-market operations: central bank purchased/sales of government’s/private securities.
Outright transaction 现券交易 Repurchase agreement transaction (Repo) 回购协议 Purchase security----increase money supply----boost economy Sell security----reduce money supply----slow down the economy
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
12
This is decided by the types of central bank in different countries. Usually, there are two types of central bank; one is subservient central bank. That means when they formulate a monetary policy, they have to take the intentions of the Treasury or the Ministry of Finance into account. The person who have the right to decide which monetary policy should be adopted is the Chancellor of the Exchequer, not the governor.
伯南克第一课英文讲义
伯南克第一课英文讲义时间3月21日凌晨，美联储主席伯南克稍早时在乔治-华盛顿大学商学院进行了针对该院学生系列讲座的第一讲，题目为：美联储的基本使命。
以下是伯南克本次讲座的英文讲义全文。
(资料来源于美联储)The Federal Reserve and the Financial CrisisOrigins and Mission of the Federal Reserve, Lecture 1George Washington University School of BusinessMarch 20, 2012, 12:45 p.m。
[Applause]President Steve Knapp: Well, good afternoon. I think the students here may know who I am but for those who are watching the broadcast, I'm Steve Knapp, President of George Washington University. And it's really a pleasure to welcome you to today's first class in the series entitled Reflections on the Federal Reserve and its place in today's economy, featuring the Chairman of the Federal Reserve, Dr. Ben Bernanke. I'm pleased to acknowledge that we have with us two of the university's trustees, Nelson Carbonell and Mark Shenkman, and also a number of faculty members are here in the audience and some of them will be teaching later in the series. Today is the first university lecture series delivered by a sitting Chairman of the Federal Reserve. I think it does provide an extraordinary opportunity for the students who are here in the classroom, but also for those watching online. They have an opportunity to gain insight into the nation's central banking system and a wide range of issues that affect this country and the world. I do want to say that there are microphones available for the students, and certainly encourage you when the Chairman's lecture is over to avail yourself of those and we hope there'll be a lively exchange of questions and answers at the end of the lecture. It's now a distinct honor to introduce the Chairman of the Board of Governors of the Federal Reserve System, Dr. Ben Bernanke. Dr. Bernanke took office in 2006, and is now serving a second term as Chairman. He also serves as Chairman of the Federal Reserve's Open Market Committee. Before his appointment as Chairman, Dr. Bernanke was involved with the Federal Reserve in several roles as a Member of the Board of Governors, as a visiting scholar, and as a member of the Academic Advisory Panel at the Federal Reserve Bank of New York. He also served as Chairman of the President's Council of Economic Advisers from June 2005 to January 2006.Now Chairman Bernanke is no stranger to academia. He's been a faculty member at Princeton, Stanford and New York University, as well as the MassachusettsInstitute of Technology. He's held a Guggenheim and a Sloan Fellowship, and is a fellow of the Econometric Society and the American Academy of Arts and Sciences. Chairman Bernanke received a Bachelor of Arts from Harvard University and a PhD from MIT. Ladies and gentlemen, please join me in welcoming Chairman of the Federal Reserve, Dr. Ben Bernanke.[ Applause ]Chairman Ben Bernanke: Thank you very much, President Knapp. Gee, this is great. This is what I used to do before I got in this line of work for 23 years and I've always enjoyed engaging with college students. So thank you for being here, and I hope we do have a good conversation. Let me particularly thank President Knapp and Professor Fort and George Washington University. As everybody here knows, these lectures are part of a real course and after I get off the scene there will be other professors talking about other aspects of the Fed and you'll hear different points of view which is great. And you'll have to do some papers and all those kinds of things and I'm going to read a few of the paper. So, I look forward to doing that.So, I'll be talking from slides, which is in part for the purpose of making this available to others who might be interested. These slides will be posted on the Federal Reserve's website, , as we go through. And so, if you need extra copies, by all means do that. And as President Knapp said, I'm going to be talking for a while from the presentation but at the end, I hope we can have some questions and answers.So, let me get started. So what I want to talk about in these four lectures is the Federal Reserve and the financial crisis. Now, my thinking about this is very much conditioned by my experience as an economic historian. I think when you talk about the issues that just occurred of the last few years, it makes the most sense to think about it in the broader context of central banking as its taking place over the centuries. So, even though we're going to be focusing a good bit of the lectures, particularly next week, on the financial crisis and how the Fed responded. I think we need to go back and look at the broader context. So, as we talk about the Fed we'll be talking about the origin and mission of central banks in general, and we're looking at previous financial crises, most notably the Great Depression, and see how that informed the Fed's actions and decisions in the recent crisis. So let me just give you a roadmap of the four lectures. Today, lecture one, we won't touch on the current crisis at all. Instead, we'll talk about what central banks are, what they do, how central banking got started in the United States and we'll do some history. We'll talk about how the Fed engaged with its first great challenge, the Great Depression of the 1930s. The second lecture on Thursday, we'll take up the history. We'll review developments in central banking and with the Federal Reserve after World War II talking about the conquest of inflation, the great moderation and other developments that occurred after World War II. But we'll spend a good bitof time lecture two, in lecture two, talking about the build-up to the crisis and some of the factors that led to the crisis of 2008, 2009.Then next week, we'll get into the more recent events. In lecture three, we'll talk about the intense phase of the financial crisis, its causes, its implications, and particularly, the response to the crisis by the Federal Reserve and by other policymakers. And then, in the final lecture, lecture four, we'll look at the aftermath. We'll talk about the recession that followed the crisis, the policy response of the Fed including monetary policy, the broader response in terms of the changes in financial regulation, and a little bit of forward-looking discussion about how this experience will change how central banks operate and how the Federal Reserve will operate going forward. So this is our topic today is origins and missions of the Federal Reserve. So let's talk in general about what a central bank is. If you've had some background in economics you know that a central bank is not a regular bank, it's a government agency, and it stands at the center of the monetary and financial system of a country. Central banks are very important institutions, they have helped to guide the development of modern financial systems, modern monetary systems and they play a major role in economic policy. Now, we've had various arrangements over the years but today, virtually, all countries have central banks. The Federal Reserve in the United States, the Bank of Japan in Japan, Bank of Canada, and so on. The main exception is only cases where you have what's called a currency union where a number of countries collectively share a central bank. The most important example by far of that is the European Central Bank which is central bank to 17 European countries who share the common currency, the Euro. But even in that case, each of the participating countries does have its own central bank which is part of the overall system of the Euro. So central banks are now ubiquitous, even the smallest countries typically have central banks. Now, this is a very important theme here, what do Central Banks do? What is their mission? And as I'll discuss throughout the lectures, it's convenient to talk about two broad aspects of what central banks do. The first is to try to achieve macroeconomic stability. And by that, I generally mean stable growth in the economy, avoiding big swings, recessions and the like, and keeping inflation low and stable. So that's the economic function of a central bank. The other function of central banks, which is going to get a lot of attention, obviously, in these lectures, is the financial stability function. Central banks try to keep the financial system working normally and in particular, they either, they try to prevent or if unsuccessful in preventing they try to mitigate financial panics or financial crises. And I'll talk more about what those are. Now what are the tools that central banks use to achieve these two broad objectives? Very, in very simple terms, there are basically two broad sets of tools. On the economic stability side, the main tool as I'm sure everyone knows is monetary policy. In normal times, the Fed, for example, can raise or lower short-term interest rates. It does that by buying and selling securities in the open market. And again, in normal times, if the economy is growing too slowly or inflation is falling too low, the Fed can stimulate the economy by lowering interest rates. Lower interest rates feedthrough to a broad range of other interest rates that encourages spending, acquisition of homes for example, construction, investment by firms, borrowing. It just generates more demand, more spending and more investment in the economy, and that creates more thrust in growth so that to stimulate an economy, you lower interest rates. And similarly, if the economy is growing too hot, if inflation is becoming a problem, then the normal tool of central bank is to raise interest rates. So by raising the overnight interest rate, known in the United States as the federal funds rate, higher interest rates feed through the system and help to slow the economy by raising the cost of borrowing, of buying a house, of buying a car, or of investing in capital goods and that will slow the economy and reduce pressure of overheating. So, monetary policy is the basic tool that central banks have used for many, many years to try to keep the economy at a more or less even keel in terms of both growth and inflation.Now, a little less familiar is the main tool of central banks in dealing with financial panics or financial crises. And that tool is the provision of liquidity. So to address financial stability concerns and for reasons I'll explain, one thing that central banks can do is make short-term loans to financial institutions. As I'll explain, providing short-term credit to financial institutions during a period of panic or crisis can help calm the market, can help stabilize those institutions and can help mitigate or bring to an end a financial crisis. So this activity which is an old one, as I'll discuss, is known as the lender of last resort tool. So again, if financial markets are disrupted, financial institutions don't have alternative sources of funding, then the central bank stands ready to service the lender of last resort providing liquidity to the system and thereby helping to stabilize the financial system.Now, there's a third tool which the Fed has had from the beginning and most central banks have which is financial regulation and supervision. Central banks usually play a role in supervising the banking system, assessing the extent of risk on their portfolios, making sure their practices are sound, and in that way, trying to keep the financial system healthy. To the extent that financial system can be kept healthy and its risk-taking within reasonable bounds, then the chance of a financial crisis occurring in the first place is reduced. However, this activity, and I will come back to it, this is something which is not unique to central banks. In the United States, for example, there are a number of different agencies, like the FDIC or the Office of the Comptroller of the Currency that work with the Fed in supervising the financial system. So this is not unique to central banks and so I'll be down playing this for the time being and focusing on the two principle tools, monetary policy and lender of last resort activities.Now, where do central banks come from? One thing people don't appreciate, I think, is that central banking is not a new development. It's been around for a very long time. The Swedes set up a central bank in 1668, three and a half centuries ago. TheBank of England was founded in 1694 and that of course for many decades or if not centuries was the most important and influential central bank in the world, and France in 1800. So, central bank theory and practice is, again, not a new thing. We have been thinking about these issues collectively as an economics profession and in other contexts for many, many years. Now, I've exaggerated slightly in a sense that, say, the Bank of England in 1694 wasn't set up from scratch, it's a full-fledged central bank, it was originally a private institution. And over time, it acquired some of the functions of a central bank such as issuing money or serving as lender of last resort. But over time, these central banks became essentially government agencies, government institutions as they all are today. Certainly, one important responsibility of central banks for much of the period that I'm talking about was to manage the gold standard to issue paper money that was backed by gold and I'll talk more about gold in a few moments.Now, the lender of last resort function, which I mentioned earlier, became important in the-- mostly in the 19th century. Early in the 19th century, the Bank of England was doing a lot of this type of activity and they became very good at it. And as we'll see, while the United States was suffering with banking panics in the latter part of the 19th century, banking panics in the United Kingdom were quite rare. So the Bank of England sort of set the pace in some sense. It was the most important central bank and it helped establish the practices and the approaches that we still use today. Now, I need to talk a little bit because it's less familiar about what a financial panic is. In general, a financial panic is sparked by a loss of confidence in an institution and I think the best way to explain this is to give a familiar example. How many of you have ever seen the movie "It's a Wonderful Life"? No? Less people are watching Christmas movies than they used to be, I guess [laughter]. Well, one of the problems that Jimmy Stewart runs into as a banker in “It’s a Wonderful Life” is a threatened run on his institution. And what is a run? Well, let's imagine a situation like Jimmy Stewart's situation before there was any deposit insurance, no FDIC. And imagine you have a bank on the corner, just a regular commercial bank, the first bank of Washington, D.C., and this bank makes loans to businesses and the like, and it finances itself by taking deposits from the public and deposits are demand deposits, which means that anybody can pull out their money anytime they want which is important because people use deposits for ordinary activities, like shopping.Now imagine what would happen if for some reason, a rumor goes around that this bank has made some bad loans and is losing money. As a depositor, you say to yourself, "Well, I don't know if this rumor is true or not。
《香帅的北大金融学课》金融世界观：金融的本质
《香帅的北大金融学课》金融世界观：金融的本质001.一万美元赠品的秘密：加工时间时间就是金钱，选择不同的金融工具，让时间产生不同的力量。
金融工具就是把时间变成财富。
金融就是为时间定价，而我们这些购买金融产品做出金融决策的人，就是购买了不同个的未来价值。
金融工具对我们的时间进行了深度的加工，将我们拥有的未来转化成完全不一样的价值，从这个角度看，金融就是一个一个的时间机器，他帮助我们将时间转化为财富，不同的金融工具，金融决策会改变个体的命运。
【这些不同的决策源于自己对未来的把握，对未来的风险偏好，看似冒险，其实是在规避风险，投资时时间维度上的平衡消费，我们都想有最大化的消费倾向，所以会抑制一些无理消费，用以投资未来，能看到多远的确定的未来，决定了你的投资决策。
对于我来说，过去十年的金融决策包括P2P、买房、股票、基金，前两者在选择的过程中根本没有认真思考，看到的只是眼前的状况，到后来的股票和基金，经历过起起落落终于能锻炼出自己的投资理念和心态。
】《薛兆丰的经济学课》77.投资就是时间上的平衡消费：投资与消费之间的关系没有那么清楚的。
•投资时时间维度上的平衡消费：所以一个人追求的不是今天的消费最大化，也不是明天，而是我们终身每一个时间点收入之和的最大化。
也就是说，不是追求一刹那的最高幸福，而是幸福量的最大化。
•对未来的预期决定了你今日的选择，选择是否健身运功等等。
【所以尽可能多学习，就能拓宽扩大你的预期】002.南北战争的第二战场：集聚资金资金的约束：人类的资金约束不是每天每时每刻都在发生，而会在某些关键节点上面临着却一大笔前的困境。
（买房，结婚，生病等等）如美国南北战争北方取胜的关键在于资金集聚能力，北方的债权发行功不可没，而纽约的崛起得益于伊利运河，而伊利运河这种大工程主要靠债券发行的资金集聚而建成功的【中国的大工程都是国家投资，国家的资金来源于税收，这些工程的收益者是少数的央企国企，平民收益很少】。
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金融的本质：伯南克四讲美联储（中英双语版）
金融的本质是指支撑金融体系运行的基本原理、理念和准则。
伯南克四讲美联储（中英双语版）从不同的角度阐述了美联储的金融职能，并且解释了金融的本质。
第一讲《美联储的历史和使命》，关注联储如何承担负责 g Money、保持美国金融市场的稳定性的责任。
美联储的使命清楚地表明，它的核心职能是维护金融稳定和促进经济增长，从而最大程度地利用资源、提高效率，促进社会进步。
第二讲《美联储如何实施它的使命》，讲述了联储如何通过改变利率、监测金融机构和市场、改变金融环境等方式来实现金融稳定和促进经济增长。
它包括执行具体政策，也就是实施财政政策、审慎监管和对金融服务的指导。
第三讲《美联储的工作与社会的利益》，探讨了美联储如何将自身的职能定位到社会的需要，并运用金融创新、参与行政、发行货币等形式实现金融服务，为全社会服务带来实际效果。
最后一讲《维护社会稳定的职责》，聚焦金融危机下美联储的行动，以及联储如何理解和应对不同的经济状况，如何维护社会稳定，这有助于加强公众对金融服务的信心。
总之，伯南克四讲美联储（中英双语版）围绕“以维护社会金融稳定及促进社会进步为核心”，阐述了金融的本质，重点介绍了美联储的历史、使命、工作与社会利益以及维护社会稳定
的职责，并结合实例，说明美联储如何实现金融稳定及促进社会进步。