1、貨幣金融學(ECONOMICS OF MONEY /releases/H15/data.htm.,Interest rates are important on a number of levels. So it is important to explain fluctuations in interest rates. Because different interest rates have a tendency to move in unison, economists frequently lump interest rates toget

2、her and refer to “the” interest rate. In Chapter 2 we study the role of bond markets and in Chapters 4 through 6 we examine what an interest rate ,how the common movements in interest rates come about and why the interest rate on different bonds vary.,1.1.2 The Stock Market,Common stock represents a

3、 share of ownership in a corporation A share of stock is a claim on the earnings and assets of the corporation Issuing stock and selling it to the public is a way for corporations to raise funds to finance their activities. The stock market is the most widely followed financial market in almost ever

4、y country. It is a place where people can get rich- or poor- quickly.,FIGURE 2 Stock Prices as Measured by the Dow Jones Industrial Average, 19502008,Source: Dow Jones Indexes: ,In Chapter 2 we examine the role of stock market and in Chapter 7 we return to the issue of how stock prices behave and re

5、spond to information in the marketplace.,1.2 Why Study Financial Institutions and Banking?,1.2.1 Structure of the financial system Financial Intermediaries: institutions that borrow funds from people who have saved and make loans to other people. Why are financial intermediaries so crucial？Why are t

6、hey the most heavily regulated businesses in the economy? We answer these questions in Chapter 8.,Banks: accept deposits and make loans Other Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banks In Chapter 9, we examine how banks and other

7、financial institutions manage their assets and liabilities to make profits. In Chapter 10, we look at the banking industry and in Chapter 12, we study the nonbank financial institutions.,1.2.2 Financial Innovation: in particular, the advent of the information age and e-finance In Chapter 10 we study

8、 why and how financial innovation takes place.,1.3 Why Study Money and Monetary Policy?,1.3.1 Money and Business Cycles Evidence suggests that money plays an important role in generating business cycles Recessions (unemployment) and expansions affect all of us Monetary Theory ties changes in the mon

9、ey supply to changes in aggregate economic activity and the price level,FIGURE 3 Money Growth (M2 Annual Rate) and the Business Cycle in the United States, 19502008,Note: Shaded areas represent recessions. Source: Federal Reserve Bulletin, p. A4, Table 1.10; /releases/h6/hist/h

10、6hist1.txt.,FIGURE 4 Aggregate Price Level and the Money Supply in the United States, 19502008,Sources: /fred/data/gdp/gdpdef; /releases/h6/hist/h6hist10.txt.,1.3.2 Money and Inflation,The aggregate price level is the average price of goods and services in an ec

11、onomy A continual rise in the price level (inflation) affects all economic players Data shows a connection between the money supply and the price level,FIGURE 5 Average Inflation Rate Versus Average Rate of Money Growth for Selected Countries, 19972007,Source: International Financial Statistics.,1.3

12、.3Money and Interest Rates,Interest rates are the price of money Prior to 1980, the rate of money growth and the interest rate on long-term Treasury bonds were closely tied Since then, the relationship is less clear but the rate of money growth is still an important determinant of interest rates,FIG

13、URE 6 Money Growth (M2 Annual Rate) and Interest Rates (Long-Term U.S. Treasury Bonds), 19502008,Sources: Federal Reserve Bulletin, p. A4, Table 1.10; /releases/h6/hist/h6hist1.txt.,1.3.4 Conduct of Monetary Policy,Monetary policy is the management of the money supply and inter

14、est rates Conducted by the central bank and in the U.S. is by the Federal Reserve System (Fed) In Chapter 15 through 18, we study how central banks can affect the quantity of money and interest rate and then look at how monetary policy is actually conducted in the U.S.,1.4 How We Will Study Money, Banking, and Financial Markets,A simplified approach to the demand for assets The concept of e