货币 银行与金融市场

书籍目录

CONTENTS

Preface xix

PART l INTRODUCTlON

CHAPTER l MONEY, BANKlNG, AND FlNANClAL MARKETS:

AN OVERVlEW

INTRODUCTlON

MONEY AND BANKlNG: KEY CONCEPTS

Money / Banks / Interest Rates / The Pederal Budget Deficit

KEY FlNANClAL MARKETS

The Stock Market l l / The Bond Markel / The Foreign Exchange Market

CONCLUSlON

KEYTERMS

NOTE TO STUDENTS AND INSTRUCTOR

CHAPTER 2 MONEY: ITS NATURE, FUNCTlONS, AND EVOLUTlON

THE NATURE AND FUNCTlONS OF MONEY

The Meaning of Money / Distinctions among Money, Wealth

and Income / Functions of Money

THE EVOLUTlON OF MONEY AND THE PAYMENTS SYSTEM

Full-Bodied Money / Representative Full-Bodied Money / Fiat Money

or Credit Money / Checking Accounts / Electronic Money

MODERN MEASURES OF MONEY

The Narrow Definition of Money: Ml / Broader Measures of Money: M2,

M3 33 / Which Measure Is Most Useful? / Weighted Measures of Money

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

PART 2 FlNANClAL INSTlTUTlONS, MARKETS,

AND INTEREST RATES

CHAPTER 3 FlNANClAL MARKETS AND INSTRUMENTS

ATTRlBUTES OF FlNANClAL INSTRUMENTS

Liquidity / Risk / Yield / Liquidity, Risk, and Yield:

Their Relationship / Ranking Financial Claims by Their Liquidity

CLASSIFICATlON OF FlNANClAL MARKETS

Debt versus Equity Markets / Primary versus Secondary Markets

Organized versus Over-the-Counter Markets / Money versus Capital Markets

THE U.S. GOVERNMENT SECURlTlES MARKET

Kinds of U.S. Govemment Securities 52 / Nonmarketable Govemment Debt

INSTRUMENTS OF THE MONEY AND CAPlTAL MARKETS

Instruments of the Money Market / Instruments of the Capital Market

SUMMARY

KEYTERMS

STUDY QUESTlONS

SUGGESTTONS FOR ADDlTlONAL READlNG

CHAPTER 4 FlNANClAL INTERMEDlATlON

THE ECONOMlC BASlS FOR FlNANClAL INTERMEDlATlON

Risks and Costs without Intermediation / Benefits of Intennediation

CLASSlFlCATlON OF FlNANClAL INTERMEDlARlES

Depository Institutions / Contractual Savings Institutions / Investment-

Type Financial Intermediaries

THE CHANGlNG NATURE OF FlNANClAL INTERMEDlATlON

The Emergence of Retirement Funds and Mutual Funds / The Decline

of Commercial Banks and Thrifts / Benefits and Costs of Institutional Change

SUMMARY

KEYTERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 5 THE BEHAVlOR OF INTEREST RATES

PRESENT VALUE, INTEREST RATES, AND SECURlTY PRlCES

The Concept of Present Value / Interest Rates and Secutity Prices

THE LOANABLE FUNDS MODEL

MAJOR DETERMlNANTS OF INTEREST RATES

Inflation Expectations / Federal Reserve Policy / The Business

Cycle / Federal Budget Deficits

MAJOR INTEREST RATE MOVEMENTS, l950-l996

SUMMARY

KEYTERMS

STUDY QUESTlONS

SUGGESTlONS POR ADDmONAL READlNG

CHAPTER 6 REAL INTEREST RATES

THE MEANlNG AND IMPORTANCE OF REAL INTEREST RATES

Why the Real Interest Rate Is Positive / Ex Ante and Ex Post Real

Interest Rates

THE ESTlMATlON OF REAL INTEREST RATES

Measuring Inflation Expectations / Computing the Real Interest Rate

THE HlSTORlCAL BEHAVlOR OF REAL INTEREST RATES

FACTORS THAT INFLUENCE REAL INTEREST RATES

Supply Shocks: Changes in Energy Prices / Changes in Federal Tax Policy

and the Regulatory Environment / Changes in Federal Budget Deficits /

Deregulation of the Financial System 130 / Federal Reserve Policy

ARE PlNANClAL MARKETS SUBJECT TO MONEY ILLUSlON?

SUMMARY

KEYTERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 7 THE TERM STRUCTURE AND RlSK STRUCTURE

OF INTEREST RATES

THE TERM STRUCTURE OF INTEREST RATES

THEORlES OF TERM STRUCTURE

The Pure Expectations Theory / The Liquidity Premium Theory /

The Segmented Markets Theory / The Preferred Habitat Theory

TERM STRUCTURE THEORlES: HOW WELL DO THEY EXPLAlN

THE FACTS?

Fact l: The Upward-Sloping Yield Curve Predominates / Fact 2: The Yield

Curve Typically Shifts Rather Than Rotates / Fact 3: The Yield Curve Exhibits

a Regular Cyclical Pattem

THE RlSK STRUCTURE OF INTEREST RATES

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 8 THE FORElGN EXCHANGE MARKET

FORElGN EXCHANGE MARKFTS AND RATES

The Foreign Exchange Market / The Foreign Exchange Kate /

Fixed and Floating Exchange Rates / Soot and Forward Exchange Markets /

The Importance of the Exchange Rate

EXCHANGE RATE DETERMlNATlON

LONG-RUN EXCHANGE RATF. DETERMlNANTS

Relative Price Level Behavior ' Other Long-Run Exchange Rate

Determinants / Long-Run Exchange Rate Determinants: Summary

SHORT-RUN EXCHANGE RATE DETERMlNANTS

Expected Retums from Investing at Home and Abroad / The Interest Parity

Condition l Equilibrium in the Foreign Exchange Market / Factors

Causing Short-Run Exchange Rate Changes / Examples of Forces Producing

Short-Run Exchange Rate Changes

CONSEQUENCES OF EXCHANGE RATE CHANGES

Price Level Effects / Income Distribution Effecti / Tenns-of-Trade

Effects

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

PART 3 BANKlNG: STRUCTURE, REGULATlON,

AND DEPOSlT INSURANCE

CHAPTER 9 COMMERClAL BANKlNG

THE COMMERClAL BANK BALANCE SHEET

COMMERClAL BANK LlABlLlTlES

Transactions Deposits / Nontransactions Deposits 198 / Nondeposit

Borrowing / Other Liabilities

COMMERClAL BANK ASSETS

Cash Assets / Loans / Securities / Other Assets

COMMERClAL BANK CAPlTAL ACCOUNTS

COMMERClAL BANK MANAGEMENT

Liquidity Management / Liability Management 214 / Capital Management

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 10 THE BANKlNG INDUSTRY:

STRUCTURE AND REGULATlON

AN OVERVlEW OF MODERN U.S. BANKlNG

U.S. BANKlNG HlSTORY AND EVOLUTlON

The Bank of the United States / The Free Banking Era 226 / TheNational

BankingActofl863 / The Glass-Steagall Act / Recent Banking

Legislation

REGULATlON OF THE BANKlNG INDUSTRY

Regulatory Bodies / Regulatory Responsibilities / Regulatory Refonn

THE ECONOMlCS OF BRANCH BANKlNG

Restrictions on Branching / Responses to Restnctions on Branching

THE ECONOMlCS OF CONSOLlDATlON

Economies of Scale / Risk Management and Portfolio Diversification /

Executive Compensation / Monopoly Power / Conclusions

THE ECONOMlCS OF ACTlVlTY RESTRlCTlONS

Economies of Scope / Misallocation of Capital / Conflicts of interest

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER ll THE SAVlNGS AND LOAN DEBACLE, COMMERClAL BANK FAlLURES,

AND DEPOSlT INSURANCE

SAVlNGS AND LOAN FAlLURES

The Savings and Loan Disaster of the l 1980s / The Govemment's Response

to the Savings and Loans' Problems' / Legislative Refomi / Summary:

The Role of Moral Hazard and Adverse Selectior

COMMERClAL BANK FAlLURES

The Escalation of Bank Failures in the 1980s / Regulating Bank Capital Ratios

FEDERAL DEPOSlT INSURANCE

Recent Legislative Reform / The Effectiveness of Reform Measures /

Other Proposed Reforms of Deposit Insurance

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

PART 4 THE FEDERAL RESERVE SYSTEM

AND THE MONEY SUPPLY PROCESS

CHAPTER 12 THE FEDERAL RESERVE SYSTEM:

ITS STRUCTURE AND FUNCTlONS

THE ORlGlNS OF THE FEDERAL RESERVE SYSTEM

THE FlNANClAL STATUS OF THE FEDERAL RESERVE SYSTEM

The Balance Sheet of the Federal Reserve System ' / Federal Reserve Eamings

and Expenses

THE STRUCTURE OF THE FEDERAL RESERVE SYSTEM

The Board of Govemors / The Federal Open Market Committee

(FOMC) / The 12 Federal Reserve Banks: / Member Banks: /

The Allocation of Power within the Federal Reserve System

THE QUESTlON OF FEDERAL RESERVE INDEPENDENCE

The Case for Federal Reserve Independence : / The Case against Federal Reserve

Independence

SUMMARY

KEYTERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 13 THE DEPOSlT EXPANSlON PROCESS: A SlMPLE ANALYSlS

BANKS AND THE CREATlON OF BANK DEPOSlTS

Multiple Expansion of Bank Deposits 311 / Multiple Contraction of Bank Deposits

HOW THE FEDERAl RFSERVE GETS A GRlP ON THE MONEY SUPPLY

SUMMARY

KEYTERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 14 MONEY SUPPLY DETERMlNATlON: THE MONETARY BASE

THE BASE AND MULTlPLlER FRAMEWORK

REASONS FOR STUDYlNG THE MONETARY BASE

THE MONETARY BASE: FUNDAMENTAL CONCEPTS

Derivation of the Monetary Base / Sources of the Monetary Base / Uses

for the Monetary Base

TEN FACTORS THAT CAN PRODUCE CHANGES

IN THE MONETARY BASE

The Federal Reserve's Securities Portfolio / Federal Reserve Discounts

and Advances / Federal Reserve Float / The U.S. Gold Stock

and the Federal Reserve's Special Drawing Rights Account / Other Federal

Reserve Assets / Treasury Currency Outstanding / Treasury Deposits

at the Federal Reserve / Foreign and Other Deposits at the Federal

Reserve / Treasury Cash Holdings / Other Liabilities and Capital

FEDERAL RESERVE OPERATlONS AND THE MONETARY BASE

SUMMARY

KEYTERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 15 MONEY SUPPLY DETERMlNATlON:

THE MONEY SUPPLY MULTlPUER

THE MONEY SUPPLY MULTlPLlER: DERTVAl lUN

ANDAPPLlCATlONS

Comparison with the Simple or Naive Deposit Expansion Multiplier /

The Role of the Federal Reserve 'n Influencing the Money Supply Multiplier /

Some Arithmetic Examples

THE IMPACT OF CHANGES IN k, rr, AND re ON THE MULTlPLlER

The Impact of a Change in k / The Impact of a Change in rr. / The Impact

of a Change in re / Historical Behavior of the Money Supply Multiplier.

THE VARlABLES UNDERLYlNG THE MONEY SUPPLY MULTlPLlER

(k, rr AND re)

Determinants of the Currency Ratio (k) l The Importance of k in the Money

Supply Multiplier / Determinants of the Required Reserve Ratio (rr.) /

Determinants of the Desired Excess Reserve Ratio (re): / The Federal Reserve's

Control of the Money Supply: The Debate

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 16 THE ROLE OF THE FEDERAL RESERVE IN THE GREAT DEPRESSlON

OF THE 1930s

THE DEBATE ON THE CAUSES OF THE DEPRESSlON

BANK FAlLURES AND MONETARY PHENOMENA: THE FACTS

Bank Failures and the Run on Banks / Causes of the Contraction

of the Money Supply

INTERPRETlNG THE FACTS: KEYNESlANS VERSUS MONETARlSTS

The Keynesian View: You Can't Push on a String / The Monetarist View:

The Fed Didn't Push

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

PART 5 TOOLS AND TARGETS OF FEDERAL RESERVE POLlCY

CHAPlER 17 OPEN MARKET OPERATlONS: THE PRlMARY TOOL

OF FEDERAL RESERVE POLlCY

OPEN MARKET OPERATlONS: FUNDAMENTAL CONSlDERATlONS

The Banking Act of 1935 / The Domain of the Federal Reserve's Open Market

Activity / The Federal Reserve's Operations in the Foreign Exchange Market

THE EFFECTlVENESS OF OPEN MARKET OPERATlONS

The Impact of Open Market Operations / Advantages of Open Market

Operations / Disadvantages of Open Market Operations

TECHNlCAL ASPECTS OF OPEN MARKET OPERATlONS

Defensive Operations versus Dynamic Operations / Outright Transactions versus

Repurchase Agreements

POLlCY DlRECTlVES

Production of a Policy Directive / Implementation of the Directive 405

SUMMARY

KEYTERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 18 TOOLS OF FEDERAL RESERVE POLlCY: DlSCOUNT WlNDOW POUCY

AND RESERVE REQUlREMENT POUCY

THE DlSCOUNT WlNDOW: POLlCY AND PROCEDURES

Criteria for Bank Borrowing at the Federal Reserve / Adjustment

to Reserve Deficiencies / Factors That Inhibit Bank Borrowing at the Fed

ECONOMlC EFFECTS OF A CHANGE IN THE DlSCOUNT RATE

Impact on Reserves, the Monetary Base, and the Money Supply - / Impact

on Yields, Loan Rates, and Security Prices / The Announcement Effect

CRlTlClSMS AND PROPOSED REFORMS OF DlSCOUNT WlNDOW POLICY

Alleged Shortcomings of Discount Window Policy / Proposed Reforms

of Discount Window Policy

THE RESERVE REQUlREMENT INSTRUMENT

Institutional Aspects of Reserve Requirements / Banks' Management

of the Reserve Position

ECONOMlC EFFECTS OF CHANGES IN THE RESERVE REQUlREMENT

Influence on the Money Supply 432 / Advantages of the Reserve Requirement

Tool / Disadvantages of the Reserve Requirement Tool 436

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 19 CONDUCTlNG MONETARY POLlCY: ULTlMATE GOALS AND

INTERMEDlATE TARGETS 440

THE ULTlMATE GOAl S OF MONETARY POLlCY

Price Level Stability / Full Employment / Stable Exchange Rate

Long-Term Economic Growth

INTERMEDlATE MONETARY POLlCY TARGETS

Criteria for an Effective Intermediate Target / Net Free Reserves: A Flawed

Intermediate Target

LlNKS AMONG POLlCY, TARGETS, AND GOALS

Short-Range Variables / Intermediate-Range Variables / Monetarists

versus Keynesians on Appropriate Targets / Money Supply Targets versus

Interest Rate Targets

EFFECTS OF FEDERAL RESERVE TARGETlNG PROCEDURES

Pegging Treasury Bond Yields, l942-l95l / Has the Federal Reserve Been

a Destabilizing Influence?

SUMMARY

KEYTERMS

STUDY QUESTlONS SUGGESTTONS FOR ADDmONAL READlNG

PART 6 THE UNKAGE BETWEEN INTERMEDlATE TARGETS

AND ECONOMlC ACTlVlTY

CHAPTER 20 THE AGGREGATE DEMAND-AGGREGATE SUPPLY MODEL

THE AGGREGATE DEMAND-AGGREGATE SUPPLY FRAMEWORK

The Aggregate Demand Curve / The Aggregate Supply Curve

Equilibrium Output and the Equilibrium Price Level / Factors That Shift

the Aggregate Demand Curve / Factors That Shift the Aggregate

Supply Curve

APPLlCATlONS OF THE AGGREGATE DEMAND-AGGREGATE SUPPLY

FRAMEWORK

Equilibrium Output versus the Full Employment Output Level / Stabilization

Policies 475 / The Dilemma Posed by Adverse Aggregate Supply Shocks

THE AGGREGATE DEMAND-AGGREGATE SUPPLY MODEL AND MODERN

U.S. MACROECONOMlC HlSTORY

The Great Depression of the 1930s. / World War ll and Postwar Inflation /

The Post-1960 Era.

SUMMARY

KEYTERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDITlONAL READlNG

CHAPTER 21 THE DEMAND FOR MONEY AND VELOClTY OF MONEY

THE VELOClTY OF MONEY

The Income Velocity of Money / Velocity and the Demand for Money

THE DEMAND FOR MONEY

Motives for Holding Money / The Role of interest Rates in the Demand

for Money / The Role of interest Rates in the Demand for Money:

Conclusion

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPlER 22 THE BEHAVlOR OF VELOClTY OF MONEY

IN THE UNlTED STATES

DETERMlNANTS OF VELOClTY

institutional Factors / Financial Technology /Interest Rates /

Economic Uncertainty / Expected Inflation / Income.

LONG-RUN BEHAVlOR OF MONEY VELOClTY

Friedman's Luxury Good Explanation / Tobin's Institutional Explanation

SHORT-RUN BEHAVlOR OF MONEY VELOClTY

Induced Changes in Velocity and the Effectiveness of Monetary Policy

The "Ratchet Effect" of Financial Innovations / The Cyclical Behavior

of Velocity

RECENT HlSTORlCAL BEHAVlOR OF MONEY VELOClTY

VELOClTY BEHAVlOR AND MONETARY POLlCY

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 23 THE IS-LM MODEL OF THE MACROECONOMY

THE IS-LM MODEL: FUNDAMENTAL ELEMENTS

Equilibrium in the Money Market: The LM Curve / Factors That Cause a Shift

in the LM Curve / Equilibrium in the Product Market: The IS Curve /

Factors That Shift the IS Curve / General Equilibrium and the Adjustment

to Disequilibrium

APPLlCATlONS OF THE IS-LM MODEL

Disturbances Originating in the Monetary Sector / Initiation of Overdraft

Protection / Disturbances Originating in the Real Sector

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPlER 24 THE IS-LM MODEL:MPLlCATlONS FOR MONETARY

AND FlSCAL POLlCY

DETERMlNlNG THE SOURCES OF ECONOMlC DlSTURBANCES

Fiscal and Other Real-Sector Disturbances 560 / Pure Monetary

Disturbances Combined Fiscal and Monetary Disturbances

FlNANClNG AN INCREASE IN GOVERNMENT EXPENDlTURES

Tax Increase / Sale of Govemment Securities to the Public 565 / Sale

of Govemment Securities to the Federal Reserve

KEYNESlAN VERSUS MONETARlST VlEWS IN THE IS-LM MODEL

The Interest Sensitivity of Velocity Expressed in the IS-LM Model ' Position

Slope, and Stability of the Curves / Recommended Policy Measures

SELECTlON OF INTERMEDlATE MONETARY POLlCY TARGETS

The Case of LM Uncertainty / The Case of iS Uncertainty / Uncertainty

in Both the iS and LM Curves

MONETARlST VERSUS KEYNESlAN POLlCY VlEWS: SUMMARY

SUMMARY

KEYTERM

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPlER 25 THE TRANSMlSSlON OF MONETARY POUCY

EARLY VlEWS OF THE TRANSMlSSlON MECHANlSM

Early Keynesian Views / Early Monetarist Views

STOCK AND BOND PRlCES

CONSUMPTlON, INVESTMENT, AND NET EXPORTS

Consumer Expenditures / Monetary Policy and Investment Spending /

Net Exports (X - M)

THE MONEY VlEW VERSUS THE CREDIT VlEW

The Money View

The Lending, or Credit, View

SUMMARY

KEYTERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDlTlONAL READlNG

CHAPTER 26 MONETARlSM AND THE NEW CLASSlCAL MACROECONOMlCS:

SKEPTICAL VlEWS OF DlSCRETlONARY MONETARY POLlCY

THE SELF-CORRECTlNG MECHANlSM AND THE AGGREGATE

DEMAND-AGGREGATE SUPPlY MODEL

The Self-Correcting Mechanism / The Viability of the Self-Correcting

Mechanism

THE ARGUMENT FOR ABANDONlNG DlSCRETlONARY

MONETARY POLlCY

The Federal Reserve as a Destabilizing Influence / The Federal Reserve's

Tendency to Change Objectives / Lags of Monetary Policy

THE DEBATE OVER THE FlXED MONEY GROWTH RULE

Arguments for a Fixed Money Growth Rule / Arguments against a Fixed

Money Growth Rule

THE CHALLENGE OF RATIONAL EXPECTATlONS MACROECONOMlCS

Assumptions of Rational Expectations Macroeconomics / Policy Implications

of Rational Expectations Macroeconomics / Implications for the Phillips Curvt

THE ACTlVlST CRlTlQUE OF RATlONAL EXPECTATlONS

MACROECONOMlCS

SUMMARY

KEY TERMS

STUDY QUESTlONS

SUGGESTTONS FOR ADDlTlONAL READlNG

PART 7 THE INTERNATlONAL FlNANClAL SYSTEM

CHAPTER 27 THE INTERNATlONAL MONETARY SYSTEM

THE BRETTON WOODS EXCHANGE RATE SYSTFM

Establishment of the Intemational Monetary Fund / The Bretton Woods (Fixed-

Exchange-Rate) System / How the Bretton Woods System Operated /

INTERNATlONAL MONETARY ARRANGEMENTS SlNCE 1973

The U.S. Dollar since 1973 l The European Monetary System

SUMMARY

KEYTERMS

STUDY QUESTlONS

SUGGESTlONS FOR ADDmONAL READlNG

Glossary

Index

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