01+为什么货币、银行与金融市场技术总结.ppt

* 货币与利率 Money Growth and Interest Rates * 货币与利率 Money and Interest Rates 利率是资金的价格 Interest rates are the price of money 货币增长率与利率之间的关系 Prior to 1980, the rate of money growth and the interest rate on long-term Treasure bonds were closely tied，Since then, the relationship is less clear but still an important determinant of interest rates * 财政政策与货币政策 Fiscal Policy and Monetary Policy * 财政政策与货币政策 Fiscal Policy and Monetary Policy 货币政策 ：对货币和利率的管理 Monetary policy is the management of the money supply and interest rates Conducted in the U.S. by the Federal Reserve Bank (Fed) 财政政策 ：政府支出和税收的决策 Fiscal policy is government spending and taxation 预算盈余 Budget deficit is the excess of expenditures over revenues for a particular year 预算赤字 Budget surplus is the excess of revenues over expenditures for a particular year * 外汇市场 The Foreign Exchange Market 外汇市场：货币兑换的场所，是资金跨国转移的中介市场 The foreign exchange market is where funds are converted from one currency into another，The foreign exchange market determines the foreign exchange rate 汇率 ：用其他国家货币表示一国货币的价格 The foreign exchange rate is the price of one currency in terms of another currency Q1: What is Purchasing Power Parity and what does that have to do with hamburgers? * 外汇市场 Foreign Exchange Market * 汇改以来人民币兑美元中间价 * 如何研究 How We Study Money and Banking 基本分析框架 Basic Analytic Framework 1. 资产需求的方法 Simplified approach to the demand for assets 2. 均衡的概念 Concept of equilibrium 3. 供求理论 Basic supply and demand approach to understand behavior in financial markets 4. 追求利润 Search for profits 5. 交易成本和信息不对称 Transactions cost and asymmetric information approach to financial structure 6. 总供求分析 Aggregate supply and demand analysis 1. Applications 2. Special-interest boxes 3. Following the Financial News boxes 4. Reading the Wall Street Journal 5. Web Exercises and URLs * 相关定义 Definitions Aggregate Output Gross Domestic Product (GDP) = Value of all final goods and services produced in domestic economy dur