北京大学光华管理学院本科生经济学教案.pptx

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1、会计学1北京大学光华管理学院本科生经济学北京大学光华管理学院本科生经济学第1页/共98页货币和金融体系货币和金融体系n nTarget short term interest raten nOpen market operationsn nEntire spectrum interest rate,asset prices etc.n nI,C,NXn nAS,AD第2页/共98页1 Modern Financial Systemn nThe role of financial systemn nMoney marketMoney marketn nFixed interest rate as

2、setsFixed interest rate assetsn nStock marketStock marketn nForeign exchange marketForeign exchange marketn nFinancial intermediariesn nCommercial banksCommercial banksn nInsurance companiesInsurance companiesn nMutual fundsMutual funds第3页/共98页Financial IntermediariesA financial intermediary is an i

3、nstitution that transforms the funds it gathers from many individuals into financial assets.A mutual fund is a financial intermediary that creates a stock portfolio and then resells shares of this portfolio to individual investors.A pension fund is a type of mutual fund that holds assets in order to

4、 provide retirement income to its members.A life insurance company sells policies that guarantee a payment to a policyholders beneficiaries when the policyholder dies.A bank is a financial intermediary that provides liquid assets in the form of bank deposits to lenders and uses those funds to financ

5、e the illiquid investments or investment spending needs of borrowers.第4页/共98页Three Tasks of a Financial SystemEach of the four financial assets serves a different purpose in addressing the three fundamental tasks of a financial system:reducing transaction costs the cost of making a deal;reducing fin

6、ancial risk uncertainty about future outcomes that involves financial gains and losses;and providing liquid assets assets that can be quickly converted into cash(in contrast to illiquid assets,which cant).第5页/共98页金融体系的角色金融体系的角色n n分散风险n n汇集信息n n增加流动性n n沟通储蓄和投资，提升投资效率第6页/共98页第7页/共98页The function of th

7、e financial systemsn nTransfer resources across time sector and regionsn nManage risksn nPools and subdivides fundsn nClearinghouse function第8页/共98页第9页/共98页Financial assetsn nMoneyn nSaving accountsn nCredit market instruments:bond etcn nCommon stocksn nMonet market funds and mutual fundsn nPension

8、fundsn nFinancial derivatives第10页/共98页第11页/共98页2 The special case of moneyn nThe evolution of moneyn nThe history of moneyn nBarterBartern nCommodity moneyCommodity moneyn nModern moneyModern money第12页/共98页n n监狱里的货币监狱里的货币香烟.第13页/共98页什么是货币我们为什么需要它？什么是货币我们为什么需要它？什么可以当货币?5个标准:被广泛接受质量标准化耐用durable重量轻，便于携

9、带可分割第14页/共98页n nComponents of the money supplyn nCurrencyCurrencyn nChecking depositsChecking deposits第15页/共98页什么是货币我们为什么需要它？什么是货币我们为什么需要它？LEARNINGOBJECTIVE2M1:最窄的定义M1:流通中的现金，支票账户，活期存款账户，旅行支票 包括:1.流通中的纸币和硬币，不是银行持有的和国库持有的2.支票账户.3.旅行支票4.活期存款第16页/共98页中国的划分中国的划分n nM0M0：流通中现金（货币供给量统计的机构范围之外的现金发行）：流通中现金（货

10、币供给量统计的机构范围之外的现金发行）n nM1M1：M0M0企业存款（企业存款扣除单位定期存款和自筹基建存企业存款（企业存款扣除单位定期存款和自筹基建存款）机关团体部队存款农村存款信用卡类存款（个人持有）款）机关团体部队存款农村存款信用卡类存款（个人持有）n nM2M2：M1M1城乡居民储蓄存款企业存款中具有定期性质的存款城乡居民储蓄存款企业存款中具有定期性质的存款（单位定期存款和自筹基建存款）外币存款信托类存款（单位定期存款和自筹基建存款）外币存款信托类存款n nM3M3：M2M2金融债券商业票据大额可转让定期存单等金融债券商业票据大额可转让定期存单等n nM1M1，即狭义货币；，即狭义货

11、币；M2M2，即广义货币；，即广义货币；M2M2M1M1即准货币。即准货币。第17页/共98页第18页/共98页The demand for moneyn nMoneys functionn nMedium of exchangeMedium of exchangen nUnit of accountUnit of accountn nA store of valueA store of value第19页/共98页n nThe costs of holding moneyn nTransaction demand for moneyn nAsset demand第20页/共98页第21页/共

12、98页3 banks and the supply of moneyn nGoldsmith establishmentn nFractional reserve banking第22页/共98页第23页/共98页第24页/共98页第25页/共98页第26页/共98页第27页/共98页银行怎么创造货币银行怎么创造货币?银行的资产平衡表准备准备Deposits that a bank keeps as cash in its vault or on deposit with the Federal Reserve.法定准备法定准备Reserves that a bank is legally r

13、equired to hold,based on its checking account deposits.法定准备率法定准备率The minimum fraction of deposits banks are required by law to keep as reserves.超额准备超额准备Reserves that banks hold over and above the legal requirement.第28页/共98页银行怎么创造货币银行怎么创造货币?资产资产负债和权益负债和权益准备准备$34,150储蓄存款储蓄存款$295,053贷款贷款$221,083短期负债$64

14、,161转存于其他银行的存款$4,441长期负债$46,750证券$110,597其他负债$37,216建筑和设备$5,628总负债$443,189其他$117,425股东权益$50,135总资产$493,324股东权益$493,324银行的资产平衡表第29页/共98页银行怎么创造货币银行怎么创造货币?你（个人）在工商银行的活期账户里，存入1000块钱，工商银行的资产和负债都增加1000元这个行为没有增加货币因为流通中的现金减少了1000，活期存款增加了1000，M1没变化资产负债准备 1000存款 1000第30页/共98页资产负债准备100活期存款1000贷款900工商行可以保留100作为

15、法定准备，贷出去900，比如贷款给某个买汽车的简单点说，银行允许你的支票账户增加900额度资产负债B银行存款900准备900假如那个人把900块支付给车主车主把支票存到B银行第31页/共98页资产负债B银行储备90存款900贷款？B银行可以贷款出去多少？第32页/共98页银行怎么创造货币银行怎么创造货币?银行银行活期存款账户的增加活期存款账户的增加A银行1,000B银行900(=0.9 x 1,000)第三家银行810(=0.9 x 900)第四家银行729(=0.9 x 810).总的存款变化10,000 第33页/共98页简单的存款乘数存款乘数存款乘数存款与银行新的准备的比值存款与银行新的

16、准备的比值 银行怎么创造货币银行怎么创造货币?第34页/共98页4 The stock marketn nRISK AND RETURN ON DIFFERENT ASSETSn nBubbles and crashes第35页/共98页第36页/共98页第37页/共98页Stock Prices and MacroeconomicsHow do macroeconomists and policy makers deal with the fact that stock prices fluctuate a lot and that these fluctuations can have i

17、mportant economic effects?The short answer is that,for the most part,they adopt an open-minded but watchful attitude.Policy makers assume neither that markets always behave rationally nor that they can outsmart them.第38页/共98页第39页/共98页An Example of a Diversified Mutual Fund第40页/共98页n nEfficient marke

18、t and random walk第41页/共98页CHAPTER 24:MONETARY POLICY AND ECONOMY第42页/共98页1 CENTRALBANKING AND THE FEDERAL RESERVE SYSTEMn nThe essential element of central bankingThe essential element of central bankingn nHistory:banking panics;1913 Federal Reserve ActHistory:banking panics;1913 Federal Reserve Act

19、n nStructureStructuren nBoard of governors:7Board of governors:7n n12 regional reserve banks12 regional reserve banksn nFederal open market committeeFederal open market committeen nGoalsGoalsn nMultiple objectives;inflation targeting;exchange rate targetingMultiple objectives;inflation targeting;exc

20、hange rate targetingn nCentral bank independenceCentral bank independence第43页/共98页中央银行体系中央银行体系LEARNINGOBJECTIVE4部分准备的银行体系部分准备的银行体系银行保留部分的准备.挤兑挤兑很多存款者同时提款很多存款者同时提款 银行恐慌银行恐慌很多银行都面临着挤兑.第44页/共98页n n阿根廷阿根廷阿根廷阿根廷20012001年的年的年的年的银行恐慌银行恐慌银行恐慌银行恐慌阿根廷中央银行不能阻止银行恐慌.第45页/共98页中央银行体系中央银行体系美国叫做联邦储备银行货币战争对联储有描述，但是对事

21、实的解释基本属于偏见偏见比无知更使人愚蠢第46页/共98页第47页/共98页n nHow the central bank determines short term interest ratesn nFEDS Operation:federal fund raten nOpen market operationsOpen market operationsn nDiscount-window lendingDiscount-window lendingn nReserve requirement policyReserve requirement policy第48页/共98页Balance

22、sheetofcentralbanks第49页/共98页Operating proceduresn nFOMCn nFederal funds rate第50页/共98页第51页/共98页How the central bank affects bank reservesn nOpen market operationsn nThe FED desire to sell 1 billion dollars第52页/共98页第53页/共98页n nDiscount window policyn n or above the target federal funds rate or above t

23、he target federal funds raten n2007-2009 crisis2007-2009 crisisn nLender of last resort第54页/共98页Reserve requirmentn nThe nature of reservesn nLegal reserve requirments第55页/共98页第56页/共98页Determination of the federal funds raten nDemand for bank reservesn nSupply of bank reserves第57页/共98页第58页/共98页第59页/

24、共98页Unit:100 Million Yuan项目项目 ItemItem2007.08 2007.08 2007.09 2007.09 2007.10 2007.10 2007.11 2007.11 2007.12 2007.12 货币和准货币（M2）387205.04393098.91394204.17399757.91403401.30 Money&Quasi-money 货币（M1）140993.21142591.57144649.33148009.82152519.17 Money流通中现金（M0）27822.3929030.5828317.7828987.9230334.32Cu

25、rrency in Circulation第60页/共98页项目项目 ItemItem2009.02009.01 1 2009.02 2009.02 2009.02009.03 3 2009.02009.04 4 2009.02009.05 5 2009.02009.06 6 2009.02009.07 7 2009.02009.08 8 2009.02009.09 9 货币和准货币（M2）496135.31506708.07530626.71540481.21548263.51568916.20573102.85576698.95585405.34 Money&Quasi-money 货币（

26、M1）165214.34166149.60176541.13178213.57182025.58193138.15195889.27200394.83201708.14 Money流通中现金（M0）41082.3735141.6433746.4234257.2733559.5233640.9834239.3034406.6236787.89Currency in Circulation第61页/共98页中央银行资产负债表单位：亿元人民币中央银行资产负债表单位：亿元人民币 资产资产20072007年年1 1月月1111月月负债负债20072007年年1 1月月11月国外资产ForeignAsse

27、ts89451.67122170.97储备货币 Reserve Money73380.4892433.16 外汇 Foreign Exchange88044.93115031.21 货币发行 Currency Issue30236.4031389.64 货币黄金 Monetary Gold337.24337.24金融性公司存款 Deposits of Financial Corporations42943.0360775.81 其他国外资产 Other Foreign Assets1069.506802.52其他存款性公司 Other Depository Corporations42817.

28、4960569.24对政府债权 Claims on Government2856.418825.32其他金融性公司 Other Financial Corporations125.54206.57 其中：中央政府 Of which:Central Government2856.418825.32非金融性公司存款 Deposits of Non-financial Corporations201.05267.71对其他存款性公司债权 Claims on Other Depository Corporations 6484.926310.42 活期存款 Demand Deposits201.052

29、67.71对其他金融性公司债权 Claims on Other Financial Corporations21917.5115950.40发行债券 Bond Issue34337.9535667.62对非金融性公司债权 Claims on Non-financial Corporations66.3463.68国外负债 Foreign Liabilities926.20933.08其他资产 Other Assets11730.9211979.20政府存款 Deposits of Government 12907.8723159.58总资产总资产 Total Assets132507.7716

30、5299.99自有资金 Own Capital219.75219.75其他负债 Other Liabilities 10735.5212886.80总负债总负债 Total Liabilities132507.77165299.99第62页/共98页国外资产Foreign Assets163731.49179720.25储备货币Reserve Money129653.44133406.64外汇Foreign Exchange150784.95166460.89货币发行Currency Issue47672.6640504.78货币黄金Monetary Gold337.24669.84金融性公司

31、存款Deposits of Financial Corporations81980.7892901.86其他国外资产Other Foreign Assets12609.3112589.51其他存款性公司Other Depository Corporations81837.8992797.95对政府债权Claims on Government16195.9915676.74其他金融性公司Other Financial Corporations142.9103.9其中：中央政府Of which:Central Government16195.9915676.74不计入储备货币的金融性公司存款Dep

32、osits of financial corporations excluded from Reserve Money580.49635.72对其他存款性公司债权Claims on Other Depository Corporations8378.067591.72发行债券Bond Issue43521.2139915.61对其他金融性公司债权Claims on Other Financial Corporations11852.7511701国外负债Foreign Liabilities771.49746.92对非金融性公司债权Claims on Non-financial Corpora

33、tions44.1243.96政府存款Deposits of Government17618.1127247.71其他资产Other Assets8052.77817.24自有资金Own Capital219.75219.75总资产总资产Total AssetsTotal Assets208255.12222550.91其他负债Other Liabilities15890.6220378.54总负债总负债TotalTotalLiabilitiesLiabilities208255.12222550.912009 年央行资产负债表第63页/共98页第64页/共98页The Demand for

34、MoneyThe Opportunity Cost of Holding MoneyShort-term interest rates are the interest rates on financial assets that mature within six months or less.Long-term interest rates are interest rates on financial assets that mature a number of years in the future.第65页/共98页The Demand for MoneyThe Opportunit

35、y Cost of Holding Money第66页/共98页The Money Demand CurveThe money demand curve shows the relationship between the quantity of money demanded and the interest rate.The Liquidity Preference Model of the Interest Rate第67页/共98页Prices and the Demand for MoneyThe real quantity of money is the nominal quanti

36、ty of money divided by the aggregate price level.第68页/共98页Prices and the Demand for MoneyThe Aggregate Price Level and Money Demand第69页/共98页The Real Demand for MoneyThe real money demand curve shows the relationship between the real quantity of money demanded and the interest rate.第70页/共98页Shifts of

37、 the Real Money Demand CurveChanges in Real Aggregate SpendingChanges in TechnologyChanges in Institutions第71页/共98页The Velocity Approach to Money DemandThe velocity of money is nominal GDP divided by the nominal quantity of money.According to the velocity of money approach to money demand,the real q

38、uantity of money demanded is proportional to real aggregate spending.第72页/共98页The Velocity Approach to Money DemandThe real demand for money,M/P,is proportional to real GDP,Y,where the constant of proportionality is 1/V.第73页/共98页Money and Interest RatesAccording to the liquidity preference model of

39、the interest rate,the interest rate is determined by the supply and demand for money.The money supply curve shows how the nominal quantity of money supplied varies with the interest rate.第74页/共98页Equilibrium in the Money Market第75页/共98页The Effect of an Increase in the Money Supply on the Interest Ra

40、te第76页/共98页Setting the Federal Funds Rate-Pushing the Interest Rate Down to the Pushing the Interest Rate Down to the Target RateTarget RateThe target federal funds rate is the Federal Reserves desired federal funds rate.第77页/共98页Setting the Federal Funds Rate-Pushing the Interest Rate Up to the Tar

41、get Rate第78页/共98页The Fed Moves Interest Rates第79页/共98页Monetary Policy and Aggregate DemandExpansionary monetary policy is monetary policy that increases aggregate demand.Contractionary monetary policy is monetary policy that reduces aggregate demand.第80页/共98页Expansionary Monetary Policy to Fight a R

42、ecessionary Gap第81页/共98页Contractionary Monetary Policy to Fight an Inflationary Gap第82页/共98页Monetary Policy and the Multiplier第83页/共98页The Short-Run Determination of the Interest Rate第84页/共98页Federal Reserve Policy and the Business Cycle第85页/共98页Money,Output,and Prices in the Long RunThe Short-Run a

43、nd Long-Run Effects of an Increase in the Money Supply第86页/共98页Monetary NeutralityIn the long run,changes in the money supply affect the aggregate price level but not real GDP or the interest rate.In fact,there is monetary neutrality:changes in the money supply have no real effect on the economy.So

44、monetary policy is ineffectual in the long run.第87页/共98页The Long-Run Determination of the Interest Rate第88页/共98页The Long-Run Relationship Between Money and Inflation第89页/共98页2 The monetary transmission mechanismn nInterest rate target n nOpen market operationn nAsset marketsn nInvestment and other spendingn nMonetary policy eventually affects optput and price inflation第90页/共98页第91页/共98页第92页/共98页第93页/共98页第94页/共98页3 application of monetary economicsn nThe quantity theory of money and prices第95页/共98页第96页/共98页第97页/共98页