《货币金融10》课程教学大纲

1、货币金融学2（英）课程教学大纲Course Name: Money and BankingCourse Code:FIN900Instructor: Ziying Yang, Gezhi 315, HYPERLINK mailto:yziying1988 yziying1988Time and Location: Wednesday, 08:30-11:05, B302, SWUFE (Liulin Campus)Office Hours: Tuesday morning 8:30am-11:30am or by appointment, Gezhi 315.Course website: W

2、e will use the learning system “MyEconLab” and the website is HYPERLINK /global/ /global/. I will post class announcement, the syllabus, lecture notes (slides), additional readings, and other materials there.Prerequisites: A background in Microeconomics and Macroeconomics is highly recommended.Cours

3、e DescriptionThis is a one semester course on Money, Banking and Financial Markets. We will study the financial system from an economic perspective. Specifically, we will focus on the concept of money, interest rates, major financial markets, banking structures and function, central banking, determi

4、nants of the money supply, exchange rates, and monetary policy. For example, how are interest rates determined? What economic factors drive the yield curves in different bond markets? This course is appropriate for anyone trying to gain a macroeconomic perspective on Financial markets.In chapter 2 a

5、nd chapter 3, this course will discuss the differences between China and U.S. in financial systems and payment systems. In this way, students will get to know the advantages and disadvantages of the financial systems in China. This will also help the students understand the institutional superiority

6、 in China.Teaching ObjectivesUpon completion of the course, students should:Develop a general understanding of some basic concepts in FinanceKnow the role and function of the banking systemMaster the fundamentals of monetary theory and its relevance to policy makingBe able to apply what you learned

7、to solve problems in realityTextbooksRequired textbookThe Economics of Money, Banking, and Financial Markets, (Global Edition, 10th Edition), Frederic S. Mishkin, 2014, Pearson, ISBN 978-988-232-296-7.Recommended supplementary/complementary textbooks米什金 著，郑艳文，荆国勇 译, 货币金融学，（原书第9版）ISBN(书号): 7300129269

8、, 9787300129266, 中国人民大学出版社, 2011年货币金融学，殷孟波、解川波主编，出版社，2012年Main ContentChapterTopicsSchedule1Why study money, banking, and financial markets （chapter 1）Why study financial marketsWhy study financial institutions and bankingWhy study money and monetary policyWhy study international financeWeek 12An ov

9、erview of the financial system (Chapter 2)Function of financial marketsStructure of financial marketsFinancial market instrumentsInternationalization of financial marketsFunction of financial intermediaries: indirect financeTypes of financial intermediariesRegulation of the financial systemWeek 23Wh

10、at is money (Chapter 3)Meaning of moneyFunctions of moneyEvolution of the payments systemMeasuring moneyWeek 3National DayWeek 44Understanding interest rates (Chapter 4)Measuring interest ratesThe distinction between interest rates and returnsThe distinction between real and nominal ratesWeek 55The

11、behavior of interest rates (Chapter 5)Determinant of asset demandSupply and demand in the bond marketChanges in equilibrium interest ratesSupply and demand in the market for money: the liquidity preference frameworkChanges in equilibrium interest rates in the liquidity preference frameworkWeek 66The

12、 risk and term structure of interest rates (chapter 6)Risk structure of interest ratesTerm structure of interest ratesWeek 77The stock market, the theory of rational expectations, and the efficient market hypothesisComputing the price of common stockHow the market sets stock pricesThe theory of rati

13、onal expectationsThe efficient market hypothesis: Rational expectationsWhy the efficient market hypothesis does not imply that financial markets are efficientBehavioral financeWeek 88An economic analysis of financial structure (chapter 8)Basic facts about financial structure throughout the worldTran

14、saction costsAsymmetric information: adverse selection and moral hazardThe lemons problem: how adverse selection influences financial structureHow moral hazard affects the choice between debt and equity contractsHow moral hazard influences financial structure in debt marketsWeek 99Banking and the ma

15、nagement of financial institutions (Chapter 11)The bank balance sheetBasic bankingGeneral principles of bank managementManaging credit riskManaging interest-rate riskOff-balance-sheet activitiesWeek 1010Economic analysis of financial regulation (chapter 12)Asymmetric information and financial regula

16、tionThe 1980s savings and loan and banking crisisBanking crises throughout the worldThe dodd-frank bill and future regulationWeek 1111Central banks: a global perspective (Chapter 15)Origins of the federal reserve systemStructure of the federal reserve systemExplaining central bank behaviorWeek 1212T

17、he money supply process (Chapter 16)Three players in the money supply processThe Feds balance sheetControl of the monetary baseMultiple deposit creation: a simple modelFactors that determine the money supplyOverview of the money supply processThe money multiplierWeek 1313Tools of monetary policy (Ch

18、apter 17)The market for reserves and the federal funds rates Conventional monetary policy toolsNonconventional monetary policy tools during the global financial crisisMonetary policy tools of the European central bankWeek 1414The foreign exchange market (Chapter 19)Foreign exchange marketExchange ra

19、tes in the long runExchange rates in the short runExplaining changes in the exchange ratesWeek 1515Quantity theory, inflation, and the demand for moneyQuantity theory of moneyBudget deficits and inflationKeynesian theories of money demandPortfolio theories of money demandEmpirical evidence for the d

20、emand for moneyWeek 1616Project presentationProject presentationWeek 17Assessment and GradingPlease note that the requirements and grading policy set forth in this syllabus may be modified any time. Notice of such changes will be by announcement in class and on MyEconLab.Attendance:Score: 5I will ra

21、ndomly call the roll during the semester. If you are absent from the classes for 3 times, you will get an F for your final grade.Problem sets/assignmentsScore: 30The assignments will be posted on MyEconLab. For each assignment, unlimited attempts are allowed before due date and the latest one will b

22、e used as the score for this assignment.Please complete the homework independently. Cheat is not allowed.Group projectScore: 15The groups will be assigned by the instructor. The list can be found on MyEconLab.Each group should choose one question from the pool. I will post the question on MyEconLab.Each group should submit a printed report on week 17.Each group should also prepare a 15-minutes PPT and present on week 17.MidtermScore: 20Closed-book and closed-n