货币金融学-第九版(英文版)-答案米什金

PARTTWOOverviewsoftheTextbookChaptersandTeachingTips25Chapter1WhyStudyMoney,Banking,andFinancialMarkets?Beforeembarkingonastudyofmoney,banking,andfinancialmarkets,thestudentmustbeconvincedthatthissubjectisworthstudying.Chapter1pursuesthisgoalintwoways.First,itshowsthestudentthatmoneyandbankingisanexcitingfieldbecauseitfocusesoneconomicphenomenathataffecteverydaylife.Second,usingeightfigures,thischapterencouragesthestudenttolookatdatathatbearonthecentralissuesinthisfield.AnadditionalpurposeofChapter1istoprovideanoverviewfortheentirebook,previewingthetopicsthatwillbecoveredinlaterchapters,andtoindicatehowthebookwillbetaught.Inteachingthischapter,themostimportantgoalshouldbetogetthestudentexcitedaboutthematerial.Ihavefoundthattalkingaboutthedatapresentedinthefigureshelpsachievethisgoal.Furthermore,itshowsthestudentthatthesubjectmatterofmoneyandbankinghasreal-worldimplicationsthatthestudentshouldcareabout.TheWebappendixtothischapterreviewsconceptsregardingthedefinitionsofaggregateoutput,income,andthepricelevelthatthestudentalreadyhasseeninaneconomicprinciplescourse.Sincetheseconceptsareextremelyimportant,itmightbeworthwhiletohaveyourstudentsreadthisappendixoutsideofclasstojogtheirmemories.26Mishkin•TheEconomicsofMoney,Banking,andFinancialMarkets,NinthEditionChapter2AnOverviewoftheFinancialSystemChapter2isanintroductorychapterthatcontainsthebackgroundinformationonthestructureandoperationoffinancialmarketsthatisneededinlaterchaptersofthebook.Thischapterallowstheinstructortobranchouttovariouschoicesoflaterchapters,thusallowingdifferentdegreesofcoverageoffinancialmarketsandinstitutions.Themostimportantpointtotransmittothestudentisthatfinancialmarketsandfinancialintermediariesarecrucialtoawell-functioningeconomybecausetheychannelfundsfromthosewhodonothaveaproductiveuseforthemtothosewhodo.Professorswhoemphasizefinancialmarketsandinstitutionsintheircoursewillwanttoteachthischapterindetail,andthosewhofocusoninternationalissueswillwanttospendsometimeonthesection“InternationalizationofFinancialMarkets.”However,thosewhoslanttheircoursetomonetarytheoryandpolicymaywanttogivethischapteramorecursorytreatment.Nomatterhowmuchclasstimeisdevotedtothischapter,Ihavefoundthatitisagoodreferencechapterforstudents.Youmightwanttotellthemthatifinlaterchapterstheydonotrecallwhatsomefinancialinstrumentisorwhoregulateswhom,theycanreferbacktothischapter,especiallytosummarytables,suchasTables3and5.ThechapterintroducesGlobalboxes,whicharesprinkledthroughoutthetext,togetstudentstorecognizethegrowingimportanceoftheglobaleconomy.TheGlobalboxinthischaptergetsstudentstothinkabouthowthefinancialsystemintheU.S.isbothsimilartoanddifferentfromfinancialsystemsinothercountries.PartTwo:OverviewsoftheTextbookChaptersandTeachingTips27Chapter3WhatIsMoney?Beforebecomingimmersedinthestudyofmoneyandbanking,thestudentmustunderstandhowmoneyisdefinedandmeasured.ThefirsthalfofChapter3discussesthedefinitionofmoney:howtheeconomist’sdefinitiondiffersfromthatofcommonspeech,thefunctionsofmoney,andahistoricalviewofhowwhatservesasmoneyhaschangedovertime.Thesecondhalfofthechapterdescribesthetrickyissuesinvolvedinapplyingthedefinitionofmoneyinordertomeasureit.Oncethestudentunderstandswhatmoneyis,themostimportantpointtogetacrosstohimorheristhateconomistsarenotexactlysurehowtomeasuremoney.Thispresentstopolicymakersaseriousproblem:Althoughtheymightwanttocontrolthemoneysupplytoaffecttheeconomy,theyarenotsurewhichmeasureofmoneyistherightonetocontrol.Inmanysituations,knowingwhichmeasureofmoneyistherightoneisnotcrucialbecausedifferentmeasures(suchasMl,M2,andM3)movetogether.But,asFigure1illustrates,thisissometimesnotthecase,presentingthepolicymakerwithadilemma.AsecondpointtoemphasizeisillustratedinTable2:Weshouldnotpayverymuchattentiontoshort-runmovementsinthepublishedmoneysupplynumbers,becausedatarevisionscanbesubstantial.Rather,weshouldfocusonlonger-runmovements,suchasgrowthratesoverayear’stime.28Mishkin�TheEconomicsofMoney,Banking,andFinancialMarkets,NinthEditionChapter4UnderstandingInterestRatesInmyyearsofteachingmoneyandbanking,IhavefoundthatstudentshavetroublewithwhatIconsidertobeeasymaterialbecausetheydonotunderstandwhataninterestrateis—thatitisnegativelyassociatedwiththepriceofabond,thatitdiffersfromthereturnonabond,andthatthereisanimportantdistinctionbetweenrealandnominalinterestrates.Thischapterspendsmoretimeontheseissuesthandoesanyothercompetingtextbook.Furthermore,itcontainsmanynumericalapplicationstodrivehometheconcepts.Myexperiencehasbeenthatgivingthismaterialsomuchattentioniswellrewarded.Afterputtingmoreemphasisonthismaterialinmymoneyandbankingcourses,Iwitnessedadramaticimprovementinstudents’understandingofbankassetandliabilitymanagement,portfoliochoice,modelsofthedemandformoney,andothertopicsinmonetarytheory.Ialsohavefoundthatstudentsverymuchenjoythischapter,especiallythe“ReadingtheWallStreetJournal”applicationinwhichtheylearntoreadthebondpage.Theyfeelthatthischapterisvery“realworld”andwillbeusefultothemintheircareers.ThischapterintroducesFollowingtheFinancialNewsbo