米什金_货币金融学_第9版各章学习指导(2)

determined, how banks manage their assets and liabilities, why financial innovation takes place, how prices are determined in the stock market and the foreign exchange market, and how various theories explain the demand for money.

One teaching device that I have found helps students develop their intuition is the use of summary tables such as Table 1 in class. I use the blackboard to write a list of changes in variables that affect the demand for an asset and then ask students to fill in the table by reasoning how demand responds to each change. This exercise gives them good practice in developing their analytic abilities. I use this device continually throughout my course and in this book, as is evidenced from similar summary tables in later chapters. I recommend this approach highly.

Chapter 5 goes on to lay out two partial equilibrium approaches to the determination of interest rates:

supply and demand in the bond market and the liquidity preference framework (supply and demand in the money market). As is made clear in this chapter, these approaches are not inconsistent with each other but are two different and useful ways of looking at the same thing.

An important feature of the analysis in this chapter is that supply and demand is always done in terms of stocks of assets, not in terms of flows. Recent literature in the professional journals almost always analyzes the determination of prices in financial markets with an asset-market approach: that is, stocks of assets are emphasized rather than flows. The reason for this is that keeping track of stocks of assets is easier than dealing with flows. Correctly conducting analysis in terms of flows is very tricky, for example, when we encounter inflation. Thus there are two reasons for using a stock approach rather than a flow approach:

(1) It is easier, and (2) it is more consistent with modern treatment of asset markets by economists.

Another important feature of this chapter is that it lays out supply and demand analysis of the bond and money markets at a similar level to that found in principles of economics textbooks. The ceteris paribus derivation of supply and demand curves with numerical examples are presented, the concept of

equilibrium is carefully developed, the factors that shift the supply and demand curves are outlined, and the distinction between movements along a demand or supply curve and shifts in the curve are clearly drawn. My feeling is that the step-by-step treatment in this chapter is worthwhile because supply and demand analysis is such a basic tool throughout the study of money, banking, and financial markets. I have found that even those students who have had excellent training in their principles course find that this chapter provides a valuable review of supply and demand analysis.

30 Mishkin The Economics of Money, Banking, and Financial Markets, Ninth Edition

An appendix to the chapter which can be found on the Web site shows how the analysis developed in the chapter can be applied to understanding how any asset’s price is determined. Many students like the application to the gold market because this commodity piques almost everybody’s interest.

This chapter is also designed to show the student how useful economic analysis can be. The Following the Financial News box illustrates that the supply and demand analysis in this chapter is used in the real world to solve a practical problem—forecasting interest rates. The “Reading the Wall Street Journal” applications on the Credit Markets column shows students how they can use the concepts they have learned to

understand material that they can read about every day. In teaching my class, I bring the previous days’ Wall Street Journal columns into class and then use them to conduct a case discussion along the lines of the “Reading the Wall Street Journal” applications in the text. My students very much like the resulting case discussions and have told me that they are better than case discussions in other classes because the material is so current. The application at the end of the chapter encourages students to use all they have learned in this chapter to analyze an important issue to policymakers—the relationship between money and interest rates.

Part Two: Overviews of the Textbook Chapters and Teaching Tips 31

Chapter 6

The Risk and Term Structure

of Interest Rates

Chapter 6 applies the tools the students learned in Chapter 5 to understanding why and how various

interest rates differ. In courses that emphasize financial markets, this chapter is important because students are curious about the risk and term structure of interest rates. On the other hand, professors who focus on monetary theory and policy in their courses might want to skip this chapter. The book has been designed so that skipping this chapter will not hinder the student’s understanding of later chapters.

A particularly attractive feature of this chapter is that it gives students a feel for the interaction of data and theory. As becomes clear in the discussion of the term structure, theories are modified because they cannot explain the data. On the other hand, theories do help to explain the data, as the application to interpreting yield curves in the 1980–2009 period demonstrates.

32 Mishkin The Economics of Money, Banking, and Financial Markets, Ninth Edition

Chapter 7

The Stock Market, the Theory of Rational Expectations, and Efficient Market Hypothesis

Because the stock market is of such great interest to students, this chapter discusses theories of how stocks are priced and how information is incorporated into stock prices. Laying out the simple models of the one-period valuation model, the generalized dividend valuation model, and the Gordon growth model gives students the tools to understand how stock prices are determined. Two …… 此处隐藏：5998字，全部文档内容请下载后查看。喜欢就下载吧 ……