米什金_货币金融学_第9版各章学习指导

PART TWO

Overviews

of the Textbook

Chapters and

Teaching Tips

Chapter 1

Why Study Money, Banking,

and Financial Markets?

Before embarking on a study of money, banking, and financial markets, the student must be convinced that this subject is worth studying. Chapter 1 pursues this goal in two ways. First, it shows the student that money and banking is an exciting field because it focuses on economic phenomena that affect everyday life. Second, using eight figures, this chapter encourages the student to look at data that bear on the central issues in this field. An additional purpose of Chapter 1 is to provide an overview for the entire book, previewing the topics that will be covered in later chapters, and to indicate how the book will be taught. In teaching this chapter, the most important goal should be to get the student excited about the material. I have found that talking about the data presented in the figures helps achieve this goal. Furthermore, it shows the student that the subject matter of money and banking has real-world implications that the student should care about.

The Web appendix to this chapter reviews concepts regarding the definitions of aggregate output, income, and the price level that the student already has seen in an economic principles course. Since these concepts are extremely important, it might be worthwhile to have your students read this appendix outside of class to jog their memories.

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

Chapter 2

An Overview of the Financial System

Chapter 2 is an introductory chapter that contains the background information on the structure and operation of financial markets that is needed in later chapters of the book. This chapter allows the

instructor to branch out to various choices of later chapters, thus allowing different degrees of coverage of financial markets and institutions.

The most important point to transmit to the student is that financial markets and financial intermediaries are crucial to a well-functioning economy because they channel funds from those who do not have a

productive use for them to those who do. Professors who emphasize financial markets and institutions in their course will want to teach this chapter in detail, and those who focus on international issues will want to spend some time on the section “Internationalization of Financial Markets.” However, those who slant their course to monetary theory and policy may want to give this chapter a more cursory treatment. No matter how much class time is devoted to this chapter, I have found that it is a good reference chapter for students. You might want to tell them that if in later chapters they do not recall what some financial instrument is or who regulates whom, they can refer back to this chapter, especially to summary tables, such as Tables 3 and 5.

The chapter introduces Global boxes, which are sprinkled throughout the text, to get students to recognize the growing importance of the global economy. The Global box in this chapter gets students to think about how the financial system in the U.S. is both similar to and different from financial systems in other countries.

Part Two: Overviews of the Textbook Chapters and Teaching Tips 27

Chapter 3

What Is Money?

Before becoming immersed in the study of money and banking, the student must understand how money is defined and measured. The first half of Chapter 3 discusses the definition of money: how the economist’s definition differs from that of common speech, the functions of money, and a historical view of how what serves as money has changed over time. The second half of the chapter describes the tricky issues involved in applying the definition of money in order to measure it.

Once the student understands what money is, the most important point to get across to him or her is that economists are not exactly sure how to measure money. This presents to policymakers a serious problem: Although they might want to control the money supply to affect the economy, they are not sure which measure of money is the right one to control. In many situations, knowing which measure of money is the right one is not crucial because different measures (such as Ml, M2, and M3) move together. But, as Figure 1 illustrates, this is sometimes not the case, presenting the policymaker with a dilemma.

A second point to emphasize is illustrated in Table 2: We should not pay very much attention to short-run movements in the published money supply numbers, because data revisions can be substantial. Rather, we should focus on longer-run movements, such as growth rates over a year’s time.

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

Chapter 4

Understanding Interest Rates

In my years of teaching money and banking, I have found that students have trouble with what I consider to be easy material because they do not understand what an interest rate is—that it is negatively associated with the price of a bond, that it differs from the return on a bond, and that there is an important distinction between real and nominal interest rates.

This chapter spends more time on these issues than does any other competing textbook. Furthermore, it contains many numerical applications to drive home the concepts. My experience has been that giving this material so much attention is well rewarded. After putting more emphasis on this material in my money and banking courses, I witnessed a dramatic improvement in students’ understanding of bank asset and liability management, portfolio choice, models of the demand for money, and other topics in monetary theory. I also have found that students very much enjoy this chapter, especially the “Reading the Wall Street Journal” ap …… 此处隐藏：28094字，全部文档内容请下载后查看。喜欢就下载吧 ……