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山东大学货币经济学（英）授课教案
课程代码
课程名称
授课教师姓名
授课日期
授课方式
职称
授课时数
授课地点
0023100710-4
Monetary Economics
Kong Danfeng (孔丹凤)
金融数学 2011 级 39 人
授课对象
留学生 2 人（荷兰、意大利）
本单元或章节的教学目的与要求
Chapter 15 Tools of Monetary Policy
月 日（）
授课+讨论
Professor
18 周 周 3
中心理综楼 208
Chapter 15 examines in detail the tools at the Fed’s (and the European Central Bank’s) disposal for conducting
monetary policy. To fully understand how the Fed’s tools are used in the conduct of monetary policy, this chapter shows
how they affect the federal funds rate directly. Students are introduced to the nitty gritty of how the Fed wields these tools
and are exposed to current debates on whether Fed policymaking could be made more effective by altering their use of
these tools. One basic conclusion that should be emphasized in class is that open market operations are the Fed’s primary
tool in conducting monetary policy.
The chapter also includes applications on why reserve requirements have been declining throughout the world and
on the channel/corridor approach for setting interest rates used by other countries. Teaching these applications encourages
students to use their economic intuition to understand the tools of monetary policy better.
授课主要内容及学时分配
Chapter 15
Tools of Monetary Policy

The Market for Reserves and the Federal Funds Rate
Supply and Demand in the Market for Reserves
How Changes in the Tools of Monetary Policy Affect the Federal Funds Rate

Open Market Operations
A Day at the Trading Desk
Advantages of Open Market Operations

Discount Policy
Operations of the Discount Window
Lender of Last Resort
Advantages and Disadvantages of Discount Policy

Reserve Requirements
Disadvantages of Reserve Requirements

Monetary Policy Tools of the European Central Bank
Open Market Operations
Lending to Banks
Reserve Requirements

Summary
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重点、难点及对学生的要求（掌握、熟悉、了解、自学）
 Why Study Money and Monetary Policy?
Money and Business Cycles
Money and Inflation
Money and Interest Rates
Conduct of Monetary Policy
Fiscal Policy and Monetary Policy
主要外语词汇
Chapter 15
Tools of Monetary Policy
defensive open market operations
longer-term refinancing operations
primary dealers deposit facility
discount window
dynamic open market operations
federal funds rate
lender of last resort
main refinancing operations
marginal lending facility
marginal lending rate
swap lines
matched sale-purchase transaction(reverse repo)
overnight cash rate
repurchase agreement (repo)
reverse transactions
standing lending facility
target financing rate
辅助教学情况（多媒体课件、板书、绘图、标本、示教等）
多媒体课件、板书
课程网站资源 http://www.course.sdu.edu.cn/G2S/Template/View.aspx?action=view&courseType=0&courseId=325
复习思考题
Chapter 15 Tools of Monetary Policy
l. If the manager or the open market desk hears that a snowstorm is about to strike New York City, making it difficult to
present checks for payment there and so raising the float, what defensive open market operations will the manager
undertake?
2. During Christmastime, when the public's holdings of currency increase. what defensive open market operations
typically occur? Why?
3. If the Treasury has just paid for a supercomputer and as a result its deposit with the Fed fall, what defensive open
market operations will the manager of the open market desk undertake?
4. If float decreases below its normal level, why might the manager of domestic operations consider it more desirable to
use repurchase agreements to affect the monetary base rather than an outright purchase of bonds?
5. Most open market operations are currently repurchase agreements. What does this tell us about the likely volume of
defensive open market operations relative to dynamic open market operations?
6. 'The only way that the Fed can affect the level of borrowed reserves is by adjusting the discount rate. "Is this statement
true, false, or uncertain? Explain your answer.
7. Using the supply and demand analysis or the market for reserves, show what happens to the federal funds rate, holding
everything else constant, if the economy is surprisingly strong, leading to an increase in the amount or checkable
deposits.
8. If there is a switch from deposits into currency, what happens to the federal funds rate? Use the supply and demand
analysis of the market for reserves to explain your answer.
9. "Discounting is no longer needed because the presence of the FDIC eliminates the possibility or bank panics .
"Discuss.
10. The benelits of using Fed discount operations tp prevent bank panics are straightforward. What are the costs?
11. You often read in the newspaper that the Fed has just lowered the discount rate . Does this signal that the Fed is
moving to a more expansionary monetary policy? Why or why not?
12. How can the procyclical movement of interest rates (rising during business cycle expansions and falling during
business cycle contractions) lead to a procyclical movement in the money supply as a result of Fed discounting? Why
might this movement of the money supply be undesirable?
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13. "lf reserve requirements were eliminated, it would be harder to control interest rates . " true. false, or uncertain?
14. "Considering that raising reserve requirements to 100% makes complete control or the money supply poss1ble.
Congress should authorize the Fed to raise reserve requirements to this level." Discuss.
15. Compare the use of open market operations, discounting, and changes in reserve requirements to control the money
supply on the following criteria: flexibility, reversibility, effectiveness, and speed of implementation.
参考教材（资料）
1、Frederic S. Mishkin, The Economics of Money, Banking and Financial Markets, 8th edition,
Pearson Education, 2007.
2、米什金，《货币金融学（中文版）》（第九版）（郑艳文、荆国勇译），中国人民大学出版社，2011 年。
3、姜旭朝、胡金焱、孔丹凤，《货币经济学》（第二版），经济科学出版社，2008 年。
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