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,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Chen Jianhui,*,Interest Rate,利,率,Part One:What is interest rate?,The owner of an asset who does not need it at the moment can,(1)sell it and surrender possession permanently or,(2)rent it and regain possession at the maturity of the rental period.,10/28/2026,2,Chen Jianhui,In the absence of a psychological preference for owning an asset per se,the owner(or buyer of the services would be indifferent between selling(buying)or renting the asset if the sum of the expected rental fees over its expect life,discounted to the present by the market rate of inter(the present value),were equal to the price of the asset.,如果资产有效期内的预期租金按市场利率（现有价值）打折后，与资产的价格相等，资产的所有者（或劳务的购买者）假如不是心理上对拥有个人财产的偏爱，可能对卖（或买）资产或租赁资产反映冷淡。,10/28/2026,3,Chen Jianhui,If the price exceeds the sum of the discounted expected rental values,the owner would prefer to sell the asset and the buyer would prefer to rent it.The price and rental fees would adjust until they were in equilibrium again.,equilibrium:,平衡,10/28/2026,4,Chen Jianhui,Of course,many of us get a psychological kick out of owning an asset rather than renting one.,Owning our own home,automobile,or even book gives us a sense of pride and success that cannot be obtained from renting their counterparts.,get kick out of be excited because of,由于.感到兴奋,10/28/2026,5,Chen Jianhui,This value of ownership can be converted into monetary terms and added to the ownership price.,Ownership pride is less important to business firms,which are motivated more highly by monetary values.,所有权价值可以转换成货币单位，并增加所有权的价值。所有权的自豪感对于商业公司来说不太重要，这些公司所追求的是货币值。,10/28/2026,6,Chen Jianhui,The annual rental tee may be viewed as the owners return on the asset.,Assume that you required transportation services for the next year that could be provided only by an automobile.You have the option of buying an automobile and selling it after one year or of leasing the automobile for the year.,10/28/2026,7,Chen Jianhui,If you rented,the market rental fee would be the sum of two component fees-the pure rental price and depreciation.,During the duration of the rental contract,the rental agency would not be able to use the services of the automobile.,10/28/2026,8,Chen Jianhui,As a result,you would have to compensate the agency for the value of the services it could not use.,This fee may be viewed as the pure rental price.,10/28/2026,9,Chen Jianhui,As you use the automobile,you consume transportation services and use up part of the automobiles ability to generate additional services,which reduces its market value.This,reduction represents depreciation of the automobile,for which the lender must also be compensated.,10/28/2026,10,Chen Jianhui,The greater the cost of either component,the greater the overall rental fee is.,Money is an asset and may be analyzed in a similar way.The service money generates is purchasing power.Temporary control over purchasing power may be obtained by renting money.,10/28/2026,11,Chen Jianhui,As with the automobile rental,money owners must be compensated both for not using the purchasing-power services themselves during the rental period and for any depreciation in the purchasing-power value of the money.,10/28/2026,12,Chen Jianhui,If$1 could purchase ten market-basket units at the beginning of a loan and only nine a year later,the depreciation is one unit,or 10 percent.,If the price level were perfectly stable between the beginning and the maturity of a loan,there would be no depreciation,and the total rental fee would be equal to the pure rental fee.,10/28/2026,13,Chen Jianhui,Thus,the pure rental fee of money is the constant,purchasing-power,fee and is referred to as the real rental fee.The faster the rate of inflation,the greater the,depreciation,and the higher would be the overall or market rental fee for money above the real fee.,purchasing-power,购买力,depreciation,折旧,10/28/2026,14,Chen Jianhui,If prices decline,the,market rental fee,would be less than,real,rental fee,.,For money,the rental fee is called interest and is frequently expressed as a percentage based on$100 per year.This is the interest rate.,rental fee:,租金,market rental fee,市场租金,real rental fee,实际租金,10/28/2026,15,Chen Jianhui,The interest rate is the rental price of money.In the words of,Keynes,The rate of interest is the reward for,parting with,liquidity,for a specified period.The rental of money is also referred to as,credit,so that the interest rate is also the price of credit.,part with:,分离,liquidity:,流动资金,credit:,贷款，信贷,10/28/2026,16,Chen Jianhui,When money is lent,the borrower creates an,IOU,stipulating,the repayment date,the amount and timing of any,periodic cash interest payments,and the other,terms of the agreement,.,IOU=I Owe You,借据,stipulate:,规定，确定,periodic cash interest payments,定期现金支付利息,terms of the agreement,合约条款,10/28/2026,17,Chen Jianhui,If there is,a firm commitment,to pay the lender specific amounts at specific intervals,the IOU is called a bond.The market value of a,bond,is related to the interest rate promised by the borrower.,a firm commitment to pay,明确的支付承诺,bond,债券,10/28/2026,18,Chen Jianhui,EXERCISES,Choose the best answer according to the text:,1)The owner of an asset would prefer to sell it if the sum of the rental fees were _.,A.equal to the price of his asset,B.less than the price of his asset,C.more than the price of his asset,D.as much as the price of his asset,B,10/28/2026,19,Chen Jianhui,2),Business firms always want to turn the ownership pride into _.,A.a sense of pride and success,B.more important ownership,C.the ownership price only,D.monetary terms and value,D,10/28/2026,20,Chen Jianhui,3),If you required transportation services and rented an automobile,the rental fee would be _.,A.the pure rental price and depreciation,B.the market rental fee and the pure renal fee,C.the annual rental fee,D.the component fee,A,10/28/2026,21,Chen Jianhui,4),If the cost of either component is greater,the rental fee will be certainly _.,A.reduced,B.generated,C.discounted,D.greater,D,10/28/2026,22,Chen Jianhui,5),People can obtain temporary control over purchasing power by _.,A.renting money,B.an automobile,C.discounting,D.transportation services,A,10/28/2026,23,Chen Jianhui,6),The total rental fee would be equal to the pure rental fee _.,A.if the money owners were compensated for any depreciation in the purchasing-power value of the money,B.if the price level were stable during the duration of the rental contract,C.if the market rental fees were less at the beginning of a loan,D.if the purchasing-power value were greater on the maturity of a loan,B,10/28/2026,24,Chen Jianhui,A.the real rental fee,B.the depreciation of an automobile,C.the rental price of money,D.the total rental fee of a loan,C,7),The interest rate is _.,10/28/2026,25,Chen Jianhui,8),Which of the following items can never be forgotten when creating an IOU?_.,A.the maturity of the loan,B.the amount of cash interest payments,C.the name of the borrower written by himself,D.date of the repayment,C,10/28/2026,26,Chen Jianhui,3.,Turn the following into Chinese:,rental fee,market rate,rental contract,price level,real rental fee,market value,rental price,租赁金,市场利率,租赁合同,实际租金,市场价值,租赁价格,10/28/2026,27,Chen Jianhui,inflation,bond,compensate,stipulate,repayment,commitment,IOU,monetary terms,通货膨胀,债券,补偿,规定,偿还,承诺，债务,借据,货币单位,10/28/2026,28,Chen Jianhui,Part 2:the F,ractional Reserve,fractional reserve,(,部分准备金)指银行只需保有其存款负债的某一比例作为准备的规定。这是中央银行为保护存款人的权利所要求的规定，以避免银行信用过度扩张，引起流动性不足，损害存款人的权益。,reserve,准备金，储备金 指银行为预防万一而提存的准备基金。准备金分发行准备金和存款准备金。,10/28/2026,29,Chen Jianhui,Some banks may pay no interest or only a minimal rate of interest on deposits.,10/28/2026,30,Chen Jianhui,Banks may lend more money than they have on deposit,just as traders used to do when they issued more receipts for coins than they had in safekeeping.,10/28/2026,31,Chen Jianhui,Strictly enforced government regulations control how many of the deposited dollars must be held in reserve to support loans.,Loans made against this fractional reserve are a key factor in banking and current fractional reserve deposit money expansion activities.,fractional reserve deposit money expansion activities,部分准备金存款扩张业务,a,10/28/2026,32,Chen Jianhui,Lets assume the fractional reserve ratio is 12 percent.,Thus,when you deposit$1,000 in your local bank,it may immediately set aside$120 as a reserve.,set aside:save or keep for,留出，拨出,e.g.I set aside some money every month to buy a car.,fractional reserve ratio,部分准备金比率 西方国家的中央银行规定商业银行缴存准备金占自身吸收存款的比率。其公式如下：准备金比率缴存法定准备金额存款余额100%,10/28/2026,33,Chen Jianhui,The bank deposits the reserve in the Federal Reserve Bank or branch that services your geographical area of the United States.,After setting aside the$120 reserve,your bank is free to loan out$880.Another bank customer comes to borrow the$880 and deposits the money with the bank.,10/28/2026,34,Chen Jianhui,Note that the money supply has increased by$880,as your$1,000 remains on deposit and the bank has lent 880 new dollars to another client.,After deducting 12 percent of$880($105.60)as a reserve,the bank loans out the remainder or$774.40 to a third client.,money supply,货币供应量 指某一时期一国经济中流通的货币量。是各国中央银行（或国家银行）编制和公布的主要经济统计指标之一。货币供应量的现实水平是一国货币政策调节的对象；预测货币供应量的增长、变动情况，则是一国制定货币政策的依据。根据货币内涵的不同，货币供应量指标有,M,1,、M,2,、M,3,、M,4,和,M,5,之分。,10/28/2026,35,Chen Jianhui,Again the money supply rises.If this process continues to its limit,a total of$8,333.33 circulates in the system.,After deducting your original$1,000 deposit,$7,333.33 of new money is being used in the community and represents a net increase in the money supply.,10/28/2026,36,Chen Jianhui,A simple way to calculate the maximum possible expansion with a 12 percent reserve requirement is to divide your original$1,000 by 0.12(percentage of deposit to be set aside in reserve),which equals$8,333.33.,What happens if the Fed wishes to rein in the money supply by increasing reserve requirements?,reserve requirements,准备金要求量，法定存款准备金规定 在美国，银行法规定商业银行须将其部分存款另外保管，作为对存款的准备金。联邦储备委员会董事会有权在法律规定的限度内提高或降低对成员银行准备金的要求。准备金条件起着控制贷款的作用（降低准备金要求，就可允许银行更多地借出款项；如提高要求，贷款额就会减少）。,10/28/2026,37,Chen Jianhui,Suppose the Fed issues a change requiring that 15 percent of deposits be set side as a reserve instead of the 12 percent used in the example.,The new maximum number of dollars in circulation becomes$6,666.66($1,000 divided by 0.15).,10/28/2026,38,Chen Jianhui,If your bank has lent all of its available funds based on a reserve of 12 percent,it must immediately attract new deposits to build its reserves to 15 percent or,call in,enough loans to meet the new 15 percent reserve requirement.,call sth.in:order or request the return of sth.,下令或请求收回某物,a,10/28/2026,39,Chen Jianhui,When this happens,the availability of money for businesses is said to be“tight.Conversely,the Fed can lower the reserve requirement to increase the money supply.,10/28/2026,40,Chen Jianhui,Exercises,Turn the following into Chinese:,1),fractional reserve,2)fractional reserve deposit money expansion activities,3)fractional reserve ratio,4)reserve requirement,5)money supply,10/28/2026,41,Chen Jianhui,6)interest rate,7)set aside some money,8)Federal Reserve Bank,9)loan out an amount of money,10)Fed,10/28/2026,42,Chen Jianhui,Multiple choice:,1),Assume that the fractional reserve ratio is 12 percent.Thus,when a customer deposits$1,000 in a bank,it may immediately set aside _ as a reserve.A.$12 C.$100 B.$1000 D.$120,D,10/28/2026,43,Chen Jianhui,2),If the fractional reserve ratio is 12 percent and the original deposit is$1000,how much new money will be created,in,the system?_.,A.$8,333.33,B.$7,333.33,C.$6,666.66,D.$120,B,10/28/2026,44,Chen Jianhui,3),Suppose the Fed issues a change requiring that 15 percent of deposits be set side as a reserve.The new maximum number of dollars in circulation will _.,A.,become less,B,.,become more,C,.,not change,D,.,be the same as what we have learned,A,10/28/2026,45,Chen Jianhui,4),If your bank has lent all of its available funds based on a reserve of 12 percent and there is a new reserve requirement,it must immediately _ to build its reserves to meet the new reserve requirement.,A.,attract new deposits,B,.,make new loans,C,.,take bank deposits,D,.,set aside more money,A,10/28/2026,46,Chen Jianhui,5),Strictly enforced government regulations control how many of the deposited dollars must be held in reserve _.,A.,to loan out more,B,.,to attract new deposits,C,.,to make more profits,D,.,to support loans,D,10/28/2026,47,Chen Jianhui,6),Loans made against the _ are a key factor in banking and current fractional reserve deposit money expansion activities.,A.,requirement,B,.,fractional reserve,C,.,the amount of deposits,D,.,banking regulations,B,10/28/2026,48,Chen Jianhui,Part 3:The Three Ms,The Federal Reserve System tracks three measures of the money supply and reports on them weekly.The three measures are conveniently labeled M,1,M,2,and M,3,.,10/28/2026,49,Chen Jianhui,the three Ms,指,M,1,M,2,M,3,三种货币供应量。,M,1,是狭义的货币。在美国指商业银行以外的市面上流通的通货，商业银行中以支票存取的活期存款、可转让提单帐户、股份汇款帐户、自动转帐存款以及旅行支票之和。,10/28/2026,50,Chen Jianhui,M,2,是定义范围较宽的一些货币。在美国指,M,1,加上不能以支票提取的储蓄存款、10万美元以下的定期存款、货币市场共同基金以及美国居民与银行在美国境外银行持有的过夜欧洲美元存款之和。,10/28/2026,51,Chen Jianhui,M,3,是定义更宽的货币。在美国指,M,2,加上10万美元面值的定期存款单（,CDs）,以及回买协议之和。,10/28/2026,52,Chen Jianhui,M,1,is a narrowly defined measure of,money that includes currency,coins,and demand deposits(such as checking accounts)in commercial banks that are used primarily for transactions or as a medium of exchange.,demand deposit,活期存款,checking accounts,支票帐户,medium of exchange,交换媒介,a,10/28/2026,53,Chen Jianhui,M,2,is a broader measure of the money supply.In addition to the,items in M,1,M,2,includes the amounts collected in savings and small time deposits(certificates of deposit),including money market deposit accounts(MMDA),non-institutional money market mutual funds(MMMF),and other short-term money market assets.,savings,n.,储蓄,time deposit,定期存款,certificate of deposit,大额存单；存款证,money market,货币市场 指一年或不足一年到期的短期借贷市场。,money market deposit account,货币市场存款帐户，简称,MMDAmoney market mutual funds(MMMF),货币市场共同基金 指美国的一种小额信托投资。,a,10/28/2026,54,Chen Jianhui,M,2,is the most often used reference to money supply.,M,3,is an even broader definition of the money supply,as it includes all of the components of M,1,and M,2,plus a number of financial assets and instruments generally employed by large(jumbo)certificates of deposit.,M,2,is the most often used reference to money supply.,M,2,是衡量货币供应量最常用的参考值。,financial assets,金融资产,financial instruments,n.,金融票据,jumbo certificates of deposit,大额存单,a,10/28/2026,55,Chen Jianhui,The Federal Reserve Board,known as the Fed,considers numerous factors when it defines the money supply.What ultimately matters is,how the public uses the various forms of money.,10/28/2026,56,Chen Jianhui,For example,depositors can write checks on their money market deposit accounts or their money market mutual funds.Even so,the,public uses these two forms of money mainly for savings and only secondarily for transactions.,10/28/2026,57,Ch
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