The Economics of Money, Banking, and Financial Markets - 10e - Mishkin

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Cover
Title Page
Copyright Page
Preface
ACKNOWLEDGMENTS
ABOUT THE AUTHOR
Contents
PART 1 INTRODUCTION
- CHAPTER 1 Why Study Money, Banking, and Financial Markets?
  - Why Study Financial Markets?
  - Why Study Financial Institutions and Banking?
  - Why Study Money and Monetary Policy?
  - Why Study International Finance?
  - How We Will Study Money, Banking, and Financial Markets
  - Web Exercises
  - Concluding Remarks
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- APPENDIX TO CHAPTER 1 Defining Aggregate Output, Income, the Price Level, and the Inflation Rate
  - Aggregate Output and Income
  - Real Versus Nominal Magnitudes
  - Aggregate Price Level
  - Growth Rates and the Inflation Rate
- CHAPTER 2 An Overview of the Financial System
  - Function of Financial Markets
  - Structure of Financial Markets
  - Financial Market Instruments
  - Following the Financial News: Money Market Rates
  - Following the Financial News: Capital Market Interest Rates
  - Internationalization of Financial Markets
  - Global: Are U.S. Capital Markets Losing Their Edge?
  - Function of Financial Intermediaries: Indirect Finance
  - Following the Financial News: Foreign Stock Market Indexes
  - Global: The Importance of Financial Intermediaries Relative to Securities Markets: An International Comparison
  - Types of Financial Intermediaries
  - Regulation of the Financial System
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- CHAPTER 3 What Is Money?
  - Meaning of Money
  - Functions of Money
  - Evolution of the Payments System
  - FYI: Are We Headed for a Cashless Society?
  - Measuring Money
  - Following the Financial News: The Monetary Aggregates
  - FYI: Where Are All the U.S. Dollars?
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
PART 2 FINANCIAL MARKETS
- CHAPTER 4 Understanding Interest Rates
  - Measuring Interest Rates
  - APPLICATION: Simple Present Value
  - APPLICATION: How Much Is That Jackpot Worth?
  - APPLICATION: Yield to Maturity on a Simple Loan
  - APPLICATION: Yield to Maturity and the Yearly Payment on a Fixed-Payment Loan
  - APPLICATION: Yield to Maturity and the Bond Price for a Coupon Bond
  - APPLICATION: Perpetuity
  - Global: Negative T-Bill Rates? It Can Happen
  - The Distinction Between Interest Rates and Returns
  - The Distinction Between Real and Nominal Interest Rates
  - APPLICATION: Calculating Real Interest Rates
  - FYI: With TIPS, Real Interest Rates Have Become Observable in the United States
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
  - Web Appendices
- CHAPTER 5 The Behavior of Interest Rates
  - Determinants of Asset Demand
  - Supply and Demand in the Bond Market
  - Changes in Equilibrium Interest Rates
  - APPLICATION: Changes in the Interest Rate Due to Expected Inflation: The Fisher Effect
  - APPLICATION: Changes in the Interest Rate Due to a Business Cycle Expansion
  - APPLICATION: Explaining Low Japanese Interest Rates
  - Supply and Demand in the Market for Money: The Liquidity Preference Framework
  - Changes in Equilibrium Interest Rates in the Liquidity Preference Framework
  - APPLICATION: Changes in the Equilibrium Interest Rate Due to Changes in Income, the Price Level, or the Money Supply
  - APPLICATION: Money and Interest Rates
  - Does a Higher Rate of Growth of the Money Supply Lower Interest Rates?
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
  - Web Appendices 1, 2, 3
- CHAPTER 6 The Risk and Term Structure of Interest Rates
  - Risk Structure of Interest Rates
  - FYI: Conflicts of Interest at Credit-Rating Agencies and the Global Financial Crisis
  - APPLICATION: The Global Financial Crisis and the Baa-Treasury Spread
  - APPLICATION: Effects of the Bush Tax Cut and Its Possible Repeal
  - Term Structure of Interest Rates
  - Following the Financial News: Yield Curves
  - FYI: The Yield Curve as a Forecasting Tool for Inflation and the Business Cycle
  - APPLICATION: Interpreting Yield Curves, 1980–2011
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- CHAPTER 7 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis
  - Computing the Price of Common Stock
  - How the Market Sets Stock Prices
  - APPLICATION: Monetary Policy and Stock Prices
  - APPLICATION: The Global Financial Crisis and the Stock Market
  - The Theory of Rational Expectations
  - The Efficient Market Hypothesis: Rational Expectations in Financial Markets
  - APPLICATION: Practical Guide to Investing in the Stock Market
  - FYI: Should You Hire an Ape as Your Investment Adviser?
  - Why the Efficient Market Hypothesis Does Not Imply That Financial Markets Are Efficient
  - APPLICATION: What Do Stock Market Crashes Tell Us About the Efficient Market Hypothesis and the Efficiency of Financial Markets?
  - Behavioral Finance
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
  - Web Appendix
PART 3 FINANCIAL INSTITUTIONS
- CHAPTER 8 An Economic analysis of Financial Structure
  - Basic Facts About Financial Structure Throughout the World
  - Transaction Costs
  - Asymmetric Information: Adverse Selection and Moral Hazard
  - The Lemons Problem: How Adverse Selection Influences Financial Structure
  - FYI: The Enron Implosion
  - How Moral Hazard Affects the Choice Between Debt and Equity Contracts
  - How Moral Hazard Influences Financial Structure in Debt Markets
  - APPLICATION: Financial Development and Economic Growth
  - FYI: Should We Kill All the Lawyers?
  - APPLICATION: Is China a Counterexample to the Importance of Financial Development?
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- CHAPTER 9 Financial Crises
  - What Is a Financial Crisis?
  - Dynamics of Financial Crises in Advanced Economies
  - APPLICATION: The Mother of All Financial Crises: The Great Depression
  - APPLICATION: The Global Financial Crisis of 2007–2009
  - FYI: Collateralized Debt Obligations (CDOs)
  - Inside the Fed: Was the Fed to Blame for the Housing Price Bubble?
  - Global: Ireland and the 2007–2009 Financial Crisis
  - Global: Worldwide Government Bailouts During the 2007–2009 Financial Crisis
  - Dynamics of Financial Crises in Emerging Market Economies
  - APPLICATION: Financial Crises in Mexico, 1994–1995; East Asia, 1997–1998; and Argentina, 2001–2002
  - Global: The Perversion of the Financial Liberalization/Globalization Process: Chaebols and the South Korean Crisis
  - Summary
  - Key Terms
  - Questions
  - Web Exercises
  - Web References
- CHAPTER 10 Banking and the Management of Financial Institutions
  - The Bank Balance Sheet
  - Basic Banking
  - General Principles of Bank Management
  - APPLICATION: Strategies for Managing Bank Capital
  - APPLICATION: How a Capital Crunch Caused a Credit Crunch During the Global Financial Crisis
  - Managing Credit Risk
  - Managing Interest-Rate Risk
  - APPLICATION: Strategies for Managing Interest-Rate Risk
  - Off-Balance-Sheet Activities
  - Global Barings, Daiwa, Sumitomo, and Société Générale: Rogue Traders and the Principal–Agent Problem
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
  - Web Appendices 1, 2
- CHAPTER 11 Economic analysis of Financial regulation
  - Asymmetric Information and Financial Regulation
  - Global: The Spread of Government Deposit Insurance Throughout the World: Is This a Good Thing?
  - Global: Where Is the Basel Accord Heading After the Global Financial Crisis?
  - FYI: Mark-to-Market Accounting and the Global Financial Crisis
  - FYI: The Subprime Mortgage Crisis and Consumer Protection Regulation
  - Global: International Financial Regulation
  - The 1980s Savings and Loan and Banking Crisis
  - Banking Crises Throughout the World
  - The Dodd-Frank Bill and Future Regulation
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- CHAPTER 12 Banking Industry: Structure and Competition
  - Historical Development of the Banking System
  - Financial Innovation and the Growth of the “Shadow Banking System”
  - FYI: Will “Clicks” Dominate “Bricks” in the Banking Industry?
  - FYI: Bruce Bent and the Money Market Mutual Fund Panic of 2008
  - Structure of the U.S. Commercial Banking Industry
  - Bank Consolidation and Nationwide Banking
  - Global: Comparison of Banking Structure in the United States and Abroad
  - Separation of the Banking and Other Financial Service Industries
  - FYI: The Global Financial Crisis and the Demise of Large, Free-Standing Investment Banks
  - Thrift Industry: Regulation and Structure
  - International Banking
  - Global: Ironic Birth of the Eurodollar Market
  - Summary
  - Key Terms
  - Questions
  - Web Exercises
  - Web References
PART 4 CENTRAL BANKING AND THE CONDUCT OF MONETARY POLICY
- CHAPTER 13 Central Banks and the Federal Reserve System
  - Origins of the Federal Reserve System
  - Inside the Fed the Political Genius of the Founders of the Federal Reserve System
  - Structure of the Federal Reserve System
  - Inside the Fed: The Special Role of the Federal Reserve Bank of New York
  - Inside the Fed: The Role of the Research Staff
  - Inside the Fed: The FOMC Meeting
  - Inside the Fed: Green, Blue, Teal, and Beige: What Do These Colors Mean at the Fed?
  - How Independent Is the Fed?
  - Should the Fed Be Independent?
  - Inside the Fed: How Bernanke’s Style Differs from Greenspan’s
  - Explaining Central Bank Behavior
  - Inside the Fed: The Evolution of the Fed’s Communication Strategy
  - Structure and Independence of the European Central Bank
  - Structure and Independence of Other Foreign Central Banks
  - Summary
  - Key Terms
  - Questions
  - Web Exercises
  - Web References
- CHAPTER 14 The Money Supply Process
  - Three Players in the Money Supply Process
  - The Fed’s Balance Sheet
  - Control of the Monetary Base
  - Multiple Deposit Creation: A Simple Model
  - Factors That Determine the Money Supply
  - Overview of the Money Supply Process
  - The Money Multiplier
  - APPLICATION: The Great Depression Bank Panics, 1930–1933, and the Money Supply
  - APPLICATION: The 2007–2009 Financial Crisis and the Money Supply
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
  - Web Appendices 1, 2, 3
- CHAPTER 15 Tools of Monetary Policy
  - The Market for Reserves and the Federal Funds Rate
  - Inside the Fed: Why Does the Fed Need to Pay Interest on Reserves?
  - APPLICATION: How the Federal Reserve’s Operating Procedures Limit Fluctuations in the Federal Funds Rate
  - Conventional Monetary Policy Tools
  - Inside the Fed: A Day at the Trading Desk
  - Inside the Fed: Using Discount Policy to Prevent a Financial Panic
  - Nonconventional Monetary Policy Tools During the Global Financial Crisis
  - Inside the Fed: Fed Lending Facilities During the Global Financial Crisis
  - Monetary Policy Tools of the European Central Bank
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- CHAPTER 16 The Conduct of Monetary Policy: Strategy and Tactics
  - The Price Stability Goal and the Nominal Anchor
  - Other Goals of Monetary Policy
  - Should Price Stability be the Primary Goal of Monetary Policy?
  - Inflation Targeting
  - The Federal Reserve’s Monetary Policy Strategy
  - Lessons for Monetary Policy Strategy from the Global Financial Crisis
  - Inside the Fed: Chairman Bernanke and Inflation Targeting
  - Tactics: Choosing the Policy Instrument
  - Tactics: The Taylor Rule
  - Inside the Fed: The Fed’s Use of the Taylor Rule
  - Inside the Fed: Fed Watchers
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
  - Web Appendix
- APPENDIX TO CHAPTER 16 Fed Policy Procedures: Historical Perspective
  - The Early Years: Discount Policy as the Primary Tool
  - Discovery of Open Market Operations
  - The Great Depression
  - Inside the Fed: Bank Panics of 1930–1933: Why Did the Fed Let Them Happen?
  - Reserve Requirements as a Policy Tool
  - War Finance and the Pegging of Interest Rates: 1942–1951
  - Targeting Money Market Conditions: the 1950s and 1960s
  - Targeting Monetary Aggregates: the 1970s
  - New Fed Operating Procedures: October 1979–October 1982
  - De-Emphasis of Monetary Aggregates: October 1982–Early 1990s
  - Federal Funds Targeting Again: Early 1990s and Beyond
  - Preemptive Strikes Against Inflation
  - Preemptive Strikes Against Economic Downturns and Financial Disruptions: LTCM, Enron, and the Global Financial Crisis
  - International Considerations
PART 5 INTERNATIONAL FINANCE AND MONETARY POLICY
- CHAPTER 17 The Foreign Exchange Market
  - Foreign Exchange Market
  - Following the Financial News: Foreign Exchange Rates
  - Exchange Rates in the Long Run
  - Exchange Rates in the Short Run: A Supply and Demand Analysis
  - Explaining Changes in Exchange Rates
  - APPLICATION: Effects of Changes in Interest Rates on the Equilibrium Exchange Rate
  - APPLICATION: Why Are Exchange Rates So Volatile?
  - APPLICATION: The Dollar and Interest Rates
  - APPLICATION: The Global Financial Crisis and the Dollar
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- APPENDIX TO CHAPTER 17 The Interest Parity Condition
  - Comparing Expected Returns on Domestic and Foreign Assets
  - Interest Parity Condition
- CHAPTER 18 The International Financial System
  - Intervention in the Foreign Exchange Market
  - Inside the Fed: A Day at the Federal Reserve Bank of New York’s Foreign Exchange Desk
  - Balance of Payments
  - Global: Why the Large U.S. Current Account Deficit Worries Economists
  - Exchange Rate Regimes in the International Financial System
  - Global: The Euro’s Challenge to the Dollar
  - APPLICATION: How Did China Accumulate Over $3 Trillion of International Reserves?
  - APPLICATION: The Foreign Exchange Crisis of September 1992
  - APPLICATION: Recent Foreign Exchange Crises in Emerging Market Countries: Mexico 1994, East Asia 1997, Brazil 1999, and Argentina 2002
  - Capital Controls
  - The Role of the IMF
  - Global: The Global Financial Crisis and the IMF
  - International Considerations and Monetary Policy
  - To Peg or Not to Peg: Exchange-Rate Targeting as an Alternative Monetary Policy Strategy
  - Global: Argentina’s Currency Board
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
PART 6 MONETARY THEORY
- CHAPTER 19 Quantity Theory, Inflation, and the demand for Money
  - Quantity Theory of Money
  - APPLICATION: Testing the Quantity Theory of Money
  - Budget Deficits and Inflation
  - APPLICATION: The Zimbabwean Hyperinflation
  - Keynesian Theories of Money Demand
  - Portfolio Theories of Money Demand
  - Empirical Evidence for the Demand for Money
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- CHAPTER 20 The IS Curve
  - Planned Expenditure and Aggregate Demand
  - The Components of Aggregate Demand
  - FYI: Meaning of the Word Investment
  - Goods Market Equilibrium
  - Understanding the IS Curve
  - Factors that Shift the IS Curve
  - APPLICATION: The Vietnam War Buildup, 1964–1969
  - APPLICATION: The Fiscal Stimulus Package of 2009
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- CHAPTER 21 The Monetary Policy and Aggregate Demand Curves
  - The Federal Reserve and Monetary Policy
  - The Monetary Policy Curve
  - APPLICATION: Autonomous Monetary Easing at the Onset of the 2007–2009 Financial Crisis
  - The Aggregate Demand Curve
  - FYI: Deriving the Aggregate Demand Curve Algebraically
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- CHAPTER 22 Aggregate Demand and Supply Analysis
  - Aggregate Demand
  - Following the Financial News: Aggregate Output, Unemployment, and Inflation
  - Aggregate Supply
  - Shifts in Aggregate Supply Curves
  - Equilibrium in Aggregate Demand and Supply Analysis
  - Changes in Equilibrium: Aggregate Demand Shocks
  - APPLICATION: The Volcker Disinflation, 1980–1986
  - APPLICATION: Negative Demand Shocks, 2001–2004
  - Changes in Equilibrium: Aggregate Supply (Price) Shocks
  - APPLICATION: Negative Supply Shocks, 1973–1975 and 1978–1980
  - APPLICATION: Positive Supply Shocks, 1995–1999
  - APPLICATION: Negative Supply and Demand Shocks and the 2007–2009 Financial Crisis
  - APPLICATION: The United Kingdom and the 2007–2009 Financial Crisis
  - APPLICATION: China and the 2007–2009 Financial Crisis
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
  - Web Appendices 1, 2, 3, 4
- APPENDIX TO CHAPTER 22 The Phillips Curve and the Short-run Aggregate Supply Curve
  - The Phillips Curve
  - FYI: The Phillips Curve Tradeoff and Macroeconomic Policy in the 1960s
  - The Short-Run Aggregate Supply Curve
- CHAPTER 23 Monetary Policy Theory
  - Response of Monetary Policy to Shocks
  - APPLICATION: Quantitative (Credit) Easing in Response to the Global Financial Crisis
  - How Actively Should Policymakers Try to Stabilize Economic Activity?
  - Inflation: Always and Everywhere a Monetary Phenomenon
  - FYI: The Activist/Nonactivist Debate over the Obama Fiscal Stimulus Package
  - Causes of Inflationary Monetary Policy
  - APPLICATION: The Great Inflation
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- CHAPTER 24 The Role of Expectations in Monetary Policy
  - Lucas Critique of Policy Evaluation
  - APPLICATION: The Term Structure of Interest Rates
  - Policy Conduct: Rules or Discretion?
  - FYI: The Political Business Cycle and Richard Nixon
  - Global: The Demise of Monetary Targeting in Switzerland
  - The Role of Credibility and a Nominal Anchor
  - APPLICATION: A Tale of Three Oil Price Shocks
  - Global: Ending the Bolivian Hyperinflation: A Successful Anti-Inflation Program
  - APPLICATION: Credibility and the Reagan Budget Deficits
  - Approaches to Establishing Central Bank Credibility
  - Inside the Fed: The Appointment of Paul Volcker, Anti-Inflation Hawk
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
- CHAPTER 25 Transmission Mechanisms of Monetary Policy
  - Transmission Mechanisms of Monetary Policy
  - FYI: Consumers’ Balance Sheets and the Great Depression
  - APPLICATION: The Great Recession
  - Lessons for Monetary Policy
  - APPLICATION: Applying the Monetary Policy Lessons to Japan
  - Summary
  - Key Terms
  - Questions
  - Applied Problems
  - Web Exercises
  - Web References
  - Web Appendix
Glossary
- A
- B
- C
- D
- E
- F
- G
- H
- I
- J
- K
- L
- M
- N
- O
- P
- Q
- R
- S
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- U
- V
- W
- Y
- Z
Credits
Index
- A
- B
- C
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- E
- F
- G
- H
- I
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- K
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Nội dung

T H E E C O NO M IC S O F MONEY, BANKING, AND FINANCIAL MARKETS The Pearson Series in Economics Abel/Bernanke/Croushore Macroeconomics* Hartwick/Olewiler The Economics of Natural Resource Use O’Sullivan/Sheffrin/Perez Economics: Principles, Applications and Tools* Bade/Parkin Foundations of Economics* Heilbroner/Milberg The Making of the Economic Society Parkin Economics* Berck/Helfand The Economics of the Environment Heyne/Boettke/Prychitko The Economic Way of Thinking Bierman/Fernandez Game Theory with Economic Applications Hoffman/Averett Women and the Economy: Family, Work, and Pay Perloff Microeconomics* Microeconomics: Theory and Applications with Calculus* Blanchard Macroeconomics* Holt Markets, Games and Strategic Behavior Blau/Ferber/Winkler The Economics of Women, Men and Work Hubbard/O’Brien Economics* Money, Banking, and the Financial System* Boardman/Greenberg/Vining/Weimer Cost-Benefit Analysis Boyer Principles of Transportation Economics Branson Macroeconomic Theory and Policy Brock/Adams The Structure of American Industry Bruce Public Finance and the American Economy Hubbard/O’Brien/Rafferty Macroeconomics* Hughes/Cain American Economic History Husted/Melvin International Economics Jehle/Reny Advanced Microeconomic Theory Perman/Common/McGilvray/Ma Natural Resources and Environmental Economics Phelps Health Economics Pindyck/Rubinfeld Microeconomics* Riddell/Shackelford/Stamos/Schneider Economics: A Tool for Critically Understanding Society Ritter/Silber/Udell Principles of Money, Banking & Financial Markets* Johnson-Lans A Health Economics Primer Roberts The Choice: A Fable of Free Trade and Protection Keat/Young Managerial Economics Rohlf Introduction to Economic Reasoning Klein Mathematical Methods for Economics Ruffin/Gregory Principles of Economics Krugman/Obstfeld/Melitz International Economics: Theory & Policy* Sargent Rational Expectations and Inflation Laidler The Demand for Money Sawyer/Sprinkle International Economics Cooter/Ulen Law & Economics Leeds/von Allmen The Economics of Sports Scherer Industry Structure, Strategy, and Public Policy Downs An Economic Theory of Democracy Leeds/von Allmen/Schiming Economics* Ehrenberg/Smith Modern Labor Economics Lipsey/Ragan/Storer Economics* Schiller The Economics of Poverty and Discrimination Ekelund/Ressler/Tollison Economics* Lynn Economic Development: Theory and Practice for a Divided World Carlton/Perloff Modern Industrial Organization Case/Fair/Oster Principles of Economics* Caves/Frankel/Jones World Trade and Payments: An Introduction Chapman Environmental Economics: Theory, Application, and Policy Farnham Economics for Managers Folland/Goodman/Stano The Economics of Health and Health Care Fort Sports Economics Froyen Macroeconomics Fusfeld The Age of the Economist Gerber International Economics* Gordon Macroeconomics* Greene Econometric Analysis Gregory Essentials of Economics Gregory/Stuart Russian and Soviet Economic Performance and Structure *denotes MyEconLab titles Miller Economics Today* Understanding Modern Economics Miller/Benjamin The Economics of Macro Issues Miller/Benjamin/North The Economics of Public Issues Mills/Hamilton Urban Economics Mishkin The Economics of Money, Banking, and Financial Markets* The Economics of Money, Banking, and Financial Markets, Business School Edition* Macroeconomics: Policy and Practice* Sherman Market Regulation Silberberg Principles of Microeconomics Stock/Watson Introduction to Econometrics Introduction to Econometrics, Brief Edition Studenmund Using Econometrics: A Practical Guide Tietenberg/Lewis Environmental and Natural Resource Economics Environmental Economics and Policy Todaro/Smith Economic Development Waldman Microeconomics Waldman/Jensen Industrial Organization: Theory and Practice Murray Econometrics: A Modern Introduction Weil Economic Growth Nafziger The Economics of Developing Countries Williamson Macroeconomics Visit www.myeconlab.com to learn more THE EC O N O M I C S O F MONEY, BANKING, AND FINANCIAL MARKETS Te n t h E d i t i o n Frederic S Mishkin Columbia University Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editorial Director: Sally Yagan Editor in Chief: Donna Battista Acquisitions Editor: Noel Kamm Seibert Editorial Project Manager: Carolyn Terbush Editorial Assistant: Emily Brodeur VP/Director of Marketing: Patrice Jones Director of Marketing: Maggie Moylan Executive Marketing Manager: Lori DeShazo Marketing Assistant: Kim Lovato Senior Managing Editor: Nancy H Fenton Senior Production Project Manager: Kathryn Dinovo Permissions Project Supervisor: Michael Joyce Senior Manufacturing Buyer: Carol Melville Cover Designer: Jonathan Boylan Text Designer: Cenveo Publisher Services/Nesbitt Graphics, Inc Media Director: Susan Schoenberg Senior Media Producer: Melissa Honig Content Lead, MyEconLab: Noel Lotz Supplements Editors: Alison Eusden and Kathryn Dinovo Full-Service Project Management/Composition: Cenveo Publisher Services/Nesbitt Graphics, Inc Printer/Binder: R R Donnelley/Willard Cover Printer: Lehigh-Phoenix Color/Hagerstown Text Font: ITC Berkeley Oldstyle Std Cover Art: Federal Reserve Seal, Nomad_Soul/Shutterstock; Wall Street Bull, © emin kuliyev/Shutterstock.com; Euro Banknotes, © vinz89/Shutterstock.com; Rubik’s Cube, © Icefields/Dreamstime.com Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on the appropriate page within text or on page C-1 Microsoft® and Windows® are registered trademarks of the Microsoft Corporation in the U.S.A and other countries Screen shots and icons reprinted with permission from the Microsoft Corporation This book is not sponsored or endorsed by or affiliated with the Microsoft Corporation Copyright © 2013, 2010, 2007 by Frederic S Mishkin All rights reserved Manufactured in the United States of America This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290 Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps Library of Congress Cataloging-in-Publication Data Mishkin, Frederic S The economics of money, banking & financial markets / Frederic S Mishkin – 10th ed.(and the 3rd ed of the business ed.) p cm Includes bibliographical references and index ISBN 13: 978-0-13-277024-8 (main ed : alk paper) ISBN 10: 0-13-277024-5 (main ed : alk paper) ISBN 13: 978-0-13-274137-8 (business ed : alk paper) ISBN 10: 0-13-274137-7 (business ed : alk paper) Finance Money Banks and banking I Title II Title: The economics of money, banking, and financial markets HG173.M632 2013 332–dc23 2011045340 10 www.pearsonhighered.com ISBN 10: 0-13-277024-5 ISBN 13: 978-0-13-277024-8 To Sally Brief Contents PART INTRODUCTION 1 Why Study Money, Banking, and Financial Markets? 2 An Overview of the Financial System 25 What Is Money? 52 PART FINANCIAL MARKETS PART 161 An Economic Analysis of Financial Structure 162 Financial Crises 185 Banking and the Management of Financial Institutions 213 Economic Analysis of Financial Regulation 242 Banking Industry: Structure and Competition 269 CENTRAL BANKING AND THE CONDUCT OF MONETARY POLICY 13 14 15 16 PART Understanding Interest Rates 66 The Behavior of Interest Rates 88 The Risk and Term Structure of Interest Rates 118 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis 141 FINANCIAL INSTITUTIONS 10 11 12 PART 65 301 Central Banks and the Federal Reserve System 302 The Money Supply Process 325 The Tools of Monetary Policy 355 The Conduct of Monetary Policy: Strategy and Tactics 380 INTERNATIONAL FINANCE AND MONETARY POLICY 421 17 The Foreign Exchange Market 422 18 The International Financial System 446 PART MONETARY THEORY 19 20 21 22 23 24 25 479 Quantity Theory, Inflation, and the Demand for Money 480 The IS Curve 497 The Monetary Policy and Aggregate Demand Curves 515 Aggregate Demand and Supply Analysis 528 Monetary Policy Theory 570 The Role of Expectations in Monetary Policy 589 Transmission Mechanisms of Monetary Policy 608 vii This page intentionally left blank Contents PART INTRODUCTION CHAP TER Why Study Money, Banking, and Financial Markets? Why Study Financial Markets? The Bond Market and Interest Rates The Stock Market Why Study Financial Institutions and Banking? Structure of the Financial System Financial Crises Banks and Other Financial Institutions Financial Innovation Why Study Money and Monetary Policy? Money and Business Cycles Money and Inflation Money and Interest Rates 10 Conduct of Monetary Policy 10 Fiscal Policy and Monetary Policy 11 Why Study International Finance? 12 The Foreign Exchange Market 12 The International Financial System 14 How We Will Study Money, Banking, and Financial Markets 14 Exploring the Web 15 Collecting and Graphing Data 15 Web Exercises 15 Concluding Remarks 16 Summary 17 • Key Terms 18 • Questions 19 • Applied Problems 20 • Web Exercises 20 • Web References 21 APPEN DIX TO CHA P T E R Defining Aggregate Output, Income, the Price Level, and the Inflation Rate 22 Aggregate Output and Income 22 Real Versus Nominal Magnitudes 22 Aggregate Price Level 23 Growth Rates and the Inflation Rate 24 CHAP TER An Overview of the Financial System 25 Function of Financial Markets 25 Structure of Financial Markets 27 Debt and Equity Markets 27 Primary and Secondary Markets 28 ix ... Miller/Benjamin/North The Economics of Public Issues Mills/Hamilton Urban Economics Mishkin The Economics of Money, Banking, and Financial Markets* The Economics of Money, Banking, and Financial Markets, ... O’Sullivan/Sheffrin/Perez Economics: Principles, Applications and Tools* Bade/Parkin Foundations of Economics* Heilbroner/Milberg The Making of the Economic Society Parkin Economics* Berck/Helfand The Economics of the. .. financial markets / Frederic S Mishkin – 10th ed. (and the 3rd ed of the business ed.) p cm Includes bibliographical references and index ISBN 13: 97 8-0 -1 3-2 7702 4-8 (main ed : alk paper) ISBN 10: 0-1 3-2 7702 4-5

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