The Economics of Money, Banking, and Financial Markets, Business School Edition

by Mishkin, Frederic S.

• ISBN13: 9780321599889
• ISBN10: 0321599888
• Edition: 2nd
• Format: Hardcover
• Copyright: 2009-07-15
• Publisher: Prentice Hall

Summary

The Economics of Money, Banking, and Financial Markets set the standard for money and banking courses when it published in its first edition, and it continues to be the worldwide market leader. The historic economic events and financial crises of late 2008 have changed the entire landscape of money and banking. Having just served as Governor of the Federal Reserve, only Mishkin has the unique insider's perspective needed to present the current state of money and banking and explain the latest debates and issues for today’s readers. For professors who teach with less emphasis on monetary theory and prefer to focus more time on financial institutions, the Business School Edition is the ideal alternative.

Introduction: Why Study Money, Banking, and Financial Markets?; An Overview of the Financial System; What Is Money?

Financial Markets: Understanding Interest Rates; The Behavior of Interest Rates; The Risk and Term Structure of Interest Rates; The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis. Financial Institutions: An Economic Analysis of Financial Structure; Financial Crises and the Subprime Debacle; Banking and the Management of Financial Institutions; Economic Analysis of Financial Regulation; Banking Industry: Structure and Competition; Nonbank Finance; Financial Derivatives; Conflicts of Interest in the Financial Industry. Central Banking and the Conduct of Monetary Policy: Structure of Central Banks and the Federal Reserve System; The Money Supply Process; Tools of Monetary Policy; What Should Central Banks Do? Monetary Policy Goals, Strategy, and Tactics. International Finance and Monetary Policy: The Foreign Exchange Market; The International Financial System. Monetary Policy: The Demand for Money; Aggregate Demand and Supply Analysis; Transmission Mechanisms of Monetary Policy: The Evidence; Money and Inflation.

For all readers interested in money, banking, and financial markets.

“Mishkin is by far the most complete and concise reference on the market for students taking financial economics and monetary policy courses.”–J. Reynolds, Northern Illinois University

“The quality of the writing style and the updated coverage of topics make this a great book.”–Phillip Lane, Fairfield University

“I have my students telling me at the end of the semester [that] they have enjoyed reading the book.”–Alla A. Melkumian, Western Illinois University

“Mishkin is relevant, challenging, and interesting. It provides clear explanations of monetary theory and policy. It is up-to-date. The Federal Reserve material features an insider’s perspective.”–Linda Hooks, Washington and Lee University

“The use of economic analysis gives students a deeper understanding and attracts their interest. The extensive presentation of charts appeals to visual learners and the associated PowerPoint slides give instructors useful visual aids for classroom lectures.”–Fiona Mclachlan, Manhattan College

Author Biography

Frederic S. Mishkin is the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University. He is also a Research Associate at the National Bureau of Economic Research, and from September 2006 to August 2008 was a member (governor) of the Board of Governors of the Federal Reserve System. He has also been a Senior Fellow at the FDIC Center for Banking Research, and past President of the Eastern Economic Association. Since receiving his PhD from the Massachusetts Institute of Technology in 1976, he has taught at the University of Chicago, Northwestern University, Princeton University, and University Columbia. He has also received an honorary professorship from the Peoples (Renmin) University of China. From 1994 to 1997 he was Executive Vice President and Director of Research at the Federal Reserve Bank of New York and an associate economist of the Federal Open Market Committee of the Federal Reserve System.

Table of Contents

Part I Introduction
1. Why Study Money, Banking, and Financial Markets?
2. An Overview of the Financial System
3. What Is Money?
 
Part II Financial Markets
4. Understanding Interest Rates
5. The Behavior of Interest Rates
6. The Risk and Term Structure of Interest Rates
7. The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis
 
Part III Financial Institutions
8. An Economic Analysis of Financial Structure
9. Financial Crises and the Subprime Meltdown — NEW!
10. Banking and the Management of Financial Institutions
11. Economic Analysis of Financial Regulation
12. Banking Industry: Structure and Competition
13. Nonbank Finance
14. Financial Derivatives
15. Conflicts of Interest in the Financial Industry
 
Part IV Central Banking and the Conduct of Monetary Policy
16. Central Banks and the Federal Reserve System
17. The Money Supply Process
18. Tools of Monetary Policy
19. The Conduct of Monetary Policy: Strategy and Tactics
 
Part V International Finance and Monetary Policy
20. The Foreign Exchange Market
21. The International Financial System
 
Part VI Monetary Policy
22. The Demand for Money
23. Aggregate Demand and Supply Analysis
24. Transmission Mechanisms of Monetary Policy: The Evidence
25. Money and Inflation