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Money, Banking, and the Financial Systemby Hubbard, R. Glenn; O'Brien, Anthony Patrick
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Glenn Hubbard, Professor, Researcher, and Policymaker
R. Glenn Hubbard is the dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and professor of economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Closed-End Funds, KKR Financial Corporation, and MetLife. He received
his Ph.D. in economics from Harvard University in 1983. From 2001 to 2003, he served as chairman of the White House Council of Economic Advisers and chairman of the OECD Economy Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the U.S. Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation and the Corporate Boards Study Group.
Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 100 articles in leading journals, including American Economic Review, Brookings Papers on Economic Activity, Journal of Finance, Journal of Financial Economics, Journal ofMoney, Credit, and Banking, Journal of Political Economy,
Journal of Public Economics, Quarterly Journal of Economics, RAND Journal of Economics, and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.
Tony O’Brien, Award-Winning Professor and Researcher
Anthony Patrick O’Brien is a professor of economics at Lehigh University. He received a Ph.D. from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 15 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. O’Brien’s research has dealt with such issues as the evolution of the U.S. automobile industry, sources of U.S. economic competitiveness, the development of U.S. trade policy, the causes of the Great Depression, and the causes of black-white income differences. His research has been published in leading journals, including American Economic Review, Quarterly Journal of Economics, Journal ofMoney, Credit, and Banking, Industrial Relations, Journal of Economic History, Explorations in Economic History, and the Journal of Policy History. His research has been supported by grants from government agencies and private foundations. In addition to teaching and writing, O’Brien also serves on the editorial board of the Journal of Socio-Economics.
Table of Contents
Part 1: Foundations
Chapter 1 Introducing Money and the Financial System 1
Chapter 2 Money and the Payments System 25
Part 2: Financial Markets
Chapter 3 Interest Rates and Rates of Return 51
Chapter 4 Determining Interest Rates 87
Chapter 5 The Risk Structure and Term Structure
of Interest Rates 123
Chapter 6 The Stock Market, Information, and
Financial Market Efficiency 156
Chapter 7 Derivatives and Derivative Markets 189
Part 3: Financial Institutions
Chapter 8 The Market for Foreign Exchange 224
Chapter 9 Transactions Costs, Asymmetric Information,
and the Structure of the Financial System 252
Chapter 10 The Economics of Banking 279
Chapter 11 Investment Banks, Mutual Funds, Hedge
Funds, and the Shadow Banking System 314
Chapter 12 Financial Crises and Financial Regulation 347
Part 4: Monetary Policy
Chapter 13 The Federal Reserve and Central Banking 384
Chapter 14 The Federal Reserve’s Balance Sheet
and the Money Supply Process 411
Chapter 15 Monetary Policy 442
Chapter 16 The International Financial System
and Monetary Policy 481
Part 5: The Financial System and the Macroeconomy
Chapter 17 Monetary Theory I: The Aggregate Demand
and Aggregate Supply Model 514
Chapter 18 Monetary Theory II: The IS—MP Model 546