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Money, Banking, and the Financial System,9780132994910
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Money, Banking, and the Financial System

by ;
Edition:
2nd
ISBN13:

9780132994910

ISBN10:
0132994917
Format:
Hardcover
Pub. Date:
2/4/2013
Publisher(s):
Prentice Hall
List Price: $245.19

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Summary

Hubbard and O'Brienprovide extensive analysis of the financial events of the past few years. These events are sufficiently important to be incorporated into the body of the text rather than just added as boxed-off features. In particular, they stress the lesson policymakers recently learned the hard way: What happens in the ever-expanding part of the financial system that does not involve commercial banks is of vital importance to the entire economy. This exciting text presents students with the underlying economic explanations of why the financial system is organized as it is and how the financial system is connected to the broader economy. Due to the overwhelming success of their principles of economics textbook, Hubbard and O'Brien have employed a similar approach in this textbook: They provide students with a framework that allows them to apply the theory that they learn in the classroom to the practice of the real world.

Author Biography

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 a 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 of Money, 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 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 of Money, 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 I. FOUNDATIONS

1. Introducing Money and the Financial System

2. Money and the Payments System

3. Interest Rates and Rates of Return

4. Determining Interest Rates

 

PART II. FINANCIAL MARKETS

5. The Risk Structure and Term Structure of Interest Rates

6. The Stock Market, Information, and Financial Market Efficiency

7. Derivatives and Derivative Markets

8. The Market for Foreign Exchange

 

PART III. FINANCIAL INSTITUTIONS

9. Transactions Costs, Asymmetric Information, and the Structure of the Financial System

10. The Economics of Banking

11. Investment Banks, Mutual Funds, Hedge Funds, and the Shadow Banking System

12. Financial Crises and Financial Regulation

 

PART IV. MONETARY POLICY

13. The Federal Reserve and Central Banking

14. The Federal Reserve’s Balance Sheet and the Money Supply Process

15. Monetary Policy

16. The International Financial System and Monetary Policy

 

PART V. THE FINANCIAL SYSTEM AND THE MACROECONOMY

17. Monetary Theory I: The Aggregate Demand and Aggregate Supply Model

18. Monetary Theory II: The IS—MP Model



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