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Economics of Money, Banking and Financial Markets

Economics of Money, Banking and Financial Markets - 8th edition

Economics of Money, Banking and Financial Markets - 8th edition

ISBN13: 9780321415059

ISBN10: 0321415051

Economics of Money, Banking and Financial Markets by Frederic Mishkin - ISBN 9780321415059
Cover type: Hardback
Edition: 8TH 07
Copyright: 2007
Publisher: Addison-Wesley Longman, Inc.
International: No
Economics of Money, Banking and Financial Markets by Frederic Mishkin - ISBN 9780321415059

ISBN13: 9780321415059

ISBN10: 0321415051

Cover type: Hardback
Edition: 8TH 07

List price: $200.00

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This text comes packaged with an access kit for the new easy-to-use format of MyEconLab, which requires no set-up by the professor. With this, students can access practice problems for each chapter in the book, graphing questions, learning resources, and live tutoring. Professors who plan to use advanced course management online should order the book with MyEconLab in CourseCompass. View 'Alternate Versions' of this book on the web catalog page, or contact your local representative for details.

Economics of Money, Banking, and Financial Markets heralded a dramatic shift in the teaching of the money and banking course in its first edition, and today it is still setting the standard. By applying an analytical framework to the patient, stepped-out development of models, Frederic Mishkin draws students into a deeper understanding of modern monetary theory, banking, and policy. His landmark combination of common sense applications with current, real-world events provides authoritative, comprehensive coverage in an informal tone students appreciate. Mishkin's previous post as Executive Vice President and Director of Research at the Federal Reserve Bank of New York lends an insiders-view that helps to demystify this key institution for students.

New To This Edition

  • New material on financial markets and institutions. Discussion of the yield curve as a forecasting tool for inflation and the business cycle in Chapter 5, The Behavior of Interest Rates, and a new section on the new field of behavioral finance, which applies concepts from other social sciences like anthropology, sociology, and particularly, psychology to understand the behavior of securities prices in Chapter 7, The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis.
  • New coverage of Conflict of Interest. Conflicts of Interest are a growing concern for all those who work and interact with financial institutions. To address this concern a new section, 'Conflicts of Interest' has been added to Chapter 8, An Economic Analysis of Financial Structure. In addition, new Conflicts of Interest boxes, added throughout the text, prompt students to consider the impact and implications of possible conflicts of interest.
  • Enhanced Coverage of the European Central Bank. Because of the growing interest in the ECB which now conducts monetary policy for a population that exceeds that in the United States, coverage of the structure and independence of the ECB as been added to Chapter 12; monetary policy tools of the ECB has been added to Chapter 15; and a discussion of the ECB's monetary policy strategy has been added to Chapter 16.
  • Simplified Discussion of Foreign Exchange. Chapter 17, The Foreign Exchange Market, now describes how exchange rates are determined using a supply and demand framework based on an asset market approach--a framework students find far easier to grasp than the current interest parity model.
  • Increased Coverage of China. The growing importance of China in the world economy is reflected in the text with the addition of several discussions, including whether the example of China is an argument against the importance of financial development in Chapter 8, the problems in the Chinese banking industry in Chapter 11, and how China has become one of the largest holders of US Treasury securities in Chapter 18.
  • New Material on Monetary Theory and Policy. Drawing on his continued involvement with central banks, Mishkin has added current monetary theory and policy discussions, including a new section discussing whether price stability should be the primary goal of monetary policy and whether hierarchical or dual mandates are better for central banks in Chapter 12, an examination of the declining importance of reserve requirements in the money supply process in Chapter 14, and an application of the impact of negative demand shocks on the US economy from 2001 to 2004 in Chapter 22.
  • Improved Exposition and Organization. Responding to comments from reviewers, several key changes have been made, including a simplified discussion of the supply and demand for bonds in Chapters 5 and 6 and a reorganization of the old Chapters 18, Conduct of Monetary Policy, and 21, Monetary Policy: The International Experience, into one new Chapter 16, What Should Central Banks Do? What Should Central Banks Do? Monetary Policy Goals, Strategy and Tactics, which is logically more coherent and more relevant to students.
  • Graphing Help for Students. Help with graphs comes in the form of links to MyEconLab, where students will find animated graphs and three types of online graphing exercises that offer unlimited, supported practice. Time spent with Model-based, Data, and Draw graphs helps students become more comfortable in this essential skill, and MyEconLab grades every graph--even the ones they draw.

Table of Contents

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. Banking and the Management of Financial Institutions
10. Banking Industry: Structure and Competition
11. Economic Analysis of Banking Regulation

Part IV Central Banking and the Conduct of Monetary Policy

12. Structure of Central Banks and the Federal Reserve System
13. Multiple Deposit Creation and the Money Supply Process
14. Determinants of the Money Supply
15. Tools of Monetary Policy
16. What Should Central Banks Do? Monetary Policy Goals, Strategy and Tactics

Part V International Finance and Monetary Policy

17. The Foreign Exchange Market
18. The International Financial System

Part VI Monetary Policy

19. The Demand for Money
20. The ISLM Model
21. Monetary and Fiscal Policy in the ISLM Model
22. Aggregate Demand and Supply Analysis
23. Transmission Mechanisms of Monetary Policy: The Evidence
24. Money and Inflation
25. Rational Expectations: Implications for Policy