The Economics of Money, Banking and Financial Markets, Global Edition11th Edition
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For courses in Money and Banking or General Economics.
An Analytical Framework for Understanding Financial MarketsThe Economics of Money, Banking and Financial Markets brings a fresh perspective to today’s major questions surrounding financial policy. Influenced by his term as Governor of the Federal Reserve, Frederic Mishkin offers students a unique viewpoint and informed insight into the monetary policy process, the regulation and supervision of the financial system, and the internationalization of financial markets.
Continuing to set the standard for money and banking courses, the Eleventh Edition provides a unifying, analytic framework for learning that fits a wide variety of syllabi. Core economic principles organize students' thinking, while current real-world examples keep them engaged and motivated.
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PART 1. INTRODUCTION
1. Why Study Money, Banking, and Financial Markets?
2. An Overview of the Financial System
3. What Is Money?
PART 2. FINANCIAL MARKETS
4. The Meaning of 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 3. FINANCIAL INSTITUTIONS
8. An Economic Analysis of Financial Structure
9. Banking and the Management of Financial Institutions
10. Economic Analysis of Financial Regulation
11. Banking Industry: Structure and Competition
12. Financial Crises in Advanced Economies
13. Financial Crises in Emerging Economies
PART 4. CENTRAL BANKING AND THE CONDUCT OF MONETARY POLICY
14. Central Banks: A Global Perspective
15. The Money Supply Process
16. Tools of Monetary Policy
17. The Conduct of Monetary Policy: Strategy and Tactics
PART 5. INTERNATIONAL FINANCE AND MONETARY POLICY
18. The Foreign Exchange Market
19. The International Financial System
PART 6. MONETARY THEORY
20. Quantity Theory, Inflation, and the Demand for Money
21. The IS Curve
22. The Monetary Policy and Aggregate Demand Curves
23. Aggregate Demand and Supply Analysis
24. Monetary Policy Theory
25. The Role of Expectations in Monetary Policy
26. Transmission Mechanisms of Monetary Policy
CHAPTERS ON THE WEB
27. The ISLM Model
28. Nonbank Finance
29. Financial Derivatives
30. Conflicts of Interest in the Financial Services Industry
This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content, which is especially relevant to students outside the United States.
Keep Students Focused and Motivated
- A unifying, analytic framework uses a few basic economic principles to organize students’ thinking about the structure of financial markets, the foreign exchange markets, financial institution management, and the role of monetary policy in the economy.
- A careful, step-by-step development of models (an approach found in the best principles of economics textbooks) makes it easier for students to learn.
- An international perspective is completely integrated throughout the text.
- A thoroughly up-to-date treatment of the latest developments in monetary theory is included.
- A special feature called “Following the Financial News” encourages reading of a financial newspaper
- An applications-oriented perspective with numerous applications and special-topic boxes increases students’ interest by showing them how to apply theory to real-world examples in the Pearson e-text.
- NEW! Real-time data analysis. Problems marked with the RTDA logo require that students download data from the Federal Reserve Bank of St. Louis FRED website, and then use the data to answer questions about current issues in macroeconomics.
- Offers a no-fuss solution for instructors who want to make the most recent data a central part of their macroeconomics course. Real-time data analysis exercises will not only help students to understand macroeconomics better, but will enable them to see the real world relevance of their study of macroeconomics.
- NEW! The movement along the MP curve when the Fed raised the federal funds target from 2004 to 2006 (Chapter 22)
- NEW! FYI box on what the word “autonomous” means (Chapter 23)
- NEW! Nominal GDP targeting (Chapter 24)
- NEW! The Euro Crisis. Includes information on the European sovereign debt crisis (Chapter 12), monetary unions (Chapter 19), and whether the Euro will survive (Chapter 19).
- NEW! Non-Conventional Monetary Policy and the Zero Lower Bound. Includes a new section on quantitative easing and the money supply, 2007-2014 (Chapter 15) and forward guidance and the commitment to future policy actions (Chapter 16). Chapter 24 has also been significantly revised to include monetary policy at the zero lower bound, unconventional monetary policy, and the effects of Abenomics on Japanese monetary policy in 2013
Flexibility and Modularity
- The text also allows instructors to cover the most important issues in monetary theory without having to do a detailed development of the IS, MP, and AD curves in Chapters 21 and 22. Instructors who want to teach a more complete treatment of monetary theory would make use of these chapters.
- Chapter 26 on the transmission mechanisms of monetary policy can be taught at many different points in the course—either with Part 4 of the book when monetary policy is discussed or with Chapter 21 or Chapter 23 when the concept of aggregate demand is developed. It could also be taught at the end of the book as a special topic.
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