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The Economics of Money, Banking and Financial Markets, Global Edition

The Economics of Money, Banking and Financial Markets, Global Edition

11th Edition

Frederic Mishkin

Aug 2015, Paperback, 728 pages
ISBN13: 9781292094182
ISBN10: 1292094184
For orders to USA, Canada, Australia, New Zealand or Japan visit your local Pearson website
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For courses in Money and Banking or General Economics.

An Analytical Framework for Understanding Financial Markets

The 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.

MyEconLab is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.

Please note that the product you are purchasing does not include MyEconLab.


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1. Why Study Money, Banking, and Financial Markets?

2. An Overview of the Financial System

3. What Is Money?


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


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


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


18. The Foreign Exchange Market

19. The International Financial System


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


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.

Up-to-Date Information

  • 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.

MyEconLab® is not included. Students, if MyEconLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN. MyEconLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.

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    • Students can watch over 120 mini-lecture videos presented by the author for every figure in the text.
    • Mini-Lecture Videos of all the data and analytic figures in the text, which can be used in class or viewed by the students on their own to provide them with a step-by-step analysis of the graphs.
    • The Pearson eText available within the online course materials and offline via an iPad app.
  • Digital Interactives The new Digital Interactives in Pearson’s MyEconLab are poised to change how students learn core economic concepts. Organized in progressive levels, each focusing on a core learning outcome, Digital Interactives immerse students in a fundamental economic principle, helping them to learn actively. They can be presented in class as visually stimulating, highly engaging lecture tools, and can also be assigned with assessment questions for grading. Digital Interactives are designed for use in traditional, online, and hybrid courses, and many incorporate real-time data, as well as data display and analysis tools.
  • Learning Catalyics: Generate class discussion, guide your lecture, and promote peer-to-peer learning with real-time analytics. MyLab & Mastering with eText now provides Learning Catalytics–an interactive student engagement tool that uses students’ smartphones, tablets, or laptops to engage them in more sophisticated tasks and thinking.
  • Real-Time Data Analysis Exercises allow instructors to assign problems which use up-to-the-minute data. Each RTDA exercise loads the appropriate and most current available data from FRED, a comprehensive and up-to-date data set maintained by the Federal Reserve Bank of St. Louis. Exercises are graded based on that instance of data, and feedback is provided.
  • End-of-chapter questions and applied problems from the text are available in MyEconLab.
  • Applications from the text are also available with assignable questions.
  • Personal Study Plans are created for each individual student based on their performance on assigned and sample exercises.
  • Instant tutorial feedback on a student’s problem and graphing responses to questions.
  • Interactive Learning Aids, such as Help Me Solve This (a step-by-step tutorial), help the student right when they need it.
  • News articles are available for classroom and assignment use. Up-to-date news articles and complimentary discussion questions are posted weekly to bring today’s news into the classroom and course.
  • A powerful Gradebook flexible and rich with information, including student and class data on assignment performance and time on task.

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