The economics of money, banking, and financial markets:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Harlow ; Munich [u.a.]
Pearson
2013
|
| Ausgabe: | 10. ed., global ed. |
| Schriftenreihe: | Always learning
The Pearson series in economics |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 726 S. Ill., graph. Darst., Kt. |
| ISBN: | 9780273765738 0273765736 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV039919379 | ||
| 003 | DE-604 | ||
| 005 | 20140310 | ||
| 007 | t | ||
| 008 | 120228s2013 abd| |||| 00||| eng d | ||
| 020 | |a 9780273765738 |9 978-0-273-76573-8 | ||
| 020 | |a 0273765736 |9 0-273-76573-6 | ||
| 035 | |a (OCoLC)796188477 | ||
| 035 | |a (DE-599)BVBBV039919379 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-N2 |a DE-19 |a DE-1050 |a DE-521 |a DE-1047 |a DE-92 |a DE-11 |a DE-384 |a DE-M382 |a DE-20 |a DE-Aug4 |a DE-523 |a DE-703 |a DE-1043 |a DE-739 |a DE-473 | ||
| 050 | 0 | |a HG173 | |
| 082 | 0 | |a 332 |2 22 | |
| 084 | |a QK 000 |0 (DE-625)141630: |2 rvk | ||
| 084 | |a QK 300 |0 (DE-625)141640: |2 rvk | ||
| 084 | |a QL 200 |0 (DE-625)141698: |2 rvk | ||
| 084 | |a WIR 150f |2 stub | ||
| 100 | 1 | |a Mishkin, Frederic S. |d 1951- |e Verfasser |0 (DE-588)123920108 |4 aut | |
| 245 | 1 | 0 | |a The economics of money, banking, and financial markets |c Frederic S. Mishkin |
| 250 | |a 10. ed., global ed. | ||
| 264 | 1 | |a Harlow ; Munich [u.a.] |b Pearson |c 2013 | |
| 300 | |a 726 S. |b Ill., graph. Darst., Kt. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Always learning | |
| 490 | 0 | |a The Pearson series in economics | |
| 650 | 4 | |a Bank | |
| 650 | 4 | |a Banks and banking | |
| 650 | 4 | |a Finance | |
| 650 | 4 | |a Money | |
| 650 | 0 | 7 | |a Geld |0 (DE-588)4019889-3 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Kreditwesen |0 (DE-588)4032950-1 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Geldpolitik |0 (DE-588)4019902-2 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Geldwirtschaft |0 (DE-588)4129419-1 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Geldtheorie |0 (DE-588)4121333-6 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Kreditmarkt |0 (DE-588)4073788-3 |2 gnd |9 rswk-swf |
| 655 | 7 | |0 (DE-588)4123623-3 |a Lehrbuch |2 gnd-content | |
| 689 | 0 | 0 | |a Geldtheorie |0 (DE-588)4121333-6 |D s |
| 689 | 0 | 1 | |a Kreditwesen |0 (DE-588)4032950-1 |D s |
| 689 | 0 | |5 DE-604 | |
| 689 | 1 | 0 | |a Geldwirtschaft |0 (DE-588)4129419-1 |D s |
| 689 | 1 | 1 | |a Kreditwesen |0 (DE-588)4032950-1 |D s |
| 689 | 1 | 2 | |a Kreditmarkt |0 (DE-588)4073788-3 |D s |
| 689 | 1 | 3 | |a Geldpolitik |0 (DE-588)4019902-2 |D s |
| 689 | 1 | |8 1\p |5 DE-604 | |
| 689 | 2 | 0 | |a Geld |0 (DE-588)4019889-3 |D s |
| 689 | 2 | |8 2\p |5 DE-604 | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024777898&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-024777898 | ||
| 883 | 1 | |8 1\p |a cgwrk |d 20201028 |q DE-101 |u https://d-nb.info/provenance/plan#cgwrk | |
| 883 | 1 | |8 2\p |a cgwrk |d 20201028 |q DE-101 |u https://d-nb.info/provenance/plan#cgwrk | |
Datensatz im Suchindex
| _version_ | 1804148879022620672 |
|---|---|
| adam_text | Titel: The economics of money, banking and financial markets
Autor: Mishkin, Frederic S
Jahr: 2013
Contents
PART 1
INTRODUCTION 43
CHAPTER 1
Why Study Money, Banking, and Financial Markets? 44
Why Study Financial Markets?...................................................................................44
The Bond Market and Interest Rates.....................................................................................44
The Stock Market.................................................................................................................46
Why Study Financial Institutions and Banking?..........................................................46
Structure of the Financial System.........................................................................................47
Financial Crises....................................................................................................................48
Banks and Other Financial Institutions.................................................................................48
Financial Innovation............................................................................................................48
Why Study Money and Monetary Policy?...................................................................49
Money and Business Cycles..................................................................................................49
Money and Inflation.............................................................................................................49
Money and Interest Rates.....................................................................................................52
Conduct of Monetary Policy.................................................................................................52
Fiscal Policy and Monetary Policy........................................................................................53
Why Study International Finance?..............................................................................54
The Foreign Exchange Market..............................................................................................54
The International Financial System......................................................................................56
How We Will Study Money, Banking, and Financial Markets......................................56
Exploring the Web...............................................................................................................57
Collecting and Graphing Data..............................................................................................57
Web Exercises.............................................................................................................57
Concluding Remarks..................................................................................................58
Summary 59 • Key Terms 60 • Questions 61 • Applied Problems 62 •
Web Exercises 62 • Web References 63
APPENDIX TO CHAPTER 1
Defining Aggregate Output, Income, the Price Level,
and the Inflation Rate 64
Aggregate Output and Income....................................................................................64
Real Versus Nominal Magnitudes................................................................................64
Aggregate Price Level..................................................................................................65
Growth Rates and the Inflation Rate...........................................................................66
CHAPTER 2
An Overview of the Financial System 67
Function of Financial Markets....................................................................................67
Structure of Financial Markets....................................................................................69
Debt and Equity Markets......................................................................................................69
Primary and Secondary Markets...........................................................................................70
Exchanges and Over-the-Counter Markets...........................................................................71
Money and Capital Markets..................................................................................................71
Financial Market Instruments.....................................................................................72
Money Market Instruments..................................................................................................72
Folio-wing the Financial News Money Market Rates 73
Capital Market Instruments..................................................................................................74
Following the Financial News Capital Market Interest Rates 75
Internationalization of Financial Markets....................................................................76
Global Are U.S. Capital Markets Losing Their Edge? 77
International Bond Market, Eurobonds, and Eurocurrencies................................................77
World Stock Markets............................................................................................................78
Function of Financial Intermediaries: Indirect Finance...............................................78
Following the Financial News Foreign Stock Market Indexes 79
Transaction Costs.................................................................................................................79
Global The Importance of Financial Intermediaries Relative to Securities Markets:
An International Comparison 80
Risk Sharing.........................................................................................................................80
Asymmetric Information: Adverse Selection and Moral Hazard............................................81
Economies of Scope and Conflicts of Interest.......................................................................83
Types of Financial Intermediaries................................................................................83
Depository Institutions.........................................................................................................83
Contractual Savings Institutions...........................................................................................85
Investment Intermediaries....................................................................................................86
Regulation of the Financial System.............................................................................87
Increasing Information Available to Investors.......................................................................87
Ensuring the Soundness of Financial Intermediaries.............................................................87
Financial Regulation Abroad.................................................................................................90
Summary 90 • Key Terms 91 • Questions 91 • Applied Problems 92 •
Web Exercises 93 • Web References 93
CHAPTER 3
What Is Money? 94
Meaning of Money......................................................................................................94
Functions of Money....................................................................................................95
Medium of Exchange............................................................................................................95
Unit of Account....................................................................................................................96
Store of Value.......................................................................................................................97
Evolution of the Payments System..............................................................................98
Commodity Money........................................................................................ 98
Fiat Money......................................................................................... 98
Checks....................................................................................... 98
Electronic Payment......................................................................................... 99
E-Money........................................................................................... gg
FYI Are We Headed for a Cashless Society? 100
Measuring Money.....................................................................................................100
The Federal Reserves Monetary Aggregates........................................................................101
Following the Financial News: The Monetary Aggregates..................................102
FYI Where Are All the U.S. Dollars? 102
Summary 104 • Key Terms 104 • Questions 104 • Applied Problems 106 •
Web Exercises 106 • Web References 106
FINANCIAL MARKETS 107________________________________
CHAPTER 4
Understanding Interest Rates 108
Measuring Interest Rates...........................................................................................108
Present Value......................................................................................................................108
APPLICATION Simple Present Value......................................................................110
APPLICATION How Much Is That Jackpot Worth?................................................110
Four Types of Credit Market Instruments...........................................................................Ill
Yield to Maturity................................................................................................................112
APPLICATION Yield to Maturity on a Simple Loan................................................112
APPLICATION Yield to Maturity and the Yearly Payment
on a Fixed-Payment Loan.......................................................................................114
APPLICATION Yield to Maturity and the Bond Price for a Coupon Bond.............115
APPLICATION Perpetuity.......................................................................................117
Global Negative T-Bill Rates? It Can Happen 119
The Distinction Between Interest Rates and Returns.................................................119
Maturity and the Volatility of Bond Returns: Interest-Rate Risk...........................................122
Summary............................................................................................................................123
The Distinction Between Real and Nominal Interest Rates........................................123
APPLICATION Calculating Real Interest Rates.......................................................124
FYI With TIPS, Real Interest Rates Have Become Observable in the United States 126
Summary 126 • Key Terms 126 • Questions 127 • Applied Problems 127 •
Web Exercises 128 • Web References 129 • Web Appendices 129
CHAPTER 5
The Behavior of Interest Rates 130
Determinants of Asset Demand.................................................................................130
Wealth................................................................................................................................131
Expected Returns...............................................................................................................131
Risk....................................................................................................................................131
Liquidity............................................................................................................................132
Theory of Portfolio Choice.................................................................................................132
Supply and Demand in the Bond Market..................................................................133
Demand Curve...................................................................................................................133
Supply Curve.....................................................................................................................134
Market Equilibrium............................................................................................................135
Supply and Demand Analysis.............................................................................................136
Changes in Equilibrium Interest Rates......................................................................136
Shifts in the Demand for Bonds..........................................................................................136
Shifts in the Supply of Bonds..............................................................................................140
APPLICATION Changes in the Interest Rate Due to Expected
Inflation: The Fisher Effect..............................................................................142
APPLICATION Changes in the Interest Rate Due to a Business
Cycle Expansion...............................................................................................143
APPLICATION Explaining Low Japanese Interest Rates.........................................145
Supply and Demand in the Market for Money: The Liquidity
Preference Framework.......................................................................................146
Changes in Equilibrium Interest Rates in the Liquidity Preference Framework.........149
Shifts in the Demand for Money.........................................................................................149
Shifts in the Supply of Money.............................................................................................149
APPLICATION Changes in the Equilibrium Interest Rate Due to Changes
in Income, the Price Level, or the Money Supply............................................149
Changes in Income.............................................................................................................150
Changes in the Price Level..................................................................................................151
Changes in the Money Supply............................................................................................151
APPLICATION Money and Interest Rates...............................................................152
Does a Higher Rate of Growth of the Money Supply Lower Interest Rates?...............153
Summary 156 • Key Terms 157 • Questions 157 • Applied Problems 158 •
Web Exercises 159 • Web References 159 • Web Appendices 1, 2, 3 159
CHAPTER 6
The Risk and Term Structure of Interest Rates 160
Risk Structure of Interest Rates.................................................................................160
Default Risk........................................................................................................................160
FYI Conflicts of Interest at Credit-Rating Agencies and the Global
Financial Crisis 164
APPLICATION The Global Financial Crisis and the Baa-Treasury Spread.............164
Liquidity............................................................................................................................165
Income Tax Considerations................................................................................................165
Summary............................................................................................................................167
APPLICATION Effects of the Bush Tax Cut and Its Possible Repeal
on Bond Interest Rates......................................................................................167
Term Structure of Interest Rates................................................................................168
Following the Financial News Yield Curves 168
Expectations Theory...........................................................................................................170
Segmented Markets Theory...............................................................................................173
Liquidity Premium and Preferred Habitat Theories.............................................................174
Evidence on the Term Structure................................................................... 176
Summary.............................................................................ZZZZZ Z T l76
PART 3
FYI The Yield Curve as a Forecasting Tool for Inflation and the Business Cycle 178
APPLICATION Interpreting Yield Curves, 1980-2011............................................178
Summary 179 • Key Terms 180 • Questions 180 • Applied Problems 181 •
Web Exercises 182 • Web References 182
CHAPTER 7
The Stock Market, the Theory of Rational Expectations,
and the Efficient Market Hypothesis 183
Computing the Price of Common Stock...................................................................183
The One-Period Valuation Model.......................................................................................184
The Generalized Dividend Valuation Model........................................................................185
The Gordon Growth Model................................................................................................185
How the Market Sets Stock Prices.............................................................................186
APPLICATION Monetary Policy and Stock Prices...................................................187
APPLICATION The Global Financial Crisis and the Stock Market.........................188
The Theory of Rational Expectations........................................................................188
Formal Statement of the Theory.........................................................................................190
Rationale Behind the Theory..............................................................................................190
Implications of the Theory.................................................................................................191
The Efficient Market Hypothesis: Rational Expectations
in Financial Markets..................................................................................191
Rationale Behind the Hypothesis........................................................................................193
APPLICATION Practical Guide to Investing in the Stock Market...........................194
How Valuable Are Published Reports by Investment Advisers?...........................................194
Should You Be Skeptical of Hot Tips?.................................................................................195
Do Stock Prices Always Rise When There Is Good News?..................................................195
FYI Should You Hire an Ape as Your Investment Adviser? 196
Efficient Market Prescription for the Investor.....................................................................196
Why the Efficient Market Hypothesis Does Not Imply That Financial
Markets Are Efficient...................................................................................................197
APPLICATION What Do Stock Market Crashes Tell Us About the Efficient
Market Hypothesis and the Efficiency of Financial Markets?..........................198
Behavioral Finance...................................................................................................198
Summary 199 • Key Terms 200 • Questions 200 • Applied Problems 201 •
Web Exercises 202 • Web References 202 • Web Appendix 202
FINANCIAL INSTITUTIONS 203___________________________
CHAPTER 8
An Economic Analysis of Financial Structure 204
Basic Facts About Financial Structure Throughout the World...................................204
Transaction Costs.....................................................................................................207
How Transaction Costs Influence Financial Structure.........................................................207
How Financial Intermediaries Reduce Transaction Costs....................................................207
Asymmetric Information: Adverse Selection and Moral Hazard................................208
The Lemons Problem: How Adverse Selection Influences Financial Structure...........209
Lemons in the Stock and Bond Markets..............................................................................210
Tools to Help Solve Adverse Selection Problems.................................................................210
FYI The Enron Implosion 212
How Moral Hazard Affects the Choice Between Debt and Equity Contracts..............214
Moral Hazard in Equity Contracts: The Principal-Agent Problem.......................................215
Tools to Help Solve the Principal-Agent Problem...............................................................216
How Moral Hazard Influences Financial Structure in Debt Markets..........................217
Tools to Help Solve Moral Hazard in Debt Contracts..........................................................218
Summary............................................................................................................................220
APPLICATION Financial Development and Economic Growth.............................221
FYI Should We Kill All the Lawyers? 222
APPLICATION Is China a Counterexample to the Importance
of Financial Development?..........................................................................................222
Summary 223 • Key Terms 224 • Questions 224 • Applied Problems 225 •
Web Exercises 226 • Web References 226
CHAPTER 9
Financial Crises in Advanced Economies 227
What Is a Financial Crisis?........................................................................................227
Dynamics of Financial Crises in Advanced Economies..............................................228
Stage One: Initiation of Financial Crisis..............................................................................228
Stage Two: Banking Crisis...................................................................................................230
Stage Three: Debt Deflation................................................................................................231
APPLICATION The Mother of All Financial Crises: The Great Depression...........231
Stock Market Crash............................................................................................................231
Bank Panics........................................................................................................................232
Continuing Decline in Stock Prices....................................................................................232
Debt Deflation....................................................................................................................233
International Dimensions...................................................................................................233
APPLICATION The Global Financial Crisis of 2007-2009.....................................234
Causes of the 2007-2009 Financial Crisis..........................................................................234
FYI Collateralized Debt Obligations (CDOs) 235
Effects of the 2007-2009 Financial Crisis...........................................................................236
Inside the Fed Was the Fed to Blame for the Housing Price Bubble? 237
Global Ireland and the 2007-2009 Financial Crisis 240
Height of the 2007-2009 Financial Crisis..........................................................................240
Government Intervention and the Recovery.......................................................................241
Global Worldwide Government Bailouts During the 2007-2009 Financial Crisis 242
Summary 242 • Key Terms 243 • Questions 243 • Web Exercise 244 •
Web References 244
CHAPTER 10
Financial Crises in Emerging Market Economies 245
Dynamics of Financial Crises in Emerging Market Economies..................................245
Stage One: Initiation of Financial Crisis..............................................................................245
Stage Two: Currency Crisis.................................................................................................249
Stage Three: Full-Fledged Financial Crisis..........................................................................249
APPLICATION Crisis in South Korea, 1997-1998..................................................251
Financial Liberalization/Globalization Mismanaged............................................................251
Perversion of the Financial Liberalization/Globalization
Process: Chaebols and the South Korean Crisis.............................................................252
Stock Market Decline and Failure of Firms Increase Uncertainty........................................254
Adverse Selection and Moral Hazard Problems Worsen
and Aggregate Demand Falls.........................................................................................254
Currency Crisis Ensues.......................................................................................................255
Final Stage: Currency Crisis Triggers Full-Fledged Financial Crisis.....................................255
Recovery Commences........................................................................................................256
APPLICATION The Argentine Financial Crisis, 2001-2002...................................257
Severe Fiscal Imbalances....................................................................................................257
Adverse Selection and Moral Hazard Problems Worsen......................................................257
Bank Panic Begins..............................................................................................................257
Currency Crisis Ensues.......................................................................................................258
Currency Crisis Triggers Full-Fledged Financial Crisis........................................................259
Recovery Begins.................................................................................................................260
Preventing Emerging Market Financial Crises...........................................................261
Beef Up Prudential Regulation and Supervision of Banks....................................................261
Following the Financial News When an Advanced Economy Is like an
Emerging Market Economy: The Icelandic Financial Crisis of 2008 262
Encourage Disclosure and Market-Based Discipline............................................................263
Limit Currency Mismatch...................................................................................................263
Sequence Financial Liberalization.......................................................................................263
Summary 264 • Key Terms 264 • Questions 264
CHAPTER 11
Banking and the Management of Financial Institutions 265
The Bank Balance Sheet............................................................................................265
Liabilities............................................................................................................................265
Assets.................................................................................................................................268
Basic Banking...........................................................................................................269
General Principles of Bank Management...................................................................272
Liquidity Management and the Role of Reserves.................................................................272
Asset Management..............................................................................................................275
Liability Management.........................................................................................................276
Capital Adequacy Management..........................................................................................277
APPLICATION Strategies for Managing Bank Capital.............................................279
APPLICATION How a Capital Crunch Caused a Credit Crunch
During the Global Financial Crisis..................................................................280
Managing Credit Risk...............................................................................................281
Screening and Monitoring..................................................................................................281
Long-Term Customer Relationships....................................................................................283
Loan Commitments............................................................................................................283
Collateral and Compensating Balances...............................................................................283
Credit Rationing.................................................................................................................284
Managing Interest-Rate Risk.....................................................................................285
Gap and Duration Analysis.................................................................................................285
APPLICATION Strategies for Managing Interest-Rate Risk.....................................287
Off-Balance-Sheet Activities......................................................................................287
Loan Sales..........................................................................................................................287
Generation of Fee Income..................................................................................................288
Trading Activities and Risk Management Techniques..........................................................288
Global Barings, Daiwa, Sumitomo, and Societe Generate: Rogue Traders
and the Principal-Agent Problem 289
Summary 290 • Key Terms 291 • Questions 291 • Applied Problems 292 •
Web Exercises 293 • Web References 293 • Web Appendices 1, 2 293
CHAPTER 12
Economic Analysis of Financial Regulation 294
Asymmetric Information and Financial Regulation...................................................294
Government Safety Net......................................................................................................294
Global The Spread of Government Deposit Insurance Throughout the World:
Is This a Good Thing? 296
Restrictions on Asset Holdings...........................................................................................299
Capital Requirements.........................................................................................................299
Prompt Corrective Action...................................................................................................300
Global Where Is the Basel Accord Heading After the Global Financial Crisis? 301
Financial Supervision: Chartering and Examination...........................................................302
Assessment of Risk Management........................................................................................303
Disclosure Requirements....................................................................................................304
Consumer Protection..........................................................................................................304
FYI Mark-to-Market Accounting and the Global Financial Crisis 305
FYI The Subprime Mortgage Crisis and Consumer Protection Regulation 306
Restrictions on Competition...............................................................................................307
Macroprudential Versus Microprudential Supervision........................................................307
Global International Financial Regulation 308
Summary............................................................................................................................309
The 1980s Savings and Loan and Banking Crisis......................................................311
Banking Crises Throughout the World......................................................................313
Deja vu All Over Again ....................................................................................................313
The Dodd-Frank Bill and Future Regulation.............................................................314
Dodd-Frank Wall Street Reform and Consumer Protection Act of2010.............................316
Future Regulation...............................................................................................................317
Summary 318 • Key Terms 318 • Questions 319 • Applied Problems 319 •
Web Exercises 320 • Web References 320 • Web Appendices 1, 2 320
CHAPTER 13
Banking Industry: Structure and Competition 321
Historical Development of the Banking System.........................................................321
Multiple Regulatory Agencies.............................................................................................323
Financial Innovation and the Growth of the Shadow Banking System ....................324
Responses to Changes in Demand Conditions: Interest-Rate Volatility................................325
Responses to Changes in Supply Conditions: Information Technology...............................326
FYI Will Clicks Dominate Bricks in the Banking Industry? 328
Avoidance of Existing Regulations......................................................................................329
FYI Bruce Bent and the Money Market Mutual Fund Panic of 2008 331
Financial Innovation and the Decline of Traditional Banking..............................................332
Structure of the U.S. Commercial Banking Industry.................................................335
Restrictions on Branching...................................................................................................336
Response to Branching Restrictions....................................................................................337
Bank Consolidation and Nationwide Banking...........................................................338
The Riegle-Neal Interstate Banking and Branching Efficiency Act ofl994..........................340
What Will the Structure of the U.S. Banking Industry Look Like in the Future?.................340
Global Comparison of Banking Structure in the United States and Abroad 341
Are Bank Consolidation and Nationwide Banking Good Things?........................................341
Separation of the Banking and Other Financial Service Industries............................342
Erosion of Glass-Steagall.....................................................................................................342
The Gramm-Leach-Bliley Financial Services Modernization Act of 1999:
Repeal of Glass-Steagall.................................................................................................342
Implications for Financial Consolidation............................................................................343
Separation of Banking and Other Financial Services Industries Throughout the World.......343
FYI The Global Financial Crisis and the Demise of Large, Free-Standing
Investment Banks 344
Thrift Industry: Regulation and Structure.................................................................344
Savings and Loan Associations...........................................................................................344
Mutual Savings Banks.........................................................................................................345
Credit Unions.....................................................................................................................345
International Banking...............................................................................................346
Eurodollar Market..............................................................................................................346
Global Ironic Birth of the Eurodollar Market 347
Structure of U.S. Banking Overseas....................................................................................347
Foreign Banks in the United States.....................................................................................348
Summary 349 • Key Terms 350 • Questions 350 • Web Exercises 351 •
Web References 352
PART 4
CENTRAL BANKING AND THE CONDUCT OF MONETARY POLICY 353
CHAPTER 14
Central Banks: A Global Perspective 354
Origins of the Federal Reserve System......................................................................354
Structure of the Federal Reserve System...................................................................355
Federal Reserve Banks........................................................................................................355
Member Banks...................................................................................................................357
Board of Governors of the Federal Reserve System.............................................................357
Federal Open Market Committee (FOMC).........................................................................358
Inside the Fed The FOMC Meeting 359
How Independent Is the Fed?...................................................................................360
Should the Fed Be Independent?..............................................................................361
The Case for Independence................................................................................................361
Inside the Fed How Bernanke s Style Differs from Greenspans 362
The Case Against Independence.........................................................................................363
Central Bank Independence and Macroeconomic Performance
Throughout the World..............................................................................................364
Explaining Central Bank Behavior............................................................................364
Structure and Independence of the European
Central Bank......................................................................................................365
Governing Council Executive Board and General Council..................................................366
Central Banks Round the World...............................................................................370
Bank of Canada..................................................................................................................370
Bank of England.................................................................................................................371
Bank of Japan.....................................................................................................................371
Central Banks in Transition Economies..............................................................................372
Central Banks in Developing Countries and Emerging Economies......................................372
Global Islamic Finance: Alternative Ethical Solutions to Financial Stability 373
People s Bank of China.......................................................................................................374
Multinational Central Banks in Developing Countries........................................................375
Central Bank Reforms in South America.............................................................................375
Currency Unions in Developing Nations............................................................................375
The Trend Toward Greater Independence...........................................................................376
Summary 376 • Key Terms 377 • Questions 377 • Web Exercises 378 •
Web References 378
CHAPTER 15
The Money Supply Process 379
Three Players in the Money Supply Process..............................................................379
The Fed s Balance Sheet.......................................................................................379
Liabilities............................................................... 3g0
A53 5............................................................................................. ZZ............. Z...381
Control of the Monetary Base...................................................................................381
Federal Reserve Open Market Operations...........................................................................382
Shifts from Deposits into Currency.....................................................................................385
Loans to Financial Institutions............................................................................................386
Other Factors That Affect the Monetary Base......................................................................386
Overview of the Fed s Ability to Control the Monetary Base................................................387
Multiple Deposit Creation: A Simple Model..............................................................388
Deposit Creation: The Single Bank.....................................................................................388
Deposit Creation: The Banking System...............................................................................389
Deriving the Formula for Multiple Deposit Creation...........................................................392
Critique of the Simple Model.............................................................................................393
Factors That Determine the Money Supply...............................................................394
Changes in the Nonborrowed Monetary Base, MB .............................................................394
Changes in Borrowed Reserves, BR, from the Fed...............................................................394
Changes in the Required Reserve Ratio, rr..........................................................................394
Changes in Currency Holdings...........................................................................................394
Changes in Excess Reserves................................................................................................395
Overview of the Money Supply Process....................................................................395
The Money Multiplier...............................................................................................396
Deriving the Money Multiplier...........................................................................................396
Intuition Behind the Money Multiplier...............................................................................398
Money Supply Response to Changes in the Factors............................................................399
APPLICATION The Great Depression Bank Panics, 1930-1933,
and the Money Supply......................................................................................................400
APPLICATION The 2007-2009 Financial Crisis and the Money Supply.................402
Summary 405 • Key Terms 405 • Questions 406 • Applied Problems 406 •
Web Exercises 407 • Web References 408 • Web Appendices 1, 2, 3 408
CHAPTER 16
Tools of Monetary Policy 409
The Market for Reserves and the Federal Funds Rate................................................409
Demand and Supply in the Market for Reserves.................................................................409
Inside the Fed Why Does the Fed Need to Pay Interest on Reserves? 411
How Changes in the Tools of Monetary Policy Affect the Federal Funds Rate.....................412
APPLICATION How the Federal Reserve s Operating Procedures
Limit Fluctuations in the Federal Funds Rate..................................................416
Conventional Monetary Policy Tools.........................................................................418
Open Market Operations....................................................................................................418
Inside the Fed A Day at the Trading Desk 419
Discount Policy and the Lender of Last Resort....................................................................420
Inside the Fed Using Discount Policy to Prevent a Financial Panic 422
Reserve Requirements........................................................................................................423
Interest on Reserves............................................................................................................424
Relative Advantages of the Different Tools..........................................................................424
Nonconventional Monetary Policy Tools During the Global Financial Crisis.............425
Liquidity Provision.............................................................................................................425
Asset Purchases..................................................................................................................426
Quantitative Easing Versus Credit Easing............................................................................426
Inside the Fed Fed Lending Facilities During the Global Financial Crisis 427
Commitment to Future Policy Actions...............................................................................428
Monetary Policy Tools of the European Central Bank...............................................429
Open Market Operations....................................................................................................430
Lending to Banks................................................................................................................430
Reserve Requirements........................................................................................................430
Summary 431 • Key Terms 431 • Questions 432 • Applied Problems 433 •
Web Exercises 433 • Web References 433
CHAPTER 17
The Conduct of Monetary Policy: Strategy and Tactics 434
The Price Stability Goal and the Nominal Anchor.....................................................434
The Role of a Nominal Anchor...........................................................................................435
The Time-Inconsistency Problem.......................................................................................435
Other Goals of Monetary Policy................................................................................436
High Employment and Output Stability.............................................................................436
Economic Growth..............................................................................................................437
Stability of Financial Markets.............................................................................................437
Interest-Rate Stability.........................................................................................................437
Stability in Foreign Exchange Markets................................................................................437
Should Price Stability be the Primary Goal of Monetary Policy?................................438
Hierarchical Versus Dual Mandates.....................................................................................438
Price Stability as the Primary, Long-Run Goal of Monetary Policy.......................................439
Inflation Targeting....................................................................................................439
Inflation Targeting in New Zealand, Canada, and the United Kingdom..............................440
Advantages of Inflation Targeting.......................................................................................442
Disadvantages of Inflation Targeting...................................................................................443
The Federal Reserve s Monetary Policy Strategy........................................................445
Advantages of the Fed s Just Do It Approach....................................................................446
Disadvantages of the Fed s Just Do It Approach................................................................446
Lessons for Monetary Policy Strategy from the Global Financial Crisis......................447
Inside the Fed Chairman Bernanke and Inflation Targeting 448
Implications for Inflation Targeting....................................................................................449
How Should Central Banks Respond to Asset-Price Bubbles?.............................................450
Tactics: Choosing the Policy Instrument...................................................................454
Criteria for Choosing the Policy Instrument.......................................................................456
Tactics: The Taylor Rule............................................................................................457
Inside the Fed The Fed s Use of the Taylor Rule 460
Inside the Fed Fed Watchers 460
Summary 461 • Key Terms 461 • Questions 462 • Applied Problems 463 •
Web Exercises 463 • Web References 464 • Web Appendix 464
PARTS
APPENDIX TO CHAPTER 17
Fed Policy Procedures: Historical Perspective 465
The Early Years: Discount Policy as the Primary Tool................................................465
Discovery of Open Market Operations......................................................................466
The Great Depression...............................................................................................466
Inside the Fed Bank Panics of 1930-1933: Why Did the Fed Let
Them Happen? 467
Reserve Requirements as a Policy Tool......................................................................467
War Finance and the Pegging of Interest Rates: 1942-1951......................................468
Targeting Money Market Conditions: the 1950s and 1960s......................................468
Targeting Monetary Aggregates: the 1970s................................................................469
New Fed Operating Procedures: October 1979-October 1982.................................470
De-Emphasis of Monetary Aggregates: October 1982-Early 1990s...........................471
Federal Funds Targeting Again: Early 1990s and Beyond..........................................472
Preemptive Strikes Against Inflation.........................................................................472
Preemptive Strikes Against Economic Downturns and Financial Disruptions:
LTCM, Enron, and the Global Financial Crisis...................................................473
International Considerations....................................................................................473
INTERNATIONAL FINANCE AND MONETARY POLICY 475
CHAPTER 18
The Foreign Exchange Market 476
Foreign Exchange Market.........................................................................................476
What Are Foreign Exchange Rates?....................................................................................477
Following the Financial News Foreign Exchange Rates 478
Why Are Exchange Rates Important?..................................................................................478
How Is Foreign Exchange Traded?......................................................................................479
Exchange Rates in the Long Run...............................................................................479
Law of One Price................................................................................................................479
Theory of Purchasing Power Parity.....................................................................................480
Why the Theory of Purchasing Power Parity Cannot Fully Explain
Exchange Rates.............................................................................................................481
Factors That Affect Exchange Rates in the Long Run..........................................................482
Exchange Rates in the Short Run: A Supply and Demand Analysis...........................483
Supply Curve for Domestic Assets......................................................................................484
Demand Curve for Domestic Assets....................................................................................484
Equilibrium in the Foreign Exchange Market.....................................................................485
Explaining Changes in Exchange Rates.....................................................................485
Shifts in the Demand for Domestic Assets...........................................................................486
Recap: Factors That Change the Exchange Rate..................................................................488
APPLICATION Effects of Changes in Interest Rates on the Equilibrium
Exchange Rate..................................................................................................490
APPLICATION Why Are Exchange Rates So Volatile?............................................491
APPLICATION The Dollar and Interest Rates.........................................................492
APPLICATION The Global Financial Crisis and the Dollar....................................493
Summary 494 • Key Terms 494 • Questions 495 • Applied Problems 495 •
Web Exercises 496 • Web References 496
APPENDIX TO CHAPTER 18
The Interest Parity Condition 497
Comparing Expected Returns on Domestic and Foreign Assets................................497
Interest Parity Condition..........................................................................................499
CHAPTER 19
The International Financial System 500
Intervention in the Foreign Exchange Market...........................................................500
Foreign Exchange Intervention and the Money Supply.......................................................500
Inside the Fed A Day at the Federal Reserve Bank of New York s
Foreign Exchange Desk 501
Unsterilized Intervention....................................................................................................503
Sterilized Intervention........................................................................................................504
Balance of Payments.................................................................................................504
Global Why the Large U.S. Current Account Deficit Worries Economists 505
Exchange Rate Regimes in the International Financial System..................................506
Gold Standard....................................................................................................................506
The Bretton Woods System.................................................................................................507
Global The Euro s Challenge to the Dollar 508
How a Fixed Exchange Rate Regime Works........................................................................508
APPLICATION How Did China Accumulate Over $3 Trillion of
International Reserves?....................................................................................511
Managed Float....................................................................................................................512
European Monetary System (EMS).....................................................................................513
APPLICATION The Foreign Exchange Crisis of September 1992..........................514
APPLICATION Recent Foreign Exchange Crises in Emerging Market
Countries: Mexico 1994, East Asia 1997, Brazil 1999, and
Argentina 2002.................................................................................................516
Capital Controls.......................................................................................................517
Controls on Capital Outflows.............................................................................................517
Controls on Capital Inflows................................................................................................517
The Role of the IMF..................................................................................................518
Should the IMF Be an International Lender of Last Resort?.................................................518
How Should the IMF Operate?...........................................................................................519
Global The Global Financial Crisis and the IMF 521
PART 6
International Considerations and Monetary Policy...................................................521
Direct Effects of the Foreign Exchange Market on Monetary Policy....................................521
Balance-of-Payments Considerations..................................................................................522
Exchange Rate Considerations............................................................................................522
To Peg or Not to Peg: Exchange-Rate Targeting as an Alternative
Monetary Policy Strategy...................................................................................523
Advantages of Exchange-Rate Targeting..............................................................................523
Disadvantages of Exchange-Rate Targeting.........................................................................524
When Is Exchange-Rate Targeting Desirable for Industrialized Countries?..........................526
When Is Exchange-Rate Targeting Desirable for Emerging Market Countries?....................527
Currency Boards.................................................................................................................527
Global Argentina s Currency Board 528
Dollarization......................................................................................................................528
Summary 529 • Key Terms 530 • Questions 530 • Applied Problems 531 •
Web Exercises 532 • Web References 532
MONETARY THEORY 533__________________________________
CHAPTER 20
Quantity Theory, Inflation, and the Demand for Money 534
Quantity Theory of Money.......................................................................................534
Velocity of Money and Equation of Exchange.....................................................................534
From the Equation of Exchange to the Quantity Theory of Money.....................................536
Quantity Theory and the Price Level..................................................................................537
Quantity Theory and Inflation............................................................................................537
APPLICATION Testing the Quantity Theory of Money...........................................538
Budget Deficits and Inflation....................................................................................540
Government Budget Constraint..........................................................................................540
Hyperinflation....................................................................................................................542
APPLICATION The Zimbabwean Hyperinflation....................................................542
Keynesian Theories of Money Demand.....................................................................542
Transactions Motive............................................................................................................543
Precautionary Motive..........................................................................................................543
Speculative Motive.............................................................................................................543
Putting the Three Motives Together....................................................................................543
Portfolio Theories of Money Demand.......................................................................544
Theory of Portfolio Choice and Keynesian Liquidity Preference..........................................544
Other Factors That Affect the Demand for Money..............................................................545
Summary............................................................................................................................545
Empirical Evidence for the Demand for Money........................................................546
Interest Rates and Money Demand.....................................................................................546
Stability of Money Demand................................................................................................547
Summary 547 • Key Terms 548 • Questions 548 • Applied Problems 549 •
Web Exercises 550 • Web References 550 • Web Appendices 1, 2 550
CHAPTER 21
The IS Curve 551
Planned Expenditure and Aggregate Demand...........................................................551
The Components of Aggregate Demand....................................................................552
Consumption Expenditure.................................................................................................552
FYI Meaning of the Word Investment 553
Planned Investment Spending............................................................................................553
Net Exports........................................................................................................................555
Government Purchases and Taxes.......................................................................................556
Goods Market Equilibrium.......................................................................................557
Solving for Goods Market Equilibrium...............................................................................557
Deriving the IS Curve.........................................................................................................558
Understanding the IS Curve.....................................................................................558
What the IS Curve Tells Us: Intuition.................................................................................558
What the IS Curve Tells Us: Numerical Example................................................................558
Why the Economy Heads Toward the Equilibrium.............................................................559
Factors that Shift the IS Curve..................................................................................560
Changes in Government Purchases.....................................................................................560
APPLICATION The Vietnam War Buildup, 1964-1969..........................................560
Changes in Taxes................................................................................................................561
APPLICATION The Fiscal Stimulus Package of 2009.............................................562
Changes in Autonomous Spending.....................................................................................563
Changes in Financial Frictions...........................................................................................564
Summary of Factors That Shift the IS Curve.......................................................................564
Summary 565 • Key Terms 566 • Questions 566 • Applied Problems 567 •
Web Exercises 568 • Web References 568
CHAPTER 22
The Monetary Policy and Aggregate Demand Curves 569
The Federal Reserve and Monetary Policy.................................................................569
The Monetary Policy Curve......................................................................................570
The Taylor Principle: Why the Monetary Policy Curve
Has an Upward Slope...............................................................................................570
Shifts in the MP Curve........................................................................................................571
APPLICATION Autonomous Monetary Easing at the Onset of the
2007-2009 Financial Crisis..............................................................................572
The Aggregate Demand Curve..................................................................................573
Deriving the Aggregate Demand Curve Graphically............................................................573
Factors That Shift the Aggregate Demand Curve.................................................................574
FYI Deriving the Aggregate Demand Curve Algebraically 574
Summary 579 • Key Terms 579 • Questions 579 • Applied Problems 580 •
Web Exercises 581 • Web References 581
CHAPTER 23
Aggregate Demand and Supply Analysis 582
Aggregate Demand...................................................................................................582
Following the Financial News: Aggregate Output, Unemployment,
and Inflation 583
Deriving the Aggregate Demand Curve...............................................................................583
Factors That Shift the Aggregate Demand Curve.................................................................584
Aggregate Supply......................................................................................................587
Long-Run Aggregate Supply Curve.....................................................................................587
Short-Run Aggregate Supply Curve....................................................................................588
Shifts in Aggregate Supply Curves............................................................................590
Shifts in the Long-Run Aggregate Supply Curve.................................................................590
Shifts in the Short-Run Aggregate Supply Curve.................................................................591
Equilibrium in Aggregate Demand and Supply Analysis...........................................594
Short-Run Equilibrium.......................................................................................................594
How the Short-Run Equilibrium Moves to the Long-Run Equilibrium over Time...............594
Self-Correcting Mechanism................................................................................................597
Changes in Equilibrium: Aggregate Demand Shocks................................................597
APPLICATION The Volcker Disinflation, 1980-1986.............................................599
APPLICATION Negative Demand Shocks, 2001-2004...........................................599
Changes in Equilibrium: Aggregate Supply (Price) Shocks........................................601
Temporary Supply Shocks..................................................................................................602
APPLICATION Negative Supply Shocks, 1973-1975 and 1978-1980....................602
Permanent Supply Shocks and Real Business Cycle Theory................................................603
APPLICATION Positive Supply Shocks, 1995-1999...............................................606
Conclusions.......................................................................................................................606
APPLICATION Negative Supply and Demand Shocks and the 2007-2009
Financial Crisis.................................................................................................608
AD/AS Analysis of Foreign Business Cycle Episodes...........................................................608
APPLICATION The United Kingdom and the 2007-2009 Financial Crisis.............610
APPLICATION China and the 2007-2009 Financial Crisis.....................................611
Summary 611 • Key Terms 613 • Questions 613 • Applied Problems 614 •
Web Exercises 614 • Web References 615 • Web Appendices 1, 2, 3, 4 615
APPENDIX TO CHAPTER 23
The Phillips Curve and the Short-Run Aggregate Supply Curve 616
The Phillips Curve....................................................................................................616
Phillips Curve Analysis in the 1960s..................................................................................616
The Friedman-Phelps Phillips Curve Analysis....................................................................617
FYI The Phillips Curve Tradeoff and Macroeconomic Policy in the 1960s 618
The Phillips Curve After the 1960s.....................................................................................620
The Modern Phillips Curve................................................................................................620
The Modern Phillips Curve with Adaptive (Backward-Looking) Expectations....................620
The Short-Run Aggregate Supply Curve...................................................................621
CHAPTER 24
Monetary Policy Theory 624
Response of Monetary Policy to Shocks....................................................................624
Response to an Aggregate Demand Shock..........................................................................625
APPLICATION Quantitative (Credit) Easing in Response to the Global
Financial Crisis...................................................................................................627
Response to a Permanent Supply Shock.............................................................................627
Response to a Temporary Supply Shock.............................................................................629
The Bottom Line: The Relationship Between Stabilizing Inflation and Stabilizing
Economic Activity........................................................................................................631
How Actively Should Policymakers Try to Stabilize Economic Activity?....................632
Lags and Policy Implementation.........................................................................................632
Inflation: Always and Everywhere a Monetary Phenomenon.....................................633
FYI The Activist/Nonactivist Debate over the Obama Fiscal Stimulus
Package 634
Causes of Inflationary Monetary Policy.....................................................................634
High Employment Targets and Inflation.............................................................................635
APPLICATION The Great Inflation..........................................................................638
Summary 640 • Key Terms 640 • Questions 641 • Applied Problems 642 •
Web Exercises 642 • Web References 642
CHAPTER 25
The Role of Expectations in Monetary Policy 643
Lucas Critique of Policy Evaluation..........................................................................643
Econometric Policy Evaluation...........................................................................................644
APPLICATION The Term Structure of Interest Rates..............................................644
Policy Conduct: Rules or Discretion?........................................................................645
Discretion and the Time-Inconsistency Problem.................................................................645
Types of Rules.....................................................................................................................646
The Case for Rules..............................................................................................................646
FYI The Political Business Cycle and Richard Nixon 647
The Case for Discretion......................................................................................................647
Constrained Discretion.......................................................................................................648
Global The Demise of Monetary Targeting in Switzerland 648
The Role of Credibility and a Nominal Anchor.........................................................649
Benefits of a Credible Nominal Anchor...............................................................................649
Credibility and Aggregate Demand Shocks.........................................................................650
Credibility and Aggregate Supply Shocks...........................................................................652
APPLICATION A Tale of Three Oil Price Shocks....................................................653
Credibility and Anti-Inflation Policy...................................................................................654
Global Ending the Bolivian Hyperinflation: A Successful
Anti-Inflation Program 656
APPLICATION Credibility and the Reagan Budget Deficits....................................657
Approaches to Establishing Central Bank Credibility................................................657
Inside the Fed The Appointment of Paul Volcker, Anti-Inflation Hawk 658
Appoint Conservative Central Bankers............................................................................658
Summary 659 • Key Terms 659 • Questions 660 • Applied Problems 661 •
Web Exercises 661 • Web References 661
CHAPTER 26
Transmission Mechanisms of Monetary Policy 662
Transmission Mechanisms of Monetary Policy..........................................................662
Traditional Interest-Rate Channels......................................................................................663
Other Asset Price Channels................................................................................................664
Credit View........................................................................................................................667
FYI Consumers Balance Sheets and the Great Depression 670
Why Are Credit Channels Likely to Be Important?............................................................670
APPLICATION The Great Recession........................................................................671
Lessons for Monetary Policy.....................................................................................671
APPLICATION Applying the Monetary Policy Lessons to Japan.............................673
Summary 674 • Key Terms 674 • Questions 674 • Applied Problems 675 •
Web Exercises 676 • Web References 676 • Web Appendix 676
Glossary.....................................................................................................677
Credits.......................................................................................................689
Index........................................................................................................695
CONTENTS ON THE WEB
The following updated chapter and appendices are available on our Companion Website at
www.pearsonglobaleditions.com/mishkin.
WEB CHAPTER
The ISLM Model
Keynes Fixed Price Level Assumption and the IS Curve
The LM Curve
Equilibrium in the Market for Money: The LM Curve
ISLM Approach to Aggregate Output and Interest Rates
Factors That Cause the LM Curve to Shift
Changes in Equilibrium Level of the Interest Rate and Aggregate Output
Response to a Change in Fiscal Policy
APPLICATION The Economic Stimulus Act of 2008
Effectiveness of Monetary Versus Fiscal Policy
Monetary Policy Versus Fiscal Policy: The Case of Complete Crowding Out
APPLICATION Targeting Money Supply Versus Interest Rates
ISLM Model in the Long Run
Summary * Key Terms • Questions • Applied Problems •
Web Exercises • Web References
APPENDIX TO WEB CHAPTER
Algebra of The ISLM Model
Basic Closed-Economy ISLM Model
IS and LM Curves
Solution of the Model
Implications
Open-Economy ISLM Model
Implications
CHAPTER APPENDICES
Chapter 4: Measuring Interest-Rate Risk: Duration
Chapter 5: Models of Asset Pricing
Chapter 5: Applying the Asset Market Approach to a Commodity Market: The Case
of Gold
Chapter 5: Loanable Funds Framework
Chapter 7: Evidence on the Efficient Market Hypothesis
Chapter 11: Duration Gap Analysis
Chapter 11: Measuring Bank Performance
Chapter 12: The Savings and Loan Crisis and Its Aftermath
Chapter 12: Banking Crises Throughout the World
Chapter 15: The Fed s Balance Sheet and the Monetary Base
Chapter 15: The M2 Money Multiplier
Chapter 15: Explaining the Behavior of the Currency Ratio
Chapter 17: Monetary Targeting
Chapter 20: The Baumol-Tobin and Tobin Mean Variance Models of the Demand
for Money
Chapter 20: Empirical Evidence on the Demand for Money
Chapter 22: Algebra of the ISLM Model
Chapter 23: The Effects of Macroeconomic Shocks on Asset Prices
Chapter 23: Aggregate Demand and Supply: A Numerical Example
Chapter 23: The Algebra of the Aggregate Demand and Supply Model
Chapter 23: The Taylor Principle and Inflation
Chapter 26: Evaluating Empirical Evidence: The Debate Over the Importance of
Money in Economic Fluctuations
|
| any_adam_object | 1 |
| author | Mishkin, Frederic S. 1951- |
| author_GND | (DE-588)123920108 |
| author_facet | Mishkin, Frederic S. 1951- |
| author_role | aut |
| author_sort | Mishkin, Frederic S. 1951- |
| author_variant | f s m fs fsm |
| building | Verbundindex |
| bvnumber | BV039919379 |
| callnumber-first | H - Social Science |
| callnumber-label | HG173 |
| callnumber-raw | HG173 |
| callnumber-search | HG173 |
| callnumber-sort | HG 3173 |
| callnumber-subject | HG - Finance |
| classification_rvk | QK 000 QK 300 QL 200 |
| classification_tum | WIR 150f |
| ctrlnum | (OCoLC)796188477 (DE-599)BVBBV039919379 |
| dewey-full | 332 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332 |
| dewey-search | 332 |
| dewey-sort | 3332 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 10. ed., global ed. |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02647nam a2200661 c 4500</leader><controlfield tag="001">BV039919379</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20140310 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">120228s2013 abd| |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780273765738</subfield><subfield code="9">978-0-273-76573-8</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">0273765736</subfield><subfield code="9">0-273-76573-6</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)796188477</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV039919379</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-N2</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-1050</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-1047</subfield><subfield code="a">DE-92</subfield><subfield code="a">DE-11</subfield><subfield code="a">DE-384</subfield><subfield code="a">DE-M382</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-Aug4</subfield><subfield code="a">DE-523</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-1043</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-473</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HG173</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">332</subfield><subfield code="2">22</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QK 000</subfield><subfield code="0">(DE-625)141630:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QK 300</subfield><subfield code="0">(DE-625)141640:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QL 200</subfield><subfield code="0">(DE-625)141698:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">WIR 150f</subfield><subfield code="2">stub</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Mishkin, Frederic S.</subfield><subfield code="d">1951-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)123920108</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">The economics of money, banking, and financial markets</subfield><subfield code="c">Frederic S. Mishkin</subfield></datafield><datafield tag="250" ind1=" " ind2=" "><subfield code="a">10. ed., global ed.</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Harlow ; Munich [u.a.]</subfield><subfield code="b">Pearson</subfield><subfield code="c">2013</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">726 S.</subfield><subfield code="b">Ill., graph. Darst., Kt.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">Always learning</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">The Pearson series in economics</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Bank</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Banks and banking</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Money</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Geld</subfield><subfield code="0">(DE-588)4019889-3</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Kreditwesen</subfield><subfield code="0">(DE-588)4032950-1</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Geldpolitik</subfield><subfield code="0">(DE-588)4019902-2</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Geldwirtschaft</subfield><subfield code="0">(DE-588)4129419-1</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Geldtheorie</subfield><subfield code="0">(DE-588)4121333-6</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Kreditmarkt</subfield><subfield code="0">(DE-588)4073788-3</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4123623-3</subfield><subfield code="a">Lehrbuch</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Geldtheorie</subfield><subfield code="0">(DE-588)4121333-6</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Kreditwesen</subfield><subfield code="0">(DE-588)4032950-1</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="689" ind1="1" ind2="0"><subfield code="a">Geldwirtschaft</subfield><subfield code="0">(DE-588)4129419-1</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2="1"><subfield code="a">Kreditwesen</subfield><subfield code="0">(DE-588)4032950-1</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2="2"><subfield code="a">Kreditmarkt</subfield><subfield code="0">(DE-588)4073788-3</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2="3"><subfield code="a">Geldpolitik</subfield><subfield code="0">(DE-588)4019902-2</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2=" "><subfield code="8">1\p</subfield><subfield code="5">DE-604</subfield></datafield><datafield tag="689" ind1="2" ind2="0"><subfield code="a">Geld</subfield><subfield code="0">(DE-588)4019889-3</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="2" ind2=" "><subfield code="8">2\p</subfield><subfield code="5">DE-604</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">HBZ Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024777898&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-024777898</subfield></datafield><datafield tag="883" ind1="1" ind2=" "><subfield code="8">1\p</subfield><subfield code="a">cgwrk</subfield><subfield code="d">20201028</subfield><subfield code="q">DE-101</subfield><subfield code="u">https://d-nb.info/provenance/plan#cgwrk</subfield></datafield><datafield tag="883" ind1="1" ind2=" "><subfield code="8">2\p</subfield><subfield code="a">cgwrk</subfield><subfield code="d">20201028</subfield><subfield code="q">DE-101</subfield><subfield code="u">https://d-nb.info/provenance/plan#cgwrk</subfield></datafield></record></collection> |
| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV039919379 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:14:08Z |
| institution | BVB |
| isbn | 9780273765738 0273765736 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024777898 |
| oclc_num | 796188477 |
| open_access_boolean | |
| owner | DE-N2 DE-19 DE-BY-UBM DE-1050 DE-521 DE-1047 DE-92 DE-11 DE-384 DE-M382 DE-20 DE-Aug4 DE-523 DE-703 DE-1043 DE-739 DE-473 DE-BY-UBG |
| owner_facet | DE-N2 DE-19 DE-BY-UBM DE-1050 DE-521 DE-1047 DE-92 DE-11 DE-384 DE-M382 DE-20 DE-Aug4 DE-523 DE-703 DE-1043 DE-739 DE-473 DE-BY-UBG |
| physical | 726 S. Ill., graph. Darst., Kt. |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | Pearson |
| record_format | marc |
| series2 | Always learning The Pearson series in economics |
| spelling | Mishkin, Frederic S. 1951- Verfasser (DE-588)123920108 aut The economics of money, banking, and financial markets Frederic S. Mishkin 10. ed., global ed. Harlow ; Munich [u.a.] Pearson 2013 726 S. Ill., graph. Darst., Kt. txt rdacontent n rdamedia nc rdacarrier Always learning The Pearson series in economics Bank Banks and banking Finance Money Geld (DE-588)4019889-3 gnd rswk-swf Kreditwesen (DE-588)4032950-1 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Geldwirtschaft (DE-588)4129419-1 gnd rswk-swf Geldtheorie (DE-588)4121333-6 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Geldtheorie (DE-588)4121333-6 s Kreditwesen (DE-588)4032950-1 s DE-604 Geldwirtschaft (DE-588)4129419-1 s Kreditmarkt (DE-588)4073788-3 s Geldpolitik (DE-588)4019902-2 s 1\p DE-604 Geld (DE-588)4019889-3 s 2\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024777898&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Mishkin, Frederic S. 1951- The economics of money, banking, and financial markets Bank Banks and banking Finance Money Geld (DE-588)4019889-3 gnd Kreditwesen (DE-588)4032950-1 gnd Geldpolitik (DE-588)4019902-2 gnd Geldwirtschaft (DE-588)4129419-1 gnd Geldtheorie (DE-588)4121333-6 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| subject_GND | (DE-588)4019889-3 (DE-588)4032950-1 (DE-588)4019902-2 (DE-588)4129419-1 (DE-588)4121333-6 (DE-588)4073788-3 (DE-588)4123623-3 |
| title | The economics of money, banking, and financial markets |
| title_auth | The economics of money, banking, and financial markets |
| title_exact_search | The economics of money, banking, and financial markets |
| title_full | The economics of money, banking, and financial markets Frederic S. Mishkin |
| title_fullStr | The economics of money, banking, and financial markets Frederic S. Mishkin |
| title_full_unstemmed | The economics of money, banking, and financial markets Frederic S. Mishkin |
| title_short | The economics of money, banking, and financial markets |
| title_sort | the economics of money banking and financial markets |
| topic | Bank Banks and banking Finance Money Geld (DE-588)4019889-3 gnd Kreditwesen (DE-588)4032950-1 gnd Geldpolitik (DE-588)4019902-2 gnd Geldwirtschaft (DE-588)4129419-1 gnd Geldtheorie (DE-588)4121333-6 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| topic_facet | Bank Banks and banking Finance Money Geld Kreditwesen Geldpolitik Geldwirtschaft Geldtheorie Kreditmarkt Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024777898&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT mishkinfrederics theeconomicsofmoneybankingandfinancialmarkets |