Money, banking, and financial markets:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
[New York, NY]
McGraw-Hill
2015
|
| Ausgabe: | 4. ed, global ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Auf d. Umschlag: Cecchetti-Schoenholtz |
| Beschreibung: | XL, 674 S. Ill., graph. Darst. 26 cm |
| ISBN: | 9789814575164 |
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Datensatz im Suchindex
| _version_ | 1804153203492651008 |
|---|---|
| adam_text | Contents
About the Authors
iv
Preface
v
Learning Tools Walkthrough
xiv
Part
/
Money and the Financial System
1
chapter] An Introduction to Money and the Financial System
2
The Six Parts of the Financial System
3
The Five Core Principles of Money and Banking
5
Core Principle
1:
Time Has Value
5
Core Principle
2:
Risk Requires Compensation
6
Core Principle
3:
Information Is the Basis for Decisions
7
Core Principle
4:
Markets Determine Prices and Allocate Resources
7
Core Principle
5:
Stability Improves Welfare
8
Special Features of This Book
9
Your Financial World
9
Applying the Concept
10
Lessons from the Crisis
10
In the News
11
Tools of the Trade
11
End-of-Chapter Sections
11
The Organization of This Book
13
Learning Tools Your Financial World: Guard Your identity
10
Terms
14
Using FRED: Codes for Data in This Chapter
14
Chapter Lessons
15
Conceptual and Analytical Problems
15
Data Exploration
16
Appendix
А то
Chapter
1:
Measuring Economic Activity, Prices, and the
Inflation Rate
18
Appendix
В то
Chapter
1:
Using FRED
21
chaptlr
:
Money and the Payments System
23
Money and How We Use It
24
Means of Payment
24
Unit of Account
24
Store of Value
25
The Payments System
26
Commodity and Fiat Monies
26
xxvi
I Contents
Checks
28
Electronic Payments
31
The Future of Money
33
Measuring Money
35
Learning Tools Your
Financiai
World: Debit Cards versus Credit Cards
25
Your Financial World: Paper Checks Become Digital Images
30
Lessons from the Crisis: Market Liquidity, Funding Liquidity, and Making
Markets
32
In the News: Airtime Is Money: The Other Type of Mobile Money
34
Tools of the Trade: The Consumer Price Index
38
Applying the Concept: Where Are All Those
$100
Bilis?
39
Terms
41
Using FRED: Codes for Data in This Chapter
42
Chapter Lessons
42
Conceptual and Analytical Problems
43
Data Exploration
44
(
и мм
ι
к
:
Financia!
Instruments, Financial Markets, and Financial Institutions
45
Financial Instruments
47
Uses of Financial Instruments
48
Characteristics of Financial Instruments: Standardization and
Information
49
Underlying versus Derivative Instruments
51
A Primer for Valuing Financial Instruments
51
Examples of Financial Instruments
52
Financial Markets
54
The Role of Financial Markets
55
The Structure of Financial Markets
57
Characteristics of a Well-Run Financial Market
64
Financial Institutions
64
The Role of Financial Institutions
66
The Structure of the Financial Industry
66
Learning Tools Lessons from the Crisis: Leverage
50
Your Financial World: Disability Income Insurance
53
Tools of the Trade: Trading in Financial Markets
56
In the News. High-Frequency Trading
61
Lessons from the Crisis: Interbank Lending
62
Lessons from the Crisis: Shadow Banks
65
Your Financial World. Shop for a Mortgage
68
Contents
I
xxvii
Terms
69
Using FRED: Codes for Data in This Chapter
69
Chapter Lessons
70
Conceptual and Analytical Problems
71
Data Exploration
73
Part II Interest Rates, Financial Instruments, and Financial Markets
74
chapter
4
Future Value, Present Value, and Interest Rates
75
Valuing Monetary Payments Now and in the Future
76
Future Value and Compound Interest
76
Present Value
80
Applying Present Value
84
Internal Rate of Return
85
Bonds: The Basics
88
Real and Nominal Interest Rates
92
Lea
min
i> Tools Your Financial World: How Long Does Your Investment Take to Double7
79
Lessons from the Crisis: Risk Taking and the Search for Yield
81
Tools of the Trade: Computing Compound Annual Rates
84
Your Financial World: Should You Buy a New Apartment or Rent One7
85
Applying the Concept. Early Retirement
87
In the News: Economic Scene: Pentagon Shows That It Doesn t Always Pay
to Take the Money and Run
88
Your Financial World: Pay Off Your Credit Card Debt as Fast as You Can
93
Applying the Concept: High Interest Rates, Low Interest Rates
95
Terms
96
Using FRED: Codes for Data in This Chapter
97
Chapter Lessons
97
Conceptual and Analytical Problems
98
Data Exploration
100
Appendix to Chapter
4:
The Algebra of Present-Value Formulas
102
en i}ti
к
5
Understanding Risk
104
Defining Risk
105
Measuring Risk
106
Possibilities, Probabilities, and Expected Value
106
Measures of Risk
109
Risk Aversion, the Risk Premium, and the Risk-Return Tradeoff
117
Sources of Risk: Idiosyncratic and Systematic Risk
118
Reducing Risk through Diversification
120
Hedging Risk
120
Spreading Risk
121
xxviii
I Contents
Learning Tools Applying the Concept: It s Not Just Expected Return That Matters
107
Your Financial World: Choosing the Right Amount of Car Insurance
111
Tools of the Trade: The Impact of Leverage on Risk
114
Lessons from the Crisis: Systemic Risk
116
Your Financial World: Your Risk Tolerance
119
In the News: Risk-On, Risk-Off May Be Ending
122
Terms
124
Using FRED: Codes for Data in This Chapter
125
Chapter Lessons
125
Conceptual and Analytical Problems
126
Data Exploration
128
Appendix
А то
Chapter
5:
A Quick Test to Measure Investment Risk
Tolerance
129
Ai PF.NDix
В то
Chapter
5:
The Mathematics of Diversification
131
.
s
!
чі ії
к
:■
Bonds Bond
Pnces,
and the Determination of Interest Rates
133
Bond Prices
134
Zero-Coupon Bonds
134
Fixed-Payment Loans
¡35
Coupon Bonds
¡36
Consols
136
Bond Yields
137
Yield to Maturity
137
Current Yield
138
Holding Period Returns
139
The Bond Market and the Determination of Interest Rates
141
Bond Supply, Bond Demand, and Equilibrium in the Bond Market
141
Factors That Shift Bond Supply
145
Factors That Shift Bond Demand
146
Understanding Changes in Equilibrium Bond Prices and Interest Rates
149
Why Bonds Are Risky
150
Default Risk
152
Inflation Risk
154
Interest-Rate Risk
155
Learning Tools Your Financial World. Know Your Mortgage
136
Tools of the Trade: Reading the Bond Page
142
Your Financial World: Understanding the Ads in the Newspaper
148
Applying the Concept: When Russia Defaulted
151
Applying the Concept: Securitization
153
Your Financial World: Bonds Indexed to Inflation
154
In the News: Gross s Burning Bond Market Fails to Frighten Investors
156
Contents
I
xxix
Terms
157
Using FRED: Codes for Data in This Chapter
157
Chapter Lessons
158
Conceptual and Analytical Problems
158
Data Exploration
161
chapter
7
The Risk and Term Structure of Interest Rates
162
Ratings and the Risk Structure of Interest Rates
163
Bond Ratings
163
Commercial Paper Ratings
167
The Impact of Ratings on Yields
168
Differences in Tax Status and Municipal Bonds
171
The Term Structure of Interest Rates
172
The Expectations Hypothesis
172
The Liquidity Premium Theory
177
The Information Content of Interest Rates
179
Information in the Risk Structure of Interest Rates
179
Information in the Term Structure of Interest Rates
180
Learning Tools Lessons from the Crisis. Subprime Mortgages
165
Lessons from the Crisis: Rating Agencies
166
Your Financial World: Your Credit Rating
169
Lessons from the Crisis: Asset-Backed Commercial Paper
171
Tools of the Trade: Reading Charts
176
Applying the Concept: The Flight to Quality
179
In the News: Banks Decline Yield Curve Invitation to Party On
182
Terms
184
Using FRED: Codes for Data in This Chapter
185
Chapter Lessons
185
Conceptual and Analytical Problems
186
Data Exploration
188
(ήλρίικ,χ
Stocks, Stock Markets, and Market Efficiency
189
The Essential Characteristics of Common Stock
190
Measuring the Level of the Stock Market
193
The Dow Jones Industrial Average
194
The Standard
&
Poor s
500
Index
¡94
Other U. S. Stock Market Indexes
196
World Stock Indexes
196
Valuing Stocks
198
Fundamental Value and the Dividend-Discount Model
198
Why Stocks Are Risky
200
Risk and the Value of Stocks
202
The Theory of Efficient Markets
203
xxx
I Contents
Investing in Stocks for the Long Run
205
The Stock Market s Role in the Economy
208
Learning Tools Your Financial World: A Home Is a Place to Live
192
Tools of the Trade: Reading Stock Indexes in the Business News
195
Your Financial World: Beware Percentage Changes
201
Applying the Concept: The Chinese Stock Market
203
Your Financial World: Should You Own Stocks?
206
In the News: Bubble Spotting
207
Applying the Concept: What Was the Internet Bubble All About?
209
Terms
210
Using FRED: Codes for Data in This Chapter
210
Chapter Lessons
210
Conceptual and Analytical Problems
211
Data Exploration
213
ι
и
хімік
ι·
Derivatives: Futures, Options, and Swaps
214
The Basics: Defining Derivatives
215
Forwards and Futures
216
Margin Accounts and Marking to Market
218
Hedging and Speculating with Futures
219
Arbitrage and the Determinants of Futures Prices
219
Options
222
Calls, Puts, and All That: Definitions
222
Using Options
223
Pricing Options: intrinsic Value and the Time Value of the Option
225
The Value of Options: Some Examples
228
Swaps
230
Interest-Rate Swaps
230
С
redit-
Default Swaps
234
Learning Tools Lessons from the Crisis: Central Counterparties and Systemic Risk
220
Your Financial World: Should You Believe Corporate Financial
Statements?
224
Your Financial World: Should You Accept Options as Part of Your Pay7
228
Applying the Concept: What Was
Long-Term
Capital Management
Doing7
231
In the News: No Insurance Pay-Out on Greek Debt
233
Terms
235
Using FRED: Codes for Data in This Chapter
236
Chapter Lessons
236
Conceptual and Analytical Problems
237
Data Exploration
239
Contents
I
xxxi
chapter
io
Foreign Exchange
240
Foreign Exchange Basics
242
The Nominal Exchange Rate
242
The Real Exchange Rate
244
Foreign Exchange Markets
245
Exchange Rates in the Long Run
246
The Law of One Price
246
Purchasing Power Parity
249
Exchange Rates in the Short Run
253
The Supply of Dollars
253
The Demand for Dollars
253
Equilibrium in the Market for Dollars
254
Shifts in the Supply of and Demand for Dollars
254
Explaining Exchange Rate Movements
256
Government Policy and Foreign Exchange Intervention
258
Learning Tools Tools of the Trade: Following Exchange Rates in the News
246
Your Financial World: investing Abroad
248
Applying the Concept: The Big Mac Index
252
Your Financial World: Don t Bet on Exchange Rates
254
Lessons from the Crisis: Currency Risk and Rollover Risk
257
In the News: Foreign Exchange: Neighbors Show Little Appetite (or Brazil s
War
259
Terms
260
Using FRED: Codes for Data in This Chapter
260
Chapter Lessons
260
Conceptual and Analytical Problems
261
Data Exploration
264
Appendix to Chapter
10:
Interest-Rate Parity and Short-Run Exchange Rate
Determination
265
Part III Financial Institutions
267
пілкп.кі!
The Economics of Financial Intermediation
268
The Role of Financial Intermediaries
270
Pooling Savings
273
Safekeeping, Payments System Access, and Accounting
273
Providing Liquidity
275
Diversifying Risk
276
Collecting and Processing Information
276
Information Asymmetries and Information Costs
277
Adverse Selection
278
Solving the Adverse Selection Problem
280
Moral Hazard: Problem and Solutions
283
xxxii
I Contents
Financial Intermediaries and Information Costs
286
Screening and Certifying to Reduce Adverse Selection
286
Monitoring to Reduce Moral Hazard
287
How Companies Finance Growth and Investment
289
Learning Tools Your Financial World: Bank in Your Pocket, Bank at Home
274
Applying the Concept: The Madoff Scandal
278
Your Financial World: International Money Transfer
280
Applying the Concept: Deflation, Net Worth, and Information Costs
281
Lessons from the Crisis: Information Asymmetry and Securitization
285
In the News: China Shadow Bankers Go Online as Peer-to-Peer Sites
Boom
288
Terms
290
Using FRED: Codes for Data in This Chapter
290
Chapter Lessons
290
Conceptual and Analytical Problems
291
Data Exploration
293
t
и мм
i k i;
Depository Institutions: Banks and Bank Management
295
The Balance Sheet of Commercial Banks
296
Assets: Uses of Funds
296
Liabilities: Sources of Funds
299
Bank Capital and Profitability
303
Off-Balance-Sheet Activities
306
Bank Risk: Where It Comes from and What to Do about It
308
Liquidity Risk
308
Credit Risk
312
Interest-Rate Risk
312
Trading Risk
315
Other Risks
317
Learning Tools Your Financial World: Choosing the Right Bank for You
300
Tools of the Trade: A Catalog of Depository Institutions
304
Applying the Concept. Growth and Banking in China and India
306
Your Financial World: The Cost of Payday Loans
307
Lessons from the Crisis: Insufficient Bank Capital
314
In the News: Lessons from the London Whale
316
Applying the Concept: The Tri-Party
Repo
Market
319
Terms
320
Using FRED: Codes for Data in This Chapter
321
Chapter Lessons
321
Conceptual and Analytical Problems
322
Data Exploration
325
Contents
I
xxxiii
з
Financial Industry Structure
327
Banking Industry Structure
329
A Short History of U.S. Banking
329
Competition and Consolidation
331
The Globalization of Banking
335
The Future of Banks
336
Nondepository Institutions
339
Insurance Companies
340
Pension Funds
344
Securities Firms: Brokers, Mutual Funds, and Investment Banks
346
Finance Companies
347
Government-Sponsored Enterprises
349
Learning Tools Your
Financia!
World: Pawnshops
333
Applying the Concept: The
LIBOR
Scandal
337
Your Financial World. How Much Life Insurance Do You Need7
342
Applying the Concept: Reinsurance and Cat Bonds
344
Applying the Concept: Public Pensions and the Social Security System
346
Tools of the Trade: Hedge Funds
348
In the News: Fed s
Tarullo
Says Reviving Glass-Steagal! May Be Costly
350
Your Financial World: Annuities
352
Terms
354
Using FRED: Codes for Data This Chapter
354
Chapter Lessons
354
Conceptual and Analytical Problems
356
Data Exploration
357
chapter
14
Regulating the Financial System
359
The Sources and Consequences of Runs, Panics, and Crises
361
The Government Safety Net
364
The Unique Role of Banks and Shadow Banks
365
The Government as Lender of Last Resort
366
Government Deposit Insurance
369
Problems Created by the Government Safety Net
369
Regulation and Supervision of the Financial System
372
Restrictions on Competition
375
Asset Holding Restrictions and Minimum Capital Requirements
376
Disclosure Requirements
378
Supervision and Examination
380
Evolving Challenges for Regulators and Supervisors
381
Micro-Prudential Versus Macro-Prudential Regulation
382
Regulatory Reform: The Dodd-Frank Act of
2010 385
xxxiv
I Contents
Learning Tools Your Financial World: Savings Deposits Insurance Fund
367
Applying the Concept: The Day the Bank of New York Borrowed
$23
Billion
368
Lessons from the Crisis: Should the Lender of Last Resort Also
Supervise7
370
Applying the Concept: Does Deposit insurance Really Work7
373
Your Financial World: Are Your Deposits Insured7
375
Tools of the Trade: The Basel Accords: I, II, III, and Counting
... 378
In the News: How to Shrink the Too-Big-to-Fail Banks
382
Terms
388
Using FRED: Codes for Data in This Chapter
388
Chapter Lessons
389
Conceptual and Analytical Problems
390
Data Exploration
391
Part
/
Central Banks, Monetary Policy, and Financial Stability
393
; ;:
·,;!: ■
Central Banks
ι
г-
the World Today
394
The Basics: How Central Banks Originated and Their Role Today
395
The Government s Bank
395
The Bankers Bank
397
Stability: The Primary Objective of All Central Banks
399
Low, Stable inflation
400
High, Stable Real Growth
402
Financial System Stability
403
Interest-Rate and Exchange-Rate Stability
404
Meeting the Challenge: Creating a Successful Central Bank
405
The Need for Independence
407
Decision Making by Committee
408
The Need for Accountability and Transparency
409
The Policy Framework, Policy Tradeoffs, and Credibility
410
Fitting Everything Together: Central Banks and Fiscal Policy
412
Learning Tools Applying ihe Concept: Why Is Stable Money Such a Big Deal7
397
Vuur
Financiai
World Why Inflation Is Bad for You
401
Your Financial World: Central Bank Independence and Fiscal Policy
406
Applying the Concept- Independent Central Banks Deliver Lower
Inflation
409
in the News. The Politicisation (or Not) of Central Banks
414
Terms
416
Using FRED: Codes for Data in This Chapter
417
Contents
I
xxxv
Chapter Lessons
417
Conceptual and Analytical Problems
418
Data Exploration
420
chapter
16
The Structure of Central Banks: The Federal Reserve and the
European Central Bank
421
The Structure of the Federal Reserve System
422
The Federal Reserve Banks
423
The Board of Governors
426
The Federal Open Market Committee
428
Assessing the Federal Reserve System s Structure
432
Independence from Political Influence
432
Decision Making by Committee
433
Accountability and Transparency
433
Policy Framework
435
The European Central Bank
436
Organizational Structure
437
Accountability and Transparency
441
The Price Stability Objective and Monetary Policy Strategy
444
Learning Tools Your Financial World: Treasury Direct
427
Tools of the Trade: Decoding the FOMC Statement
431
Applying the Concept: The Evolution of Federal Reserve Independence
433
Your Financial World: The Fed Can t Save You from
a Stock-Market
Crash
434
In the News: Should the Fed Change Its Target?: Interview with Michael
Woodford 440
Lessons from the Crisis: The Euro-Area Crisis and the ECB
442
Terms
445
Using FRED: Codes for Data in This Chapter
446
Chapter Lessons
446
Conceptual and Analytical Problems
447
Data Exploration
448
(Ή
pthr
г
The Central Bank Balance Sheet and the Money Supply Process
450
The Central Bank s Balance Sheet
452
Assets
452
Liabilities
453
The Importance of Disclosure
455
The Monetary Base
456
Changing the Size and Composition of the Balance Sheet
456
Open Market Operations
457
Foreign Exchange Intervention
458
Discount Loans
459
Cash Withdrawal
460
xxxvi
I Contents
The Deposit Expansion Multiplier
462
Deposit Creation in a Single Bank
462
Deposit Expansion in a System of Banks
464
The Monetary Base and the Money Supply
467
Deposit Expansion with Excess Reserves and Cash Withdrawals
467
The Arithmetic of the Money Multiplier
468
The Limits of the Central Bank s Ability to Control the Quantity of
Money
473
Learning Tools Applying the Concept: The Fed s Balance Sheet: Impact of the Crisis
454
Your Financial World: Why We Still Have Cash
459
Applying the Concept: The Fed s Response on September
11, 2001 463
Your Financial World: Your Excess Reserves
470
Lessons from the Crisis: The Impact on Money Supply
471
Applying the Concept: Monetary Policy in the
1930s 473
-η
the News: The Monetary Base is Exploding. So What7
475
Terms
476
Using FRED: Codes for Data in This Chapter
476
Chapter Lessons
476
Conceptual and Analytical Problems
477
Data Exploration
479
(HAi ii-.R in Monetary Policy: Stabilizing the Domestic Economy
481
The Federal Reserve s Conventional Policy Toolbox.
484
The Target Federal Funds Rate and Open Market Operations
486
Discount Lending, the Lender of Last Resort, and Crisis
Management
488
Reserve Requirements
491
Operational Policy at the European Central Bank
493
The EC
B s
Target Interest Rate and Open Market Operations
493
The Marginal Lending Facility
495
The Deposit Facility
495
Reserve Requirements
496
Linking Tools to Objectives: Making Choices
497
Desirable Features of a Policy instrument
497
Operating Instruments and Intermediate Targets
499
A Guide to Central Bank Interest Rates: The Taylor Rule
500
Unconventional Policy Tools
506
Forward Guidance
508
Quantitative Easing
509
Targeted Asset Purchases
51
1
Making an Effective Exit
512
Concluding Remarks
514
Contents
I
xxxvii
Learning Tools Your Financial World: What the Federal Funds Rate Means to You
490
Applying the Concept: The Channel System and the Future of Monetary
Policy
494
Applying the Concept: inflation Targeting
499
In the News: How Jawboning Works
504
Tools of the Trade: Some Unconventional Policy Tools
507
Your Financial World: Economic History Is Constantly Changing
515
Terms
516
Using FRED: Codes for Data in This Chapter
517
Chapter Lessons
517
Conceptual and Analytical Problems
518
Data Exploration
520
ciiu ii.k
!·
Exchange-Rate Policy and the Central Bank
522
Linking Exchange-Rate Policy with Domestic Monetary Policy
524
Inflation and the Long-Run Implications of Purchasing Power Parity
524
Interest Rates and the Short-Run Implications of Capital Market
Arbitrage
525
Capital Controls and the Policymakers Choice
527
Mechanics of Exchange-Rate Management
529
The Central Bank s Balance Sheet
529
Sterilized Intervention
532
The Costs, Benefits, and Risks of Fixed Exchange Rates
53.1
Assessing the Costs and Benefits
533
The Danger of Speculative Attacks
535
Summarizing the Case for a Fixed Exchange Rate
537
Fixed Exchange-Rate Regimes
538
Exchange-Rate Pegs and the
Bretton
Woods System
538
Hard Pegs: Currency Boards and Dollarization
539
Learning Tools Your Financial World Emerging Market Crises and You
526
Applying the Concept: Malaysia Imposes Capital Controls
528
Applying the Concept The
Gela
Standard
зп
Exchange-Rate Regime Whose
Time Has Passed
537
Lessons el the CnsiS Oasis of Stability
539
Applying the Concept·
implications
of Chinas Exchange-Rate Regime
540
In the News: Phony Currency Wars
542
Terms
545
Using FRED: Codes for Data in This Chapter
545
Chapter Lessons
546
Conceptual and Analytical Problems
547
xxxviii
I Contents
Data Exploration
548
Appendix to Chapter
19:
What You Really Need to Know about the Balance
of Payments
550
Part V Modern Monetary Economics
552
оілртнк
20
Money Growth, Money Demand, and Modern Monetary Policy
553
Why We Care about Monetary Aggregates
554
The Quantity Theory and the Velocity of Money
557
Velocity and the Equation of Exchange
557
The Quantity Theory of Money
559
The Facts about Velocity
560
The Demand for Money
563
The Transactions Demand for Money
564
The Portfolio Demand for Money
566
Targeting Money Growth in a Low-Inflation Environment
567
The Instability of
U. S.
Money Demand
569
Targeting Money Growth: The Fed and the ECB
571
Learning Tools Applying the Concept: inflation and the Collapse of the Soviet Union
556
Your Financial World: Understanding Inflation Statistics
560
Applying the Concept: The ECB s Reference Value For Money Growth
564
Your Financial World: Free Checking Accounts Are Rarely Free
566
Toois of the Trade: Using Statistical Models in Policy Evaluation
570
Applying the Concept: Financial Innovation and the Shifting Velocity
of Money
572
In the News: Will Fed s Easy Money Push Up Prices7
574
Terms
576
Using FRED: Codes for Data in This Chapter
577
Chapter Lessons
577
Conceptual and Analytical Problems
578
Data Exploration
579
í
π
м іі.к :і
Output, Inflation, and Monetary Policy
581
Output and Inflation in the Long Run
582
Potential Output
582
Long-Run Inflation
583
Monetary Policy and the Dynamic Aggregate Demand Curve
584
Aggregate Expenditure and the Real Interest Rate
586
Inflation, the Real Interest Rate, and the Monetary Policy Reaction
Curve
590
The Dynamic Aggregate Demand Curve
595
Contents
I
xxxix
Aggregate
Supply
600
Short-Run Aggregate Supply
600
Shifts in the Short-Run Aggregate Supply Curve
600
The Long-Run Aggregate Supply Curve
602
Equilibrium and the Determination of Output and Inflation
605
Short-Run Equilibrium
605
Adjustment to Long-Run Equilibrium
605
The Sources of Fluctuations in Output and Inflation
607
What Causes Recessions /
60S
learning Tools Your Financial World: Using the Word Inflation
583
Applying the Concept. Investment and the Business Cycle
592
Your Financial World. It s the Real Interest Rate That Matters
597
Applying the Concept Inflation Changes and Output Gaps
603
Icols
οι
the luvJe Output Growth and Output Gaps
605
in
trn.1
News Yeilen Sjys Higher Rales Not Assured after Thresholds
Mi-
611
Using FRED: Codes tor Data in This Chapter
612
Chapter Lessons
612
Conceptual and Analytical Problems
613
Data Exploration
615
in
мм
!
к
;:
Understanding Business Cycle Fluctuations
617
Sources of Fluctuations in Output and Inflation
619
Shifts in the Dynamic Aggregate Demand Curve
619
Shifts in the Short-Run Aggregate Supply Curve
624
Using the Aggregate Demand-Aggregate Supply Framework
625
How Do Policymakers Achieve Their Stabilization Objectives?
625
What Accounts for the Great Moderation?
632
What Happens When Potential Output Changes?
634
What Are the Implications of Globalization for Monetary Policy?
638
Can Policymakers Distinguish a Recessionary Gap from a Fall in Potential
Output? 63H
Can Policymakers Stabilize Output and Inflation Simultaneously?
640
Learning Tools Tools of the Trade
Deím.nç
a recession The NiBER Reference Cycle
626
Your
Financiai
Waha
Stabilizing vour Consumption
630
Your Financial World The Problem with Measuring GDP
641
In the News. Potential Output Risking Permanent Damage
644
Terms
645
Using FRED: Codes for Data in This Chapter
645
xl
I Contents
Chapter Lessons
645
Conceptual and Analytical Problems
646
Data Exploration
648
chapter
23
Modem Monetary Policy and the Challenges Facing Central Bankers
649
The Monetary Policy Transmission Mechanism
651
The Traditional Channels: ¡merest Rates and Exchange Rates
651
Bank-Lending and Balance-Sheet Channels
653
Asset-Price Channels: Wealth and Investment
657
Financial Crises and the Transmission of Monetary Policy
660
The Challenges Modern Monetary Policymakers Face
661
Booms and Busts in Property and Equity Prices
661
Deflation and the Zero Nominal-lnterest-Rate Bound
664
The Evolving Structure of the Financial System
669
Learning Tools Tools of the Trade: Correlation Does Not Imply Causality
653
Your Financial World: Don t Count on Inflation to Bail You Out
656
Applying the Concept, What Happened in Japan?
658
Your Financial World: Know the Level of Inflation
665
in the News: Should the Fed Pop Bubbles by Raising Interest Rates7
668
Terms
671
Using FRED: Codes for Data in This Chapter
671
Chapter Lessons
671
Conceptual and Analytical Problems
672
Data Exploration
674
Glossary G-I
Photo Credits PC-0
Notation Index
ΝΊ
Index
1-І
|
| any_adam_object | 1 |
| author | Cecchetti, Stephen G. 1956- Schoenholtz, Kermit L. |
| author_GND | (DE-588)124773753 (DE-588)170901092 |
| author_facet | Cecchetti, Stephen G. 1956- Schoenholtz, Kermit L. |
| author_role | aut aut |
| author_sort | Cecchetti, Stephen G. 1956- |
| author_variant | s g c sg sgc k l s kl kls |
| building | Verbundindex |
| bvnumber | BV042477176 |
| callnumber-first | H - Social Science |
| callnumber-label | HG221 |
| callnumber-raw | HG221 |
| callnumber-search | HG221 |
| callnumber-sort | HG 3221 |
| callnumber-subject | HG - Finance |
| classification_rvk | QK 600 |
| ctrlnum | (OCoLC)906941443 (DE-599)OBVAC12211195 |
| 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 | 4. ed, global ed. |
| format | Book |
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| genre | 1\p (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV042477176 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T01:22:52Z |
| institution | BVB |
| isbn | 9789814575164 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027912224 |
| oclc_num | 906941443 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-20 DE-739 DE-473 DE-BY-UBG |
| owner_facet | DE-355 DE-BY-UBR DE-20 DE-739 DE-473 DE-BY-UBG |
| physical | XL, 674 S. Ill., graph. Darst. 26 cm |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | McGraw-Hill |
| record_format | marc |
| spelling | Cecchetti, Stephen G. 1956- Verfasser (DE-588)124773753 aut Money, banking, and financial markets Stephen G. Cecchetti ; Kermit L. Schoenholtz 4. ed, global ed. [New York, NY] McGraw-Hill 2015 XL, 674 S. Ill., graph. Darst. 26 cm txt rdacontent n rdamedia nc rdacarrier Auf d. Umschlag: Cecchetti-Schoenholtz Finanzwirtschaft (DE-588)4017214-4 gnd rswk-swf Bank (DE-588)4004436-1 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Finanzinstrument (DE-588)4461672-7 gnd rswk-swf Notenbank (DE-588)4042669-5 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Finanzkapital (DE-588)4208411-8 gnd rswk-swf Geld (DE-588)4019889-3 gnd rswk-swf Kreditwesen (DE-588)4032950-1 gnd rswk-swf Money. Banks and banking. Finance. Capital market. 1\p (DE-588)4123623-3 Lehrbuch gnd-content Finanzwirtschaft (DE-588)4017214-4 s Geld (DE-588)4019889-3 s Finanzinstrument (DE-588)4461672-7 s Kreditmarkt (DE-588)4073788-3 s Notenbank (DE-588)4042669-5 s Bank (DE-588)4004436-1 s DE-604 Kreditwesen (DE-588)4032950-1 s 2\p DE-604 Geldpolitik (DE-588)4019902-2 s 3\p DE-604 Finanzkapital (DE-588)4208411-8 s 4\p DE-604 Schoenholtz, Kermit L. Verfasser (DE-588)170901092 aut Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027912224&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 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 4\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Cecchetti, Stephen G. 1956- Schoenholtz, Kermit L. Money, banking, and financial markets Finanzwirtschaft (DE-588)4017214-4 gnd Bank (DE-588)4004436-1 gnd Geldpolitik (DE-588)4019902-2 gnd Finanzinstrument (DE-588)4461672-7 gnd Notenbank (DE-588)4042669-5 gnd Kreditmarkt (DE-588)4073788-3 gnd Finanzkapital (DE-588)4208411-8 gnd Geld (DE-588)4019889-3 gnd Kreditwesen (DE-588)4032950-1 gnd |
| subject_GND | (DE-588)4017214-4 (DE-588)4004436-1 (DE-588)4019902-2 (DE-588)4461672-7 (DE-588)4042669-5 (DE-588)4073788-3 (DE-588)4208411-8 (DE-588)4019889-3 (DE-588)4032950-1 (DE-588)4123623-3 |
| title | Money, banking, and financial markets |
| title_auth | Money, banking, and financial markets |
| title_exact_search | Money, banking, and financial markets |
| title_full | Money, banking, and financial markets Stephen G. Cecchetti ; Kermit L. Schoenholtz |
| title_fullStr | Money, banking, and financial markets Stephen G. Cecchetti ; Kermit L. Schoenholtz |
| title_full_unstemmed | Money, banking, and financial markets Stephen G. Cecchetti ; Kermit L. Schoenholtz |
| title_short | Money, banking, and financial markets |
| title_sort | money banking and financial markets |
| topic | Finanzwirtschaft (DE-588)4017214-4 gnd Bank (DE-588)4004436-1 gnd Geldpolitik (DE-588)4019902-2 gnd Finanzinstrument (DE-588)4461672-7 gnd Notenbank (DE-588)4042669-5 gnd Kreditmarkt (DE-588)4073788-3 gnd Finanzkapital (DE-588)4208411-8 gnd Geld (DE-588)4019889-3 gnd Kreditwesen (DE-588)4032950-1 gnd |
| topic_facet | Finanzwirtschaft Bank Geldpolitik Finanzinstrument Notenbank Kreditmarkt Finanzkapital Geld Kreditwesen Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027912224&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT cecchettistepheng moneybankingandfinancialmarkets AT schoenholtzkermitl moneybankingandfinancialmarkets |