The economics of money, banking, and financial markets:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Boston ; Columbus
Pearson
[2016]
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| Ausgabe: | Eleventh edition, global edition |
| Schriftenreihe: | Always learning
The Pearson series in economics |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 724 Seiten Illustrationen, Diagramme, Karten |
| ISBN: | 9781292094182 1292094184 |
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| _version_ | 1813124722705039360 |
| adam_text | Titel: The economics of money, banking and financial markets
Autor: Mishkin, Frederic S
Jahr: 2016
Introduction 47
CHAPTER 1
Why Study Money, Banking, and Financial Markets? 48
Why Study Financial Markets? 48
The Bond Market and Interest Rates 49
The Stock Market 49
Why Study Financial Institutions and Banking? 51
Structure of the Financial System 52
Banks and Other Financial Institutions 52
Financial Innovation 52
Financial Crises 53
Why Study Money and Monetary Policy? 53
Money and Business Cycles 53
Money and Inflation 54
Money and Interest Rates 56
Conduct of Monetary Policy 56
Fiscal Policy and Monetary Policy 57
Why Study international Finance? 58
The Foreign Exchange Market : 58
The International Financial System 60
Flow We Will Study Money, Banking, and Financial Markets 60
Exploring the Web 61
Concluding Remarks 61
Summary 61 • Key Terms 62 • Questions 62 • Applied Problems 63 •
Data Analysis Problems 63 • Web Exercises 64 • Web References 64
APPENDIX TO CHAPTER 1
Defining Aggregate Output, Income, the Price Level,
and the Inflation Rate 65
Aggregate Output and Income , 65
Real Versus Nominal Magnitudes 65
Aggregate Price Level 66
Growth Rates and the Inflation Rate 67
CHAPTER 2
An Overview of the Financial System 68
Function of Financial Markets 68
Structure of Financial Markets 71
Debt and Equity Markets 71
Primary and Secondary Markets 71
Exchanges and Over-the-Counter Markets 72
Money and Capital Markets 73
Financial Market Instruments 73
Money Market Instruments 73
Following the Financial News Money Market Rates 74
Capital Market Instruments 75
Following the Financial News Capital Market Interest Rates 76
Internationalization of Financial Markets 77
Global Are U.S. Capital Markets Losing Their Edge? 78
International Bond Market, Eurobonds, and Eurocurrencies 78
World Stock Markets 79
Function of Financial Intermediaries: Indirect Finance 79
Following the Financial News Foreign Stock Market Indexes 80
Transaction Costs 80
Global The Importance of Financial Intermediaries Relative to Securities Markets:
An International Comparison 81
Risk Sharing 82
Asymmetric Information: Adverse Selection and Moral Hazard 82
Economies of Scope and Conflicts of Interest 84
Types of Financial Intermediaries 84
Depository Institutions 84
Contractual Savings Institutions 86
Investment Intermediaries 87
Regulation of the Financial System 88
Increasing Information Available to Investors 88
Ensuring the Soundness of Financial Intermediaries 89
Financial Regulation Abroad 91
Summary 91 • Key Terms 92 Questions 92 • Applied Problems 93 •
Data Analysis Problems 94 • Web Exercises 94 • Web References 94
CHAPTER 3
What Is Money? 95
Meaning of Money 95
Functions of Money 96
Medium of Exchange 96
Unit of Account 97
Store of Value 98
Evolution of the Payments System 99
Commodity Money 99
Fiat Money 99
Checks 99
Electronic Payment 100
E-Money 100
FYI Are We Headed for a Cashless Society? 101
APPLICATION Will Bitcoin Become the Money of the Future? 101
Measuring Money i 102
jî The Federal Reserve s Monetary Aggregates 102
Following the Financial News The Monetary Aggregates 103
FYI Where Are All the U.S. Dollars? 104
Summary 105 • Key Terms 106 • Questions 106 • Applied Problems 107 •
Data Analysis Problems 108 • Web Exercises 108 • Web References 108
f Ï ¦ í: ** :Financial Markets 109
VM«* «ha* K. i» «Ma* « 1 _....
CHAPTER 4
The Meaning of Interest Rates 110
Measuring Interest Rates 110
Present Value 110
APPLICATION Simple Present Value 112
APPLICATION How Much Is That Jackpot Worth? 112
Four Types of Credit Market Instruments 113
Yield to Maturity 114
APPLICATION Yield to Maturity on a Simple Loan 114
APPLICATION Yield to Maturity and the Yearly Payment on a Fixed-Payment Loan 116
APPLICATION Yield to Maturity and Bond Price for a Coupon Bond 117
APPLICATION Yield to Maturity on a Perpetuity 119
APPLICATION Yield to Maturity on a Discount Bond 120
The Distinction Between Interest Rates and Returns 121
Maturity and the Volatility of Bond Returns: Interest-Rate Risk 124
Summary 125
The Distinction Between Real and Nominal Interest Rates 125
APPLICATION Calculating Real Interest Rates 126
Summary 128 • Key Terms 128 • Questions 128 • Applied Problems 129 •
Data Analysis Problems 130 • Web Exercises 130 • Web References 130
CHAPTER 4 WEB APPENDIX
Measuring Interest-Rate Risk: Duration
Go to the Companion Website, http://www.pearsonglobaleditions.com/Mishkin
CHAPTER 5
The Behavior of Interest Rates 131
Determinants of Asset Demand 131
Wealth 132
Expected Returns
132
Risk i : 132
Liquidity 133
Theory of Portfolio Choice 133
Supply and Demand in the Bond Market .. 134
Demand Curve 134
Supply Curve 135
Market Equilibrium 136
Supply and Demand Analysis 137
Changes in Equilibrium Interest Rates 137
Shifts in the Demand for Bonds 138
Shifts in the Supply of Bonds 141
APPLICATION Changes in the Interest Rate Due to Expected Inflation:
The Fisher Effect 143
APPLICATION Changes in the Interest Rate Due to a Business Cycle Expansion 145
APPLICATION Explaining Low Japanese Interest Rates 146
Supply and Demand in the Market for Money:
The Liquidity Preference Framework 147
Changes in Equilibrium Interest Rates in the Liquidity Preference Framework 150
Shifts in the Demand for Money 150
Shifts in the Supply of Money 150
APPLICATION Changes in the Equilibrium Interest Rate Due to
Changes in Income, the Price Level, or the Money Supply 151
Changes in Income 152
Changes in the Price Level 152
Changes in the Money Supply 152
Money and Interest Rates 153
APPLICATION Does a Higher Rate of Growth of the Money Supply
Lower Interest Rates? 155
Summary 158 • Key Terms 158 • Questions 158 • Applied Problems 159 •
Data Analysis Problems 160 • Web Exercises 161 • Web References 161
CHAPTER 5 WEB APPENDIX 1
Models of Asset Pricing
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CHAPTER 5 WEB APPENDIX 2
Applying the Asset Market Approach to a Commodity Market:
The Case of Gold
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CHAPTER 5 WEB APPENDIX 3
Loanable Funds Framework
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CHAPTER 6
The Risk and Term Structure of Interest Rates 162
Risk Structure of Interest Rates 162
Default Risk 162
FYI Conflicts of Interest at Credit-Rating Agencies and the Global Financial Crisis 166
APPLICATION The Global Financial Crisis and the Baa-Treasury Spread 167
Liquidity 167
Income Tax Considerations 168
Summary 169
APPLICATION Effects of the Obama Tax Increase on Bond Interest Rates 169
Term Structure of Interest Rates 170
Following the Financial News Yield Curves 170
Expectations Theory 172
Segmented Markets Theory 175
Liquidity Premium and Preferred Habitat Theories 176
Evidence on the Term Structure 179
FYI The Yield Curve as a Forecasting Tool for Inflation
and the Business Cycle 180
Summary 180
APPLICATION Interpreting Yield Curves, 1980-2014 180
Summary 182 • Key Terms 182 • Questions 182 • Applied Problems 184 •
Data Analysis Problems 184 • Web Exercises 185 • Web References 185
CHAPTER 7
The Stock Market, the Theory of Rational Expectations,
and the Efficient Market Hypothesis 186
Computing the Price of Common Stock..... 186
The One-Period Valuation Model 187
The Generalized Dividend Valuation Model 188
The Gordon Growth Model 188
How the Market Sets Stock Prices 189
APPLICATION Monetary Policy and Stock Prices 191
APPLICATION The Global Financial Crisis and the Stock Market 191
The Theory of Rational Expectations 191
Formal Statement of the Theory 193
Rationale Behind the Theory 193
Implications of the Theory 194
The Efficient Market Hypothesis: Rational Expectations in Financial Markets 195
Rationale Behind the Hypothesis 196
Random-Walk Behavior of Stock Prices 197
Global Should Foreign Exchange Rates Follow a Random Walk? 198
APPLICATION Practical Guide to Investing in the Stock Market 198
How Valuable Are Reports Published, by Investment Advisers ? 198
Should You Be Skeptical of Hot Tips? 199
FYI Should You Hire an Ape as Your Investment Adviser? 200
Do Stock Prices Always Rise When There Is Good News? 200
Efficient Market Prescription for the Investor 200
Why the Efficient Market Hypothesis Does Not Imply
That Financial Markets Are Efficient 201
APPLICATION What Do Stock Market Crashes Tell Us About the Efficient
Market Hypothesis and the Efficiency of Financial Markets? 202
Behavioral Finance 202
Summary 203 • Key Terms 204 • Questions 204 • Applied Problems 205 •
Data Analysis Problems 206 • Web Exercises 206 • Web References 206
CHAPTER 7 WEB APPENDIX
Evidence on the Efficient Market Hypothesis
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Financial Institutions 207
CHAPTER 8
An Economic Analysis of Financial Structure 208
Basic Facts About Financial Structure Throughout the World 208
Transaction Costs 211
How Transaction Costs Influence Financial Structure 211
How Financial Intermediaries Reduce Transaction Costs 212
Asymmetric Information: Adverse Selection and Moral Hazard 213
The Lemons Problem: How Adverse Selection Influences
Financial Structure 213
Lemons in the Stock and Bond Markets 214
Tools to Help Solve Adverse Selection Problems 214
FYI The Enron Implosion 216
How Moral Hazard Affects the Choice Between Debt
and Equity Contracts 219
Moral Hazard in Equity Contracts: The Principal-Agent Problem 219
Tools to Help Solve the Principal-Agent Problem 220
How Moral Hazard Influences Financial Structure in Debt Markets 222
Tools to Help Solve Moral Hazard in Debt Contracts 222
Summary 224
APPLICATION Financial Development and Economic Growth 225
FYI The Tyranny of Collateral 226
APPLICATION Is China a Counterexample to the Importance
of Financial Development? 227
Summary 228 • Key Terms 229 • Questions 229 • Applied Problems 230 •
Data Analysis Problems 231 • Web Exercises 231 • Web References 231
CHAPTER 9
Banking and the Management of Financial Institutions 232
The Bank Balance Sheet 232
Liabilities 232
Assets 235
Basic Banking 236
General Principles of Bank Management 239
Liquidity Management and the Role of Reserves 239
Asset Management 242
Liability Management 243
Capital Adequacy Management 244
APPLICATION Strategies for Managing Bank Capital 246
APPLICATION How a Capital Crunch Caused a Credit Crunch
During the Global Financial Crisis 247
Managing Credit Risk 247
Screening and Monitoring 248
Long-Term Customer Relationships 249
Loan Commitments 250
Collateral and Compensating Balances 250
Credit Rationing 251
Managing Interest-Rate Risk 251
Gap and Duration Analysis 252
APPLICATION Strategies for Managing Interest-Rate Risk 253
Off-Balance-Sheet Activities 254
Loan Sales 254
Generation of Fee Income 254
Trading Activities and Risk Management Techniques 255
Global Barings, Daiwa, Sumitomo, Société Générale, andJP Morgan Chase:
Rogue Traders and the Principal-Agent Problem 256
Summary 257 • Key Terms 258 • Questions 258 • Applied Problems 259 •
Data Analysis Problems 259 • Web Exercises 260 • Web References 260
CHAPTER 9 WEB APPENDIX 1
Duration Gap Analysis
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CHAPTER 9 WEB APPENDIX 2
Measuring Bank Performance
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CHAPTER 10
Economic Analysis of Financial Regulation 261
Asymmetric Information as a Rationale for Financial Regulation 261
Government Safety Net 261
Global The Spread of Government Deposit Insurance Throughout the World:
Is This a Good Thing? 263
Drawbacks of the Government Safety Net 264
Types of Financial Regulation 266
Restrictions on Asset Holdings 266
Capital Requirements 266
Prompt Corrective Action 267
Global Where Is the Basel Accord Heading After the Global Financial Crisis? 268
Financial Supervision: Chartering and Examination 269
Assessment of Risk Management 270
Disclosure Requirements 271
FYI Mark-to-Market Accounting and the Global Financial Crisis 272
Consumer Protection 272
Restrictions on Competition 273
Summary 273
Global International Financial Regulation 274
Summary 277 • Key Terms 277 • Questions 277 • Applied Problems 278 •
Data Analysis Problems 278 • Web Exercises 279 • Web References 279
CHAPTER 10 WEB APPENDIX 1
The 1980s Banking and Savings and Loan Crisis
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CHAPTER 10 WEB APPENDIX 2
Banking Crises Throughout the World
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CHAPTER 11
Banking Industry: Structure and Competition 280
Historical Development of the Banking System 280
Multiple Regulatory Agencies 282
Financial Innovation and the Growth of the Shadow Banking System 283
Responses to Changes in Demand Conditions: Interest-Rate Volatility 284
Responses to Changes in Supply Conditions: Information Technology 285
FYI Will Clicks Dominate Bricks in the Banking Industry? 287
Securitization and the Shadow Banking System 288
Avoidance of Existing Regulations 289
FYI Bruce Bent and the Money Market Mutual Fund Panic of 2008 291
Financial Innovation and the Decline of Traditional Banking 292
Structure of the U.S. Commercial Banking Industry 295
Restrictions on Branching 296
Response to Branching Restrictions 297
Bank Consolidation and Nationwide Banking 298
The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 299
What Will the Structure of the U.S. Banking Industry Look Like in the Future? 300
Are Bank Consolidation and Nationwide Banking Good Things? 300
Global Comparison of Banking Structure in the United States and Abroad 301
Separation of Banking and Other Financial Service Industries 302
Erosion of Glass-Steagall 302
The Gramm-Leach-Bliley Financial Services Modernization Act of 1999:
Repeal of Glass-Steagall 302
Implications for Financial Consolidation 303
FYI The Global Financial Crisis and the Demise of Large,
Free-Standing Investment Banks 303
Separation of Banking and Other Financial Services Industries
Throughout the World 304
Thrift Industry: Regulation and Structure 304
Savings and Loan Associations 304
Mutual Savings Banks 305
Credit Unions 305
International Banking 306
Eurodollar Market 306
Global Ironic Birth of the Eurodollar Market 307
Structure of U.S. Banking Overseas 307
Foreign Banks in the United States 308
Summary 309 • Key Terms 310 • Questions 310 • Data Analysis
Problems 311 • Web Exercises 312 • Web References 312
CHAPTER 12
Financial Crises in Advanced Economies 313
What Is a Financial Crisis? 313
Dynamics of Financial Crises 314
Stage One: Initial Phase 314
Stage Two: Banking Crisis . 315
Stage Three: Debt Deflation 317
APPLICATION The Mother of All Financial Crises: The Great Depression 318
Stock Market Crash 318
Bank Panics 318
Continuing Decline in Stock Prices 319
Debt Deflation 319
International Dimensions 320
The Global Financial Crisis of 2007-2009 320
Causes of the 2007-2009 Financial Crisis 320
FYl Collateralized Debt Obligations (CDOs) 321
Effects of the 2007-2009 Financial Crisis 322
Inside the Fed Was the Fed to Blame for the Housing Price Bubble? 323
Global The European Sovereign Debt Crisis 326
Height of the 2007-2009 Financial Crisis 327
Government Intervention and the Recovery 328
Short-term Responses and Recovery 328
Global Latvia s Different and Controversial Response: Expansionary Contraction 329
Stabilizing the Global Financial System: Long-term Responses 329
Global Financial Regulatory Framework 330
Policy Areas at the National Level 330
FYl The LIBOR Scandal 332
Future Regulations and Policy Areas at the International Level 333
Bilateral and Multilateral Supervisory Cooperation 333
Collective Supervisory Cooperation 333
Collectively Coordinated Macroeconomic Stability Plans 333
Self-Discipline 334
Summary 334 • Key Terms 335 • Questions 335 • Data Analysis
Problems 336 • Web Exercises 337 • Web References 337
CHAPTER 13
Financial Crises in Emerging Economies 338
Dynamics of Financial Crises in Emerging Market Economies 338
Stage One: Initial Phase 338
Stage Two: Currency Crisis 342
Stage Three: Full-Fledged Financial Crisis 343
APPLICATION Crisis in South Korea, 1997-1998 344
Financial Liberalization and Globalization Mismanaged 345
Perversion of the Financial Liberalization and Globalization Process: Chaebols
and the South Korean Crisis 346
Stock Market Decline and Failure of Firms Increase Uncertainty 347
Adverse Selection and Moral Hazard Problems Worsen, and the Economy Contracts 348
Currency Crisis Ensues 348
Final Stage: Currency Crisis Triggers Full-Fledged Financial Crisis 348
Recovery Commences 350
APPLICATION The Argentine Financial Crisis, 2001-2002 350
Severe Fiscal Imbalances 350
Adverse Selection and Moral Hazard Problems Worsen 350
Bank Panic Begins 351
Currency Crisis Ensues 351
Currency Crisis Triggers Full-Fledged Financial Crisis
Recovery Begins
.352
354
Global When an Advanced Economy Is Like an Emerging Market Economy:
The Icelandic Financial Crisis of 2008 355
Preventing Emerging Market Financial Crises 355
Beef Up Prudential Regulation and Supervision of Banks 355
Encourage Disclosure and Market-Based Discipline 356
Limit Currency Mismatch 356
Sequence Financial Liberalization 357
Summary 357 • Key Terms 357 • Questions 358
Central Banking and the Conduct of Monetary Policy 359
CHAPTER 14
Centra] Banks: A Global Perspective 360
Origins of the Federal Reserve System 360
Structure of the Federal Reserve System 361
Federal Reserve Banks 361
Member Banks 363
Board of Governors of the Federal Reserve System 363
Federal Open Market Committee (FOMC) 364
Inside the Fed The FOMC Meeting 365
Flow Independent Is the Fed? 366
Inside the Fed Styles of Federal Reserve Chairs: Bernanke and Yellen
Versus Greenspan 366
Should the Fed Be Independent? 368
The Case for Independence 368
The Case Against Independence 369
Central Bank Independence and Macroeconomic Performance Throughout the World 370
Explaining Central Bank Behavior 371
Structure and Independence of the European Central Bank 371
Governing Council Executive Board and General Council 372
Central Banks Round the World 376
Central Banks in Developing Countries and Emerging Economies 377
Global Islamic Finance: Alternative Ethical Solutions to
Financial Stability 378
People s Bank of China 379
Multinational Central Banks in Developing Countries 379
Central Bank Reforms in South America 380
Currency Unions in Developing Nations 380
Structure and Independence of Other Foreign Central Banks 381
Bank of Canada 381
Bank of England 381
Bank of Japan 382
The Trend Toward Greater Independence 382
Summary 383 • Key Terms 383 • Questions 383 • Data Analysis
Problems 384 • Web Exercises 385 • Web References 385
CHAPTER 15
The Money Supply Process 386
Three Players in the Money Supply Process 386
The Fed s Balance Sheet 386
Liabilities 387
Assets 388
Control of the Monetary Base 388
Federal Reserve Open Market Operations 389
Shifts from Deposits into Currency 390
Loans to Financial Institutions 391
Other Factors That Affect the Monetary Base 391
Overview of the Fed s Ability to Control the Monetary Base 392
Multiple Deposit Creation: A Simple Model 393
• Deposit Creation: The Single Bank 393
Deposit Creation: The Banking System 394
Deriving the Formula for Multiple Deposit Creation 397
Critique of the Simple Model 398
Factors That Determine the Money Supply 399
Changes in the Nonborrowed Monetary Base, MB„ 399
¦ Changes in Borrowed Reserves, BR, from the Fed 399
Changes in the Required Reserve Ratio, rr 400
Changes in Excess Reserves 400
Changes in Currency Holdings 400
Overview of the Money Supply Process 400
The Money Multiplier 401
Deriving the Money Multiplier 401
Intuition Behind the Money Multiplier 403
Money Supply Response to Changes in the Factors 404
APPLICATION Quantitative Easing and the Money Supply, 2007-2014 405
Summary 407 • Key Terms 407 • Questions 407 • Applied Problems 408 •
Data Analysis Problems 409 • Web Exercises 409 • Web References 410
CHAPTER 15 WEB APPENDIX 1
The Fed s Balance Sheet and the Monetary Base
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CHAPTER 15 WEB APPENDIX 2
The M2 Money Multiplier
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CHAPTER 15 WEB APPENDIX 3
Explaining the Behavior of the Currency Ratio
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CHAPTER 15 WEB APPENDIX 4
The Great Depression Bank Panics, 1930-1933, and the Money Supply
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CHAPTER 16
Tools of Monetary Policy 411
The Market for Reserves and the Federal Funds Rate 411
Demand and Supply in the Market for Reserves 412
How Changes in the Tools of Monetary Policy Affect the Federal Funds Rate 413
APPLICATION How the Federal Reserve s Operating Procedures Limit
Fluctuations in the Federal Funds Rate 417
Conventional Monetary Policy Tools 418
Open Market Operations 418
Discount Policy and the Lender of Last Resort 419
Inside the Fed A Day at the Trading Desk 420
Reserve Requirements 422
Inside the Fed Using Discount Policy to Prevent a Financial Panic 423
Interest on Reserves 424
Relative Advantages of the Different Tools 424
Nonconventional Monetary Policy Tools and Quantitative Easing 425
Liquidity Provision 425
Large-Scale Asset Purchases 426
Inside the Fed Fed Lending Facilities During the Global Financial Crisis 427
Quantitative Easing Versus Credit Easing 428
Forward Guidance and the Commitment to Future Policy Actions 430
Monetary Policy Tools of the European Central Bank 431
Open Market Operations 431
Lending to Banks 432
Reserve Requirements 432
Summary 432 • Key Terms 433 • Questions 433 • Applied Problems 434 •
Data Analysis Problems 435 • Web Exercises 435 • Web References 435
CHAPTER 17
The Conduct of Monetary Policy: Strategy and Tactics 436
The Price Stability Goal and the Nominal Anchor 436
The Role of a Nominal Anchor 437
The Time-Inconsistency Problem 437
Other Goals of Monetary Policy 438
High Employment and Output Stability : 438
Economic Growth 439
Stability of Financial Markets 439
Interest-Rate Stability 439
Stability in Foreign Exchange Markets 440
Should Price Stability Be the Primary Goal of Monetary Policy? 440
Hierarchical Versus Dual Mandates 440
Price Stability as the Primary, Long-Run Goal of Monetary Policy 441
Inflation Targeting 441
Inflation Targeting in New Zealand, Canada, and the United Kingdom 442
Advantages of Inflation Targeting 444
Disadvantages of Inflation Targeting 446
The Evolution of the Federal Reserve s Monetary Policy Strategy 447
The Fed s Just Do It Monetary Policy Strategy 447
The Long Road to Inflation Targeting 449
Inside the Fed Ben Bernanke s Advocacy of Inflation Targeting 449
Global The European Central Bank s Monetary Policy Strategy 450
Lessons for Monetary Policy Strategy from the Global Financial Crisis
Implications for Inflation Targeting
Should Central Banks Try to Stop Asset-Price Bubbles?
Two Types of Asset-Price Bubbles
The Debate Over Whether Central Banks Should
Try to Pop Bubbles
Tactics: Choosing the Policy Instrument
Criteria for Choosing the Policy Instrument
Tactics: The Taylor Rule
Inside the Fed The Fed s Use of the Taylor Rule 463
Inside the Fed Fed Watchers 463
Summary 464 • Key Terms 464 • Questions 465 • Applied Problems 466 •
Data Analysis Problems 466 • Web Exercises 467 • Web References 468
CHAPTER 17 WEB APPENDIX 1
Monetary Targeting
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CHAPTER 17 WEB APPENDIX 2
A Brief History of Federal Reserve Policymaking
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International Finance and Monetary Policy 469
CHAPTER 18
The Foreign Exchange Market 470
Foreign Exchange Market
What Are Foreign Exchange Rates?
.451
.452
.453
.453
.454
.457
.459
.460
..470
..471
Following the Financial News Foreign Exchange Rates 472
Why Are Exchange Rates Important? 472
How Is Foreign Exchange Traded? 473
Exchange Rates in the Long Run 473
Law of One Price 473
Theory of Purchasing Power Parity 474
Why the Theory of Purchasing Power Parity Cannot Fully Explain Exchange Rates 475
Factors That Affect Exchange Rates in the Long Run 476
Exchange Rates in the Short Run: A Supply and Demand Analysis 478
Supply Curve for Domestic Assets 478
Demand Curve for Domestic Assets 478
Equilibrium in the Foreign Exchange Market 479
Explaining Changes in Exchange Rates 480
Shifts in the Demand for Domestic Assets 480
Recap: Factors That Change the Exchange Rate 483
APPLICATION Effects of Changes in Interest Rates on the
Equilibrium Exchange Rate 485
APPLICATION Why Are Exchange Rates So Volatile? 486
APPLICATION The Dollar and Interest Rates 487
APPLICATION The Global Financial Crisis and the Dollar 488
Summary 489 • Key Terms 489 • Questions 489 • Applied Problems 490 •
Data Analysis Problems 491 • Web Exercises 491 • Web References 492
APPENDIX TO CHAPTER 18
The Interest Parity Condition 493
Comparing Expected Returns on Domestic and Foreign Assets 493
Interest Parity Condition 495
CHAPTER 19
The International Financial System 497
Intervention in the Foreign Exchange Market 497
Foreign Exchange Intervention and the Money Supply 497
Inside the Fed A Day at the Federal Reserve Bank of New York s
Foreign Exchange Desk 498
Unsterilized Intervention 500
Sterilized Intervention 501
Balance of Payments 501
Global Why the Large U.S. Current Account Deficit Worries Economists 503
Exchange Rate Regimes in the International Financial System 503
Gold Standard 503
The Bretton Woods System 504
How a Fixed Exchange Rate Regime Works 505
Speculative Attacks 506
nrr li v. a i IUN r ne Foreign Exchange Crisis of September 1992 507
The Policy Trilemma 508
APPLICATION How Did China Accumulate $4 Trillion
of International Reserves? 509
Monetary Unions 510
Global Will the Euro Survive? 511
Managed Float 511
Capital Controls 512
Controls on Capital Outflows 512
Controls on Capital Inflows 512
The Role of the IMF 513
Should the IMF Act as an International Lender of Last Resort? 513
International Considerations and Monetary Policy 514
Direct Effects of the Foreign Exchange Market on Monetary Policy 514
Balance-of-Payments Considerations 514
Exchange Rate Considerations 515
To Peg or Not to Peg: Exchange-Rate Targeting as an Alternative Monetary
Policy Strategy .515
Advantages of Exchange-Rate Targeting 515
Disadvantages of Exchange-Rate Targeting 516
When Is Exchange-Rate Targeting Desirable for Industrialized Countries? 518
When Is Exchange-Rate Targeting Desirable for Emerging Market
Countries? 519
Currency Boards 519
Global Argentina s Currency Board 520
Dollarization 521
Summary 521 • Key Terms 522 • Questions 522 • Applied Problems 523 •
Data Analysis Problems 524 • Web Exercises 524 • Web References 524
Monetary Theory 525
CHAPTER 20
Quantity Theory, Inflation, and the Demand for Money 526
Quantity Theory of Money 526
Velocity of Money and Equation of Exchange 526
From the Equation of Exchange to the Quantity Theory of Money 528
Quantity Theory and the Price Level 529
Quantity Theory and Inflation 529
APPLICATION Testing the Quantity Theory of Money 530
Budget Deficits and Inflation 532
Government Budget Constraint 532
Hyperinflation 534
APPLICATION The Zimbabwean Hyperinflation 534
Keynesian Theories of Money Demand 535
Transactions Motive 535
Precautionary Motive 535
Speculative Motive 535
Putting the Three Motives Together 535
Portfolio Theories of Money Demand 536
Theory of Portfolio Choice and Keynesian Liquidity Preference 537
Other Factors That Affect the Demand for Money 537
Summary 538
Empirical Evidence for the Demand for Money . 538
Interest Rates and Money Demand 538
Stability of Money Demand 539
Summary 540 • Key Terms 540 • Questions 540 • Applied Problems 542 •
Data Analysis Problems 542 • Web Exercises 543 • Web References 543
CHAPTER 20 WEB APPENDIX 1
The Baumol-Tobin and Tobin Mean Variance Model
Go to the Companion Website, http://www.pearsonglobaleditions.com/Mishkin
CHAPTER 20 WEB APPENDIX 2
Empirical Evidence on the Demand for Money
Go to the Companion Website, http://www.pearsonglobaleditions.com/Mishkin
CHAPTER 21
The IS Curve 544
Planned Expenditure and Aggregate Demand 544
The Components of Aggregate Demand 545
Consumption Expenditure 545
FYI Meaning of the Word Investment 546
Planned Investment Spending 546
Net Exports 548
Government Purchases and Taxes 549
Goods Market Equilibrium 550
Solving for Goods Market Equilibrium 550
Deriving the IS Curve 551
Understanding the IS Curve 551
What the IS Curve Tells Us: Intuition 551
What the IS Curve Tells Us: Numerical Example 551
Why the Economy Heads Toward Equilibrium 553
Factors That Shift the IS Curve 553
Changes in Government Purchases 553
APPLICATION The Vietnam War Buildup, 1964-1969 554
Changes in Taxes 555
APPLICATION The Fiscal Stimulus Package of 2009 556
Changes in Autonomous Spending 557
Changes in Financial Frictions : 559
Summary of Factors That Shift the IS Curve 559
Summary 559 • Key Terms 559 • Questions 560 • Applied Problems 561 •
Data Analysis Problems 562 • Web Exercises 563 • Web References 563
CHAPTER 22
The Monetary Policy and Aggregate Demand Curves 564
The Federal Reserve and Monetary Policy 564
The Monetary Policy Curve 565
The Taylor Principle: Why the Monetary Policy Curve Has an Upward Slope 565
Shifts in the MP Curve 567
Movements Along Versus Shifts In the MP Curve 568
APPLICATION Movement Along the MP Curve:
The Rise in the Federal Funds Rate Target, 2004-2006 568
APPLICATION Shift in the MP Curve: Autonomous Monetary
Easing at the Onset of the Global Financial Crisis 568
The Aggregate Demand Curve 569
Deriving the Aggregate Demand Curve Graphically 569
Factors That Shift the Aggregate Demand Curve 571
FYI Deriving the Aggregate Demand Curve Algebraically 571
Summary 575 • Key Terms 575 • Questions 575 • Applied Problems 576 •
Data Analysis Problems 577 • Web Exercises 578 • Web References 578
CHAPTER 23
Aggregate Demand and Supply Analysis 579
Aggregate Demand 579
Following the Financial News Aggregate Output, Unemployment, and Inflation 580
Deriving the Aggregate Demand Curve 580
Factors That Shift the Aggregate Demand Curve 581
FYI What Does Autonomous Mean? 582
Aggregate Supply 585
Long-Run Aggregate Supply Curve 585
Short-Run Aggregate Supply Curve 585
Price Stickiness and the Short-Run Aggregate Supply Curve 587
Shifts in the Aggregate Supply Curves 587
Shifts in the Long-Run Aggregate Supply Curve 587
Shifts in the Short-Run Aggregate Supply Curve 588
Equilibrium in Aggregate Demand and Supply Analysis 591
Short-Run Equilibrium 592
How the Short-Run Equilibrium Moves to the Long-Run Equilibrium over Time 592
Self-Correcting Mechanism 595
Changes in Equilibrium: Aggregate Demand Shocks 595
APPLICATION The Volcker Disinflation, 1980-1986 596
APPLICATION Negative Demand Shocks, 2001-2004 598
Changes in Equilibrium: Aggregate Supply (Inflation) Shocks 598
Temporary Supply Shocks 598
APPLICATION Negative Supply Shocks, 1973-1975 and 1978-1980 601
Permanent Supply Shocks and Real Business Cycle Theory 601
APPLICATION Positive Supply Shocks, 1995-1999 604
Conclusions 605
APPLICATION Negative Supply and Demand Shocks and the 2007-2009
Financial Crisis 606
AD/AS Analysis of Foreign Business Cycle Episodes 606
APPLICATION The United Kingdom and the 2007-2009
Financial Crisis 608
APPLICATION China and the 2007-2009 Financial Crisis 609
Summary 610 • Key Terms 611 • Questions 611 • Applied Problems 612 •
Data Analysis Problems 612 • Web Exercises 613 • Web References 613
APPENDIX TO CHAPTER 23
The Phillips Curve and the Short-Run Aggregate Supply Curve 614
The Phillips Curve 614
Phillips Curve Analysis in the 1960s 614
FYI The Phillips Curve Tradeoff and Macroeconomic Policy in the 1960s 616
The Friedman-Phelps Phillips Curve Analysis 616
The Phillips Curve After the 1960s 618
The Modern Phillips Curve 618
The Modern Phillips Curve with Adaptive (Backward-Looking)
Expectations 619
The Short-Run Aggregate Supply Curve 620
CHAPTER 23 WEB APPENDIX 1
The Effects of Macroeconomic Shocks on Asset Prices
Go to the Companion Website, http://www.pearsonglobaleditions.com/Mishkin
CHAPTER 23 WEB APPENDIX 2
Aggregate Demand and Supply: A Numerical Example
Go to the Companion Website, http://www.pearsonglobaleditions.com/Mishkin
CHAPTER 23 WEB APPENDIX 3
The Algebra of the Aggregate Demand and Supply Model
Go to the Companion Website, http://www.pearsonglobaleditions.com/Mishkin
CHAPTER 23 WEB APPENDIX 4
The Taylor Principle and Inflation
Go to the Companion Website, http://www.pearsonglobaleditions.com/Mishkin
CHAPTER 24
Monetary Policy Theory 623
Response of Monetary Policy to Shocks 623
Response to an Aggregate Demand Shock 624
Response to a Permanent Supply Shock 626
Response to a Temporary Supply Shock 628
The Bottom Line: The Relationship Between Stabilizing Inflation
and Stabilizing Economic Activity 631
How Actively Should Policymakers Try to Stabilize Economic Activity? 631
Lags and Policy Implementation 631
Inflation: Always and Everywhere a Monetary Phenomenon 632
FYI The Activist/Nonactivist Debate Over the Obama Fiscal Stimulus Package 633
Causes of Inflationary Monetary Policy 633
High Employment Targets and Inflation 633
APPLICATION The Great Inflation 637
Monetary Policy at the Zero Lower Bound 639
Deriving the Aggregate Demand Curve with the Zero Lower Bound 639
The Disappearance of the Self-Correcting Mechanism at the
Zero Lower Bound 641
APPLICATION Nonconventional Monetary Policy
and Quantitative Easing 642
Liquidity Provision 643
Asset Purchases and Quantitative Easing 644
Management of Expectations 645
APPLICATION Abenomics and the Shift in Japanese Monetary
Policy in 2013 646
Summary 648 • Key Terms 648 • Questions 649 • Applied Problems 650 •
Data Analysis Problems 650 • Web Exercises 651 • Web References 651
CHAPTER 25
The Role of Expectations in Monetary Policy 652
Lucas Critique of Policy Evaluation 652
Econometric Policy Evaluation 653
APPLICATION The Term Structure of Interest Rates 653
Policy Conduct: Rules or Discretion? 654
Discretion and the Time-Inconsistency Problem 654
Types of Rules 655
The Case for Rules 655
FYI The Political Business Cycle and Richard Nixon 656
The Case for Discretion 656
Constrained Discretion 657
Global The Demise of Monetary Targeting in Switzerland 657
The Role of Credibility and a Nominal Anchor 658
Benefits of a Credible Nominal Anchor 658
Credibility and Aggregate Demand Shocks 659
Credibility and Aggregate Supply Shocks 661
APPLICATION A Tale of Three Oil Price Shocks 662
Credibility and Anti-Inflation Policy 664
Global Ending the Bolivian Hyperinflation: A Successful Anti-Inflation Program 665
APPLICATION Credibility and the Reagan Budget Deficits 666
Approaches to Establishing Central Bank Credibility 667
Nominal GDP Targeting 667
Inside the Fed The Appointment of Paul Volcker, Anti-Inflation Hawk 668
Appoint Conservative Central Bankers 668
Summary 669 • Key Terms 669 • Questions 669 • Applied Problems 670 •
Data Analysis Problems 671 • Web Exercises 671
CHAPTER 26
Transmission Mechanisms of Monetary Policy 672
Transmission Mechanisms of Monetary Policy 672
Traditional Interest-Rate Channels 673
Other Asset Price Channels 674
Credit View 677
FYI Consumers Balance Sheets and the Great Depression 679
Why Are Credit Channels Likely to Be Important? 680
APPLICATION The Great Recession 681
Lessons for Monetary Policy 681
APPLICATION Applying the Monetary Policy Lessons
to Japan s Two Lost Decades 683
Summary 684 • Key Terms 684 • Questions 684 • Applied Problems 685 •
Data Analysis Problems 686 • Web Exercises 686 • Web References 687
CHAPTER 26 WEB APPENDIX
Evaluating Empirical Evidence: The Debate Over the Importance
of Money in Economic Fluctuations
Go to the Companion Website, http://www.pearsonglobaleditions.com/Mishkin
Glossary 689
Index 701
Contents on the Web
The following chapters are available on our Companion Website at
http://www.pearsonglobaleditions.com/Mishkin
WEB CHAPTER 1
The ISLM Model W-1
Keynes s Fixed Price Level Assumption and the IS Curve W-1
The LM Curve W-1
Equilibrium in the Market for Money: The LM Curve W-2
ISLM Approach to Aggregate Output and Interest Rates W-4
Factors That Cause the LM Curve to Shift W-5
Changes in Equilibrium Level of the Interest Rate and Aggregate Output W-7
Response to a Change in Monetary Policy W-7
Response to a Change in Fiscal Policy W-8
APPLICATION The Economic Stimulus Act of 2008 W-9
Effectiveness of Monetary Versus Fiscal Policy W-11
Monetary Policy Versus Fiscal Policy: The Case of Complete Crowding Out W-ll
APPLICATION Targeting Money Supply Versus Interest Rates W-13
ISLM Model in the Long Run W-16
Summary W-18 • Key Terms W-19 • Questions and Applied Problems W-19 •
Web Exercises W-19 • Web References W-20
APPENDIX TO WEB CHAPTER 1
Algebra of the ISLM Model W-21
Basic Closed-Economy ISLM Model W-21
IS and LM Curves W-22
Solution of the Model W-22
Implications W-22
Open-Economy ISLM Model W-23
Implications W-24
WEB CHAPTER 2
Nonbank Finance W-1
Insurance W-1
Life Insurance W-1
Property and Casualty Insurance W-2
The Competitive Threat from the Banking Industry W-4
Credit Insurance W-4
FYI The AIG Blowup W-5
FYI The Global Financial Crisis and the Monoline Insurers W-6
APPLICATION Insurance Management W-6
Screening W-7
Risk-Based Premiums W-7
Restrictive Provisions W-7
Prevention of Fraud W-8
Cancellation of Insurance W-8
Deductibles W-8
Coinsurance W-8
Limits on the Amount of Insurance W-9
Summary W-9
Pension Funds W-9
Private Pension Plans W-10
Public Pension Plans W-ll
FYI Should Social Security Be Privatized? W-ll
Finance Companies W-12
Securities Market Operations W-13
Investment Banking W-13
Securities Brokers and Dealers W-14
Organized Exchanges W-14
Mutual Funds W-15
FYI Sovereign Wealth Funds: Are They a Danger? W-16
Money Market Mutual Funds W-17
Hedge Funds W-17
Private Equity and Venture Capital Funds W-18
Government Financial Intermediation W-19
Federal Credit Agencies W-19
FYI The Global Financial Crisis and the Bailout of Fannie Mae and Freddie Mac W-20
SummaryW-21 • Key TermsW-22 • Questions W-22 • Applied Problems W-23 •
Data Analysis Problems W-23 • Web Exercises W-24 • Web References W-24
WEB CHAPTER 3
Financial Derivatives W-1
Hedging W-1
Interest-Rate Forward Contracts W-2
APPLICATION Hedging with Interest-Rate Forward Contracts W-2
Pros and Cons of Forward Contracts W-3
Financial Futures Contracts and Markets W-4
APPLICATION Hedging with Financial Futures W-5
Organization of Trading in Financial Futures Markets W-7
The Globalization of Financial Futures Markets W-8
Explaining the Success of Futures Markets W-8
APPLICATION Hedging Foreign Exchange Risk W-10
Hedging Foreign Exchange Risk with Forward Contracts W-10
Hedging Foreign Exchange Risk with Futures Contracts W-10
Options W-11
Options Contracts W-12
Profits and Losses on Option and Futures Contracts W-12
APPLICATION Hedging with Future Options W-15
Factors Affecting Option Premiums W-16
Summary W-17
Swaps W-18
Interest-Rate Swap Contracts W-18
APPLICATION Hedging with Interest-Rate Swaps W-19
Advantages of Interest-Rate Swaps W-19
Disadvantages of Interest-Rate Swaps W-20
Financial Intermediaries in Interest-Rate Swaps W-20
Credit Derivatives W-20
Credit Options W-21
Credit Swaps W-21
Credit-Linked Notes : W-22
APPLICATION Lessons from the Global Financial Crisis: When
are Financial Derivatives Likely to Be a Worldwide Time Bomb? W-22
Summary W-24 • Key Terms W-24 • Questions W-25 • Applied Problems W-25 •
Data Analysis Problems W-26 • Web Exercises W-26 • Web References W-26
WEB CHAPTER 4
Conflicts of Interest in the Financial Industry W-1
What Are Conflicts of Interest, and Why Are They Important? W-2
Why Do We Care About Conflicts of Interest? W-2
Ethics and Conflicts of Interest W-2
Types of Conflicts of Interest W-3
Underwriting and Research in Investment Banking W-3
Auditing and Consulting in Accounting Firms W-4
Credit Assessment and Consulting in Credit-Rating Agencies W-4
FYI The Collapse of Arthur Andersen W-5
, Universal Banking W-5
FYI Why Do Issuers of Securities Pay to Have Their Securities Rated? W-6
FYI Banksters W-7
Can the Market Limit Exploitations of Conflicts of Interest? W-7
What Has Been Done to Remedy Conflicts of Interest? W-9
Sarbanes-Oxley Act of 2002 W-9
Global Legal Settlement of 2002 W-10
Dodd-Frank Bill of 2010 W-ll
A Framework for Evaluating Policies to Remedy Conflicts of Interest W-11
Approaches to Remedying Conflicts of Interest W-12
APPLICATION Evaluating Sarbanes-Oxley, the Global Legal Settlement,
and the Dodd-Frank Bill W-14
Summary W-16 • Key Terms W-17 • Questions W-17 • Web Exercises W-18 •
Web References W-19
|
| 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 | BV042769472 |
| 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)919382097 (DE-599)BVBBV042769472 |
| 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 | Eleventh edition, global edition |
| format | Book |
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| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV042769472 |
| illustrated | Illustrated |
| indexdate | 2024-10-17T04:01:20Z |
| institution | BVB |
| isbn | 9781292094182 1292094184 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-028199815 |
| oclc_num | 919382097 |
| open_access_boolean | |
| owner | DE-1043 DE-355 DE-BY-UBR DE-Aug4 DE-20 DE-739 DE-188 DE-2070s DE-634 DE-384 DE-19 DE-BY-UBM DE-863 DE-BY-FWS DE-M382 DE-703 DE-706 |
| owner_facet | DE-1043 DE-355 DE-BY-UBR DE-Aug4 DE-20 DE-739 DE-188 DE-2070s DE-634 DE-384 DE-19 DE-BY-UBM DE-863 DE-BY-FWS DE-M382 DE-703 DE-706 |
| physical | 724 Seiten Illustrationen, Diagramme, Karten |
| publishDate | 2016 |
| publishDateSearch | 2016 |
| publishDateSort | 2016 |
| publisher | Pearson |
| record_format | marc |
| series2 | Always learning The Pearson series in economics |
| spellingShingle | Mishkin, Frederic S. 1951- The economics of money, banking, and financial markets Bank Banks and banking Finance Money Kreditmarkt (DE-588)4073788-3 gnd Geld (DE-588)4019889-3 gnd Geldpolitik (DE-588)4019902-2 gnd Kreditwesen (DE-588)4032950-1 gnd Geldwirtschaft (DE-588)4129419-1 gnd Geldtheorie (DE-588)4121333-6 gnd |
| subject_GND | (DE-588)4073788-3 (DE-588)4019889-3 (DE-588)4019902-2 (DE-588)4032950-1 (DE-588)4129419-1 (DE-588)4121333-6 (DE-588)4123623-3 |
| title | The economics of money, banking, and financial markets |
| title_alt | 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, Columbia University |
| title_fullStr | The economics of money, banking, and financial markets Frederic S. Mishkin, Columbia University |
| title_full_unstemmed | The economics of money, banking, and financial markets Frederic S. Mishkin, Columbia University |
| 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 Kreditmarkt (DE-588)4073788-3 gnd Geld (DE-588)4019889-3 gnd Geldpolitik (DE-588)4019902-2 gnd Kreditwesen (DE-588)4032950-1 gnd Geldwirtschaft (DE-588)4129419-1 gnd Geldtheorie (DE-588)4121333-6 gnd |
| topic_facet | Bank Banks and banking Finance Money Kreditmarkt Geld Geldpolitik Kreditwesen Geldwirtschaft Geldtheorie Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=028199815&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT mishkinfrederics theeconomicsofmoneybankingandfinancialmarkets AT mishkinfrederics moneybankingandfinancialmarkets |
Inhaltsverzeichnis
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