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Money, the financial system, and the economy

Author: R Glenn Hubbard
Publisher: Harlow : Addison-Wesley, ©2008.
Series: Addison-Wesley series in economics.
Edition/Format:   Print book : English : 6th edView all editions and formats
Summary:

This text examines money and banking topics, focusing on economic principles to illustrate the evolution of financial markets and institutions and the role they play in the macroeconomy.

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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: R Glenn Hubbard
ISBN: 9780321469540 0321469542 9780321426703 0321426703
OCLC Number: 173498216
Notes: Previous edition: London: Addison-Wesley, 2004.
Description: xxxi, 686 pages, G-13, A-19, I-16 : illustrations ; 26 cm
Contents: Machine derived contents note: Contents --
Introduction 1 --
Introducing Money and the Financial System 2 --
Money and the Payments System 12 --
Overview of the Financial System 31 --
Interest Rates 59 --
Interest Rates and Rates of Return 60 --
The Theory of Portfolio Allocation 85 --
Determining Market Interest Rates 102 --
Risk Structure and Term Structure of Interest Rates 130 --
Financial Markets 157 --
The Foreign-Exchange Market and Exchange Rates 158 --
Derivative Securities and Derivative Markets 186 --
Information and Financial Market Efficiency 206 --
Reducing Transactions Costs and Information Costs 227 --
Financial Institutions 245 --
What Financial Institutions Do 246 --
The Business of Banking 276 --
The Banking Industry 306 --
Banking Regulation: Crisis and Response 336 --
Banking in the International Economy 363 --
The Money Supply Process and Monetary Policy 383 --
The Money Supply Process 384 --
Changes in the Monetary Base 417 --
Organization of Central Banks 435 --
Monetary Policy Tools 454 --
The Conduct of Monetary Policy 476 --
The International Financial System and Monetary Policy 503 --
The Financial System and the Macroeconomy 535 --
The Demand for Money 536 --
Linking the Financial System and the Economy: The IS-LM-FE Model 555 --
Aggregate Demand and Aggregate Supply 586 --
Money and Output in the Short Run 611 --
Information Problems and Channels for Monetary Policy 633 --
Inflation: Causes and Consequences 655 --
Preface --
Thinking About the Book --
When I studied money and banking as an undergraduate in 1979, the course emphasized real-world topics: Why is inflation high (as it was in those days), and where does it come from anyway? Why does a boom in the stock or bond market excite news commentators, and how are prices of stocks and bonds determined in the first place? What do banks do with my money? How do economic events in other nations affect financial markets and interest rates in the United States? Like me, students often come to this course expecting to learn simple answers to such questions. The answers were not simple in 1979, and they are even more complex in the early twenty-first century. Today's students face an even greater challenge: trying to understand the organization of U.S. financial markets and institutions and the Federal Reserve System in the face of domestic and global change. --
Having taught money and banking courses to undergraduate and graduate students over many years, I was frustrated that existing books simply stressed the current organization of the financial system and failed to give students a coherent framework for understanding new regulations and events. Adding to my dissatisfaction was the way these texts included new developments: They simply increased the number of topics to be covered during an already crowded term. Even with all this material, students still lacked the tools to predict the effects of changes to the financial system. --
A Better Approach --
My goal in writing this text is to present to students underlying economic explanations for why the financial system is organized as it is and to show them the interconnection of the financial system and the economy. With this presentation, the student learns a paradigm for interpreting events, not a laundry list of facts that quickly becomes outdated. I wanted to go beyond the traditional approach and teach students how to apply the theory that they learn in the classroom to the practice of the real world. To.
Series Title: Addison-Wesley series in economics.
Responsibility: R. Glenn Hubbard.
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