Stuvia.com - The Marketplace to Buy and Sell your Study Material
This is a special edition of an established title widely used by colleges and
GLOBAL universities throughout the world. Pearson published this exclusive edition
for the benefit of students outside the United States and Canada. If you
EDITION purchased this book within the United States or Canada, you should be aware
EDITION
GLOB AL
that it has been imported without the approval of the Publisher or Author.
The Economics of Money, Banking and Financial Markets brings a fresh perspective to today’s major questions
surrounding financial policy. Influenced by his term as Governor of the Federal Reserve, Frederic Mishkin
The Economics of Money, Banking, and
offers students a unique viewpoint and informed insight into the monetary policy process, the regulation
and supervision of the financial system, and the internationalization of financial markets. Easy-to-follow
graphics, crisp definitions, and a thoroughly accessible text highlight the applications of economics, making
them relatable through everyday examples and concerns. The thirteenth edition of this bestseller provides
more rigor and clarity through internationally relevant topics and examples.
THE ECONOM
Financial Markets
Features
• Compelling new material on the coronavirus pandemic has been added to many sections,
applications, and boxes throughout the book—casting a spotlight on the importance of banks, financial MONEY, BA
markets, and monetary policy to the health of the economy. These include a new application on the
coronavirus stock market crash of 2020 (Chapter 7), and the likelihood that the pandemic could lead to
another financial crisis (Chapter 12). FINANCIA
• Coverage of other new developments in the field of money and banking keep the text current
and relevant. They include:
■ A new application on the effects of the Trump tax cuts on bond interest rates (Chapter 6), which
shows how supply and demand analysis of the bond market can be used to explain the effect of taxes
on different interest rates
13E
■ A new Global box on the variation in central banks’ activism and the method of intervention on foreign
exchange markets (Chapter 19). In addition, Chapters 18 and 19 have been heavily updated to include
new running examples
A new FYI box on Modern Monetary Theory (Chapter 20), which discusses this new theory that
FREDERIC S. M
■
THIRTEENTH
argues that the Green New Deal can be easily paid for by having the Federal Reserve buy government
EDITION
bonds to fund the resulting large budget deficits
• Compelling material on the operational structure and roles of major central banks around
the world (Chapter 14)—the European Central Bank, the People’s Bank of China, and the Bank of Japan—
helps students understand who makes the decisions to then have a better idea of how those decisions are
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APPLYING THEORY TO THE REAL WORLD:
APPLICATIONS AND BOXES
Global Boxes Inside the Fed Boxes
Are U.S. Capital Markets Losing Their Edge?, p. 80 Was the Fed to Blame for the Housing Price Bubble?,
The Importance of Financial Intermediaries Relative to p. 327
Securities Markets: An International Comparison, A Day at the Trading Desk, p. 418
p. 83 Using Discount Policy to Prevent a Financial Panic, p. 421
Negative Interest Rates? Japan First, Then the United Fed Lending Facilities During the Global Financial and
States, Then Europe, p. 124 Coronavirus Crises, p. 425
Should Foreign Exchange Rates Follow a Random Ben Bernanke’s Advocacy of Inflation Targeting, p. 449
Walk?, p. 201 The Fed’s New Monetary Policy Strategy: Average
Barings, Daiwa, Sumitomo, Société Générale, and JP Inflation Targeting, p. 452
Morgan Chase: Rogue Traders and the Principal– The Fed’s Use of the Taylor Rule, p. 462
Agent Problem, p. 259 The Appointment of Paul Volcker, Anti-Inflation
The Spread of Government Deposit Insurance Hawk, p. 657
Throughout the World: Is This a Good Thing?,
p. 266
Where Is the Basel Accord Heading After the Global FYI Boxes
Financial Crisis?, p. 271 Are We Headed for a Cashless Society?, p. 103
International Financial Regulation, p. 277 Where Are All the U.S. Dollars?, p. 106
Comparison of Banking Structure in the United States Conflicts of Interest at Credit-Rating Agencies and the
and Abroad, p. 303 Global Financial Crisis, p. 169
Ironic Birth of the Eurodollar Market, p. 309 The Yield Curve as a Forecasting Tool for Inflation and
The European Sovereign Debt Crisis, p. 316 the Business Cycle, p. 183
Latvia’s Different and Controversial Response: Should You Hire an Ape as Your Investment Adviser?,
Expansionary Contraction, p. 334 p. 203
China and the “Noncrisis” in 1997–1998, p. 355 The Enron Implosion, p. 220
When an Advanced Economy Is Like an Emerging The Tyranny of Collateral, p. 230
Market Economy: The Icelandic Financial Crisis of Bruce Bent and the Money Market Mutual Fund Panic
2008, p. 360 of 2008, p. 294
Who Should Own Central Banks?, p. 367 The Global Financial Crisis and the Demise of Large,
The Importance of the Bundesbank within the ECB, Free-Standing Investment Banks, p. 306
p. 372 Collateralized Debt Obligations (CDOs) and Credit
Are Non-Euro Central Banks Constrained by Default Swaps, p. 325
Membership of the EU?, p. 374 The LIBOR Scandal, p. 337
Brexit and the BoE, p. 376 Modern Monetary Theory, p. 528
The European Central Bank’s Monetary Policy Meaning of the Word Investment, p. 540
Strategy, p. 449 Deriving the Aggregate Demand Curve Algebraically,
Variation in Central Banks’ Activism and Method of p. 563
Intervention on Foreign Exchange Markets, p. 492 What Does Autonomous Mean?, p. 578
Should We Worry About the Large and Recurrent The Phillips Curve Trade-Off and Macroeconomic
Trade Deficit?, p. 497 Policy in the 1960s, p. 609
Will the Euro Survive?, p. 505 The Activist/Nonactivist Debate Over the Obama Fiscal
Argentina’s Currency Board, p. 514 Stimulus Package, p. 623
The Demise of Monetary Targeting in Switzerland, p. 647 The Political Business Cycle and Richard Nixon, p. 646
Ending the Bolivian Hyperinflation: A Successful Anti- Consumers’ Balance Sheets and the Great Depression,
Inflation Program, p. 655 p. 669
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THE ECONOMICS OF
MONEY, BANKING, AND
FINANCIAL MARKETS
Thirteenth Edition
Global Edition
Frederic S. Mishkin
Columbia University
Harlow, England • London • New York • Boston • San Francisco • Toronto • Sydney • Dubai • Singapore • Hong Kong
Tokyo • Seoul • Taipei • New Delhi • Cape Town • Sao Paulo • Mexico City • Madrid • Amsterdam • Munich • Paris • Milan
A01_MISH9481_13_GE_FM.indd 3 02/07/2021
Downloaded by: cathiecathie | Want to earn $1.236
Distribution of this document is illegal extra per year?
This is a special edition of an established title widely used by colleges and
GLOBAL universities throughout the world. Pearson published this exclusive edition
for the benefit of students outside the United States and Canada. If you
EDITION purchased this book within the United States or Canada, you should be aware
EDITION
GLOB AL
that it has been imported without the approval of the Publisher or Author.
The Economics of Money, Banking and Financial Markets brings a fresh perspective to today’s major questions
surrounding financial policy. Influenced by his term as Governor of the Federal Reserve, Frederic Mishkin
The Economics of Money, Banking, and
offers students a unique viewpoint and informed insight into the monetary policy process, the regulation
and supervision of the financial system, and the internationalization of financial markets. Easy-to-follow
graphics, crisp definitions, and a thoroughly accessible text highlight the applications of economics, making
them relatable through everyday examples and concerns. The thirteenth edition of this bestseller provides
more rigor and clarity through internationally relevant topics and examples.
THE ECONOM
Financial Markets
Features
• Compelling new material on the coronavirus pandemic has been added to many sections,
applications, and boxes throughout the book—casting a spotlight on the importance of banks, financial MONEY, BA
markets, and monetary policy to the health of the economy. These include a new application on the
coronavirus stock market crash of 2020 (Chapter 7), and the likelihood that the pandemic could lead to
another financial crisis (Chapter 12). FINANCIA
• Coverage of other new developments in the field of money and banking keep the text current
and relevant. They include:
■ A new application on the effects of the Trump tax cuts on bond interest rates (Chapter 6), which
shows how supply and demand analysis of the bond market can be used to explain the effect of taxes
on different interest rates
13E
■ A new Global box on the variation in central banks’ activism and the method of intervention on foreign
exchange markets (Chapter 19). In addition, Chapters 18 and 19 have been heavily updated to include
new running examples
A new FYI box on Modern Monetary Theory (Chapter 20), which discusses this new theory that
FREDERIC S. M
■
THIRTEENTH
argues that the Green New Deal can be easily paid for by having the Federal Reserve buy government
EDITION
bonds to fund the resulting large budget deficits
• Compelling material on the operational structure and roles of major central banks around
the world (Chapter 14)—the European Central Bank, the People’s Bank of China, and the Bank of Japan—
helps students understand who makes the decisions to then have a better idea of how those decisions are
Downloaded by: cathiecathie | Want to earn $1.236
made. Distribution of this document is illegal extra per year?
, Stuvia.com - The Marketplace to Buy and Sell your Study Material
APPLYING THEORY TO THE REAL WORLD:
APPLICATIONS AND BOXES
Global Boxes Inside the Fed Boxes
Are U.S. Capital Markets Losing Their Edge?, p. 80 Was the Fed to Blame for the Housing Price Bubble?,
The Importance of Financial Intermediaries Relative to p. 327
Securities Markets: An International Comparison, A Day at the Trading Desk, p. 418
p. 83 Using Discount Policy to Prevent a Financial Panic, p. 421
Negative Interest Rates? Japan First, Then the United Fed Lending Facilities During the Global Financial and
States, Then Europe, p. 124 Coronavirus Crises, p. 425
Should Foreign Exchange Rates Follow a Random Ben Bernanke’s Advocacy of Inflation Targeting, p. 449
Walk?, p. 201 The Fed’s New Monetary Policy Strategy: Average
Barings, Daiwa, Sumitomo, Société Générale, and JP Inflation Targeting, p. 452
Morgan Chase: Rogue Traders and the Principal– The Fed’s Use of the Taylor Rule, p. 462
Agent Problem, p. 259 The Appointment of Paul Volcker, Anti-Inflation
The Spread of Government Deposit Insurance Hawk, p. 657
Throughout the World: Is This a Good Thing?,
p. 266
Where Is the Basel Accord Heading After the Global FYI Boxes
Financial Crisis?, p. 271 Are We Headed for a Cashless Society?, p. 103
International Financial Regulation, p. 277 Where Are All the U.S. Dollars?, p. 106
Comparison of Banking Structure in the United States Conflicts of Interest at Credit-Rating Agencies and the
and Abroad, p. 303 Global Financial Crisis, p. 169
Ironic Birth of the Eurodollar Market, p. 309 The Yield Curve as a Forecasting Tool for Inflation and
The European Sovereign Debt Crisis, p. 316 the Business Cycle, p. 183
Latvia’s Different and Controversial Response: Should You Hire an Ape as Your Investment Adviser?,
Expansionary Contraction, p. 334 p. 203
China and the “Noncrisis” in 1997–1998, p. 355 The Enron Implosion, p. 220
When an Advanced Economy Is Like an Emerging The Tyranny of Collateral, p. 230
Market Economy: The Icelandic Financial Crisis of Bruce Bent and the Money Market Mutual Fund Panic
2008, p. 360 of 2008, p. 294
Who Should Own Central Banks?, p. 367 The Global Financial Crisis and the Demise of Large,
The Importance of the Bundesbank within the ECB, Free-Standing Investment Banks, p. 306
p. 372 Collateralized Debt Obligations (CDOs) and Credit
Are Non-Euro Central Banks Constrained by Default Swaps, p. 325
Membership of the EU?, p. 374 The LIBOR Scandal, p. 337
Brexit and the BoE, p. 376 Modern Monetary Theory, p. 528
The European Central Bank’s Monetary Policy Meaning of the Word Investment, p. 540
Strategy, p. 449 Deriving the Aggregate Demand Curve Algebraically,
Variation in Central Banks’ Activism and Method of p. 563
Intervention on Foreign Exchange Markets, p. 492 What Does Autonomous Mean?, p. 578
Should We Worry About the Large and Recurrent The Phillips Curve Trade-Off and Macroeconomic
Trade Deficit?, p. 497 Policy in the 1960s, p. 609
Will the Euro Survive?, p. 505 The Activist/Nonactivist Debate Over the Obama Fiscal
Argentina’s Currency Board, p. 514 Stimulus Package, p. 623
The Demise of Monetary Targeting in Switzerland, p. 647 The Political Business Cycle and Richard Nixon, p. 646
Ending the Bolivian Hyperinflation: A Successful Anti- Consumers’ Balance Sheets and the Great Depression,
Inflation Program, p. 655 p. 669
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THE ECONOMICS OF
MONEY, BANKING, AND
FINANCIAL MARKETS
Thirteenth Edition
Global Edition
Frederic S. Mishkin
Columbia University
Harlow, England • London • New York • Boston • San Francisco • Toronto • Sydney • Dubai • Singapore • Hong Kong
Tokyo • Seoul • Taipei • New Delhi • Cape Town • Sao Paulo • Mexico City • Madrid • Amsterdam • Munich • Paris • Milan
A01_MISH9481_13_GE_FM.indd 3 02/07/2021
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