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Test Bank for Economics of Money Banking and Financial Markets 12th Edition by Mishkin

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Test Bank for Economics of Money, Banking and Financial Markets 12th Edition by Mishkin

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  • ISBN-10 ‏ : ‎ 0134733827
  • ISBN-13 ‏ : ‎ 978-0134733821
  • Author:  Frederic S. Mishkin

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 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. The 12th Edition provides a unifying, analytic framework for learning that fits a wide variety of syllabi. Core economic principles and real-world examples organize students’ thinking and keeps them motivated.

 

Table of Content:

  1. Part 1 Introduction Crisis and Response: Global Financial Crisis and Its Aftermath
  2. 1 Why Study Money, Banking, and Financial Markets?
  3. Preview
  4. Learning Objectives
  5. Why Study Financial Markets?
  6. Debt Markets and Interest Rates
  7. The Stock Market
  8. Why Study Financial Institutions and Banking?
  9. Structure of the Financial System
  10. Banks and Other Financial Institutions
  11. Financial Innovation
  12. Financial Crises
  13. Why Study Money and Monetary Policy?
  14. Money and Business Cycles
  15. Money and Inflation
  16. Money and Interest Rates
  17. Conduct of Monetary Policy
  18. Fiscal Policy and Monetary Policy
  19. Why Study International Finance?
  20. The Foreign Exchange Market
  21. The International Financial System
  22. Money, Banking, and Financial Markets and Your Career
  23. How We Will Study Money, Banking, and Financial Markets
  24. Exploring the Web
  25. Concluding Remarks
  26. Summary
  27. Key Terms
  28. Questions
  29. Applied Problems
  30. Data Analysis Problems
  31. Web Exercises
  32. Web References
  33. Appendix to Chapter 1 Defining Aggregate Output, Income, the Price Level, and the Inflation Rate
  34. Aggregate Output and Income
  35. Real Versus Nominal Magnitudes
  36. Aggregate Price Level
  37. Growth Rates and the Inflation Rate
  38. 2 An Overview of the Financial System
  39. Preview
  40. Learning Objectives
  41. Function of Financial Markets
  42. Structure of Financial Markets
  43. Debt and Equity Markets
  44. Primary and Secondary Markets
  45. Exchanges and Over-the-Counter Markets
  46. Money and Capital Markets
  47. Financial Market Instruments
  48. Money Market Instruments
  49. U.S. Treasury Bills
  50. Negotiable Bank Certificates of Deposit
  51. Commercial Paper
  52. Repurchase Agreements
  53. Federal (Fed) Funds
  54. Capital Market Instruments
  55. Stocks
  56. Mortgages and Mortgage-Backed Securities
  57. Corporate Bonds
  58. U.S. Government Securities
  59. U.S. Government Agency Securities
  60. State and Local Government Bonds
  61. Consumer and Bank Commercial Loans
  62. Internationalization of Financial Markets
  63. International Bond Market, Eurobonds, and Eurocurrencies
  64. World Stock Markets
  65. Function of Financial Intermediaries: Indirect Finance
  66. Transaction Costs
  67. Risk Sharing
  68. Asymmetric Information: Adverse Selection and Moral Hazard
  69. Economies of Scope and Conflicts of Interest
  70. Types of Financial Intermediaries
  71. Depository Institutions
  72. Commercial Banks
  73. Savings and Loan Associations (S&Ls) and Mutual Savings Banks
  74. Credit Unions
  75. Contractual Savings Institutions
  76. Life Insurance Companies
  77. Fire and Casualty Insurance Companies
  78. Pension Funds and Government Retirement Funds
  79. Investment Intermediaries
  80. Finance Companies
  81. Mutual Funds
  82. Money Market Mutual Funds
  83. Hedge Funds
  84. Investment Banks
  85. Regulation of the Financial System
  86. Increasing Information Available to Investors
  87. Ensuring the Soundness of Financial Intermediaries
  88. Restrictions on Entry
  89. Disclosure
  90. Restrictions on Assets and Activities
  91. Deposit Insurance
  92. Limits on Competition
  93. Restrictions on Interest Rates
  94. Financial Regulation Abroad
  95. Summary
  96. Key Terms
  97. Questions
  98. Applied Problems
  99. Data Analysis Problems
  100. Web Exercises
  101. Web References
  102. 3 What Is Money?
  103. Preview
  104. Learning Objectives
  105. Meaning of Money
  106. Functions of Money
  107. Medium of Exchange
  108. Unit of Account
  109. Store of Value
  110. Evolution of the Payments System
  111. Commodity Money
  112. Fiat Money
  113. Checks
  114. Electronic Payment
  115. E-Money
  116. Measuring Money
  117. The Federal Reserve’s Monetary Aggregates
  118. Summary
  119. Key Terms
  120. Questions
  121. Applied Problems
  122. Data Analysis Problems
  123. Web Exercises
  124. Web References
  125. Part 2 Financial Markets Crisis and Response: Credit Market Turmoil and the Stock Market Crash of October 2008
  126. 4 The Meaning of Interest Rates
  127. Preview
  128. Learning Objectives
  129. Measuring Interest Rates
  130. Present Value
  131. Four Types of Credit Market Instruments
  132. Yield to Maturity
  133. Simple Loan
  134. Fixed-Payment Loan
  135. Coupon Bond
  136. Discount Bond
  137. Summary
  138. The Distinction Between Interest Rates And Returns
  139. Maturity and the Volatility of Bond Returns: Interest-Rate Risk
  140. Summary
  141. The Distinction Between Real And Nominal Interest Rates
  142. Summary
  143. Key Terms
  144. Questions
  145. Applied Problems
  146. Data Analysis Problems
  147. Web Exercises
  148. Web References
  149. 5 The Behavior of Interest Rates
  150. Preview
  151. Learning Objectives
  152. Determinants of Asset Demand
  153. Wealth
  154. Expected Returns
  155. Risk
  156. Liquidity
  157. Theory of Portfolio Choice
  158. Supply and Demand in the Bond Market
  159. Demand Curve
  160. Supply Curve
  161. Market Equilibrium
  162. Supply and Demand Analysis
  163. Changes in Equilibrium Interest Rates
  164. Shifts in the Demand for Bonds
  165. Wealth
  166. Expected Returns
  167. Risk
  168. Liquidity
  169. Shifts in the Supply of Bonds
  170. Expected Profitability of Investment Opportunities
  171. Expected Inflation
  172. Government Budget Deficits
  173. Supply and Demand in the Market for Money: The Liquidity Preference Framework
  174. Changes in Equilibrium Interest Rates in the Liquidity Preference Framework
  175. Shifts in the Demand for Money
  176. Income Effect
  177. Price-Level Effect
  178. Shifts in the Supply of Money
  179. Money and Interest Rates
  180. Summary
  181. Key Terms
  182. Questions
  183. Applied Problems
  184. Data Analysis Problems
  185. Web Exercises
  186. Web References
  187. 6 The Risk and Term Structure of Interest Rates
  188. Preview
  189. Learning Objectives
  190. Risk Structure of Interest Rates
  191. Default Risk
  192. Liquidity
  193. Income Tax Considerations
  194. Summary
  195. Term Structure of Interest Rates
  196. Expectations Theory
  197. Segmented Markets Theory
  198. Liquidity Premium and Preferred Habitat Theories
  199. Evidence on the Term Structure
  200. Summary
  201. Summary
  202. Key Terms
  203. Questions
  204. Applied Problems
  205. Data Analysis Problems
  206. Web Exercises
  207. Web References
  208. 7 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis
  209. Preview
  210. Learning Objectives
  211. Computing the Price of Common Stock
  212. The One-Period Valuation Model
  213. The Generalized Dividend Valuation Model
  214. The Gordon Growth Model
  215. How the Market Sets Stock Prices
  216. The Theory of Rational Expectations
  217. Formal Statement of the Theory
  218. Rationale Behind the Theory
  219. Implications of the Theory
  220. The Efficient Market Hypothesis: Rational Expectations in Financial Markets
  221. Rationale Behind the Hypothesis
  222. Random-Walk Behavior of Stock Prices
  223. Why the Efficient Market Hypothesis Does Not Imply That Financial Markets Are Efficient
  224. Behavioral Finance
  225. Summary
  226. Key Terms
  227. Questions
  228. Applied Problems
  229. Data Analysis Problems
  230. Web Exercises
  231. Web References
  232. Part 3 Financial Institutions Crisis and Response: The $700 Billion Bailout Package
  233. 8 An Economic Analysis of Financial Structure
  234. Preview
  235. Learning Objectives
  236. Basic Facts About Financial Structure Throughout The World
  237. Transaction Costs
  238. How Transaction Costs Influence Financial Structure
  239. How Financial Intermediaries Reduce Transaction Costs
  240. Economies of Scale
  241. Expertise
  242. Asymmetric Information: Adverse Selection and Moral Hazard
  243. The Lemons Problem: How Adverse Selection Influences Financial Structure
  244. Lemons in the Stock and Bond Markets
  245. Tools to Help Solve Adverse Selection Problems
  246. Private Production and Sale of Information
  247. Government Regulation to Increase Information
  248. Financial Intermediation
  249. Collateral and Net Worth
  250. Summary
  251. How Moral Hazard Affects the Choice Between Debt and Equity Contracts
  252. Moral Hazard in Equity Contracts: The Principal–Agent Problem
  253. Tools to Help Solve the Principal–Agent Problem
  254. Production of Information: Monitoring
  255. Government Regulation to Increase Information
  256. Financial Intermediation
  257. Debt Contracts
  258. How Moral Hazard Influences Financial Structure in Debt Markets
  259. Tools to Help Solve Moral Hazard in Debt Contracts
  260. Net Worth and Collateral
  261. Monitoring and Enforcement of Restrictive Covenants
  262. Financial Intermediation
  263. Summary
  264. Summary
  265. Key Terms
  266. Questions
  267. Applied Problems
  268. Data Analysis Problems
  269. Web Exercises
  270. Web References
  271. 9 Banking and the Management of Financial Institutions
  272. Preview
  273. Learning Objectives
  274. The Bank Balance Sheet
  275. Liabilities
  276. Checkable Deposits
  277. Nontransaction Deposits
  278. Borrowings
  279. Bank Capital
  280. Assets
  281. Reserves
  282. Cash Items in Process of Collection
  283. Deposits at Other Banks
  284. Securities
  285. Loans
  286. Other Assets
  287. Basic Banking
  288. General Principles of Bank Management
  289. Liquidity Management and the Role of Reserves
  290. Asset Management
  291. Liability Management
  292. Capital Adequacy Management
  293. How Bank Capital Helps Prevent Bank Failure
  294. How the Amount of Bank Capital Affects Returns to Equity Holders
  295. Trade-Off Between Safety and Returns to Equity Holders
  296. Bank Capital Requirements
  297. Managing Credit Risk
  298. Screening and Monitoring
  299. Screening
  300. Specialization in Lending
  301. Monitoring and Enforcement of Restrictive Covenants
  302. Long-Term Customer Relationships
  303. Loan Commitments
  304. Collateral and Compensating Balances
  305. Credit Rationing
  306. Managing Interest-Rate Risk
  307. Gap and Duration Analysis
  308. Off-Balance-Sheet Activities
  309. Loan Sales
  310. Generation of Fee Income
  311. Trading Activities and Risk Management Techniques
  312. Summary
  313. Key Terms
  314. Questions
  315. Applied Problems
  316. Data Analysis Problems
  317. Web Exercises
  318. Web References
  319. 10 Economic Analysis of Financial Regulation
  320. Preview
  321. Learning Objectives
  322. Asymmetric Information as a Rationale for Financial Regulation
  323. Government Safety Net
  324. Bank Panics and the Need for Deposit Insurance
  325. Other Forms of the Government Safety Net
  326. Drawbacks of the Government Safety Net
  327. Moral Hazard and the Government Safety Net
  328. Adverse Selection and the Government Safety Net
  329. “Too Big to Fail”
  330. Financial Consolidation and the Government Safety Net
  331. Types of Financial Regulation
  332. Restrictions on Asset Holdings
  333. Capital Requirements
  334. Prompt Corrective Action
  335. Financial Supervision: Chartering and Examination
  336. Assessment of Risk Management
  337. Disclosure Requirements
  338. Consumer Protection
  339. Restrictions on Competition
  340. Summary
  341. Summary
  342. Key Terms
  343. Questions
  344. Applied Problems
  345. Data Analysis Problems
  346. Web Exercise
  347. Web References
  348. 11 Banking Industry: Structure and Competition
  349. Preview
  350. Learning Objectives
  351. Historical Development of the Banking System
  352. Multiple Regulatory Agencies
  353. Financial Innovation and the Growth of the “Shadow Banking System”
  354. Responses to Changes in Demand Conditions: Interest-Rate Volatility
  355. Adjustable-Rate Mortgages
  356. Financial Derivatives
  357. Responses to Changes in Supply Conditions: Information Technology
  358. Bank Credit and Debit Cards
  359. Electronic Banking
  360. Junk Bonds
  361. Commercial Paper Market
  362. Securitization and the Shadow Banking System
  363. How the Shadow Banking System Works
  364. Subprime Mortgage Market
  365. Avoidance of Existing Regulations
  366. Money Market Mutual Funds
  367. Sweep Accounts
  368. Financial Innovation and the Decline of Traditional Banking
  369. Decline in Cost Advantages in Acquiring Funds (Liabilities)
  370. Decline in Income Advantages on Uses of Funds (Assets)
  371. Banks’ Responses
  372. Decline of Traditional Banking in Other Industrialized Countries
  373. Structure of the U.S. Commercial Banking Industry
  374. Restrictions on Branching
  375. Response to Branching Restrictions
  376. Bank Holding Companies
  377. Automated Teller Machines
  378. Bank Consolidation and Nationwide Banking
  379. The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994
  380. What Will the Structure of the U.S. Banking Industry Look Like in the Future?
  381. Are Bank Consolidation and Nationwide Banking Good Things?
  382. Separation of Banking and Other Financial Service Industries
  383. Erosion of Glass-Steagall
  384. The Gramm-Leach-Bliley Financial Services Modernization Act of 1999: Repeal of Glass-Steagall
  385. Implications for Financial Consolidation
  386. Separation of Banking and Other Financial Services Industries Throughout the World
  387. Thrift Industry: Regulation and Structure
  388. Savings and Loan Associations
  389. Mutual Savings Banks
  390. Credit Unions
  391. International Banking
  392. Eurodollar Market
  393. Structure of U.S. Banking Overseas
  394. Foreign Banks in the United States
  395. Summary
  396. Key Terms
  397. Questions
  398. Data Analysis Problems
  399. Web Exercises
  400. Web References
  401. 12 Financial Crises
  402. Preview
  403. Learning Objectives
  404. What Is a Financial Crisis?
  405. Dynamics of Financial Crises
  406. Stage One: Initial Phase
  407. Credit Boom and Bust
  408. Asset-Price Boom and Bust
  409. Increase in Uncertainty
  410. Stage Two: Banking Crisis
  411. Stage Three: Debt Deflation
  412. The Global Financial Crisis of 2007–2009
  413. Causes of the 2007–2009 Financial Crisis
  414. Financial Innovation in the Mortgage Markets
  415. Agency Problems in the Mortgage Markets
  416. Asymmetric Information and Credit-Rating Agencies
  417. Effects of the 2007–2009 Financial Crisis
  418. Residential Housing Prices: Boom and Bust
  419. Deterioration of Financial Institutions’ Balance Sheets
  420. Run on the Shadow Banking System
  421. Global Financial Markets
  422. Failure of High-Profile Firms
  423. Height of the 2007–2009 Financial Crisis
  424. Government Intervention and the Recovery
  425. Response of Financial Regulation
  426. Macroprudential Versus Microprudential Supervision
  427. Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
  428. Consumer Protection
  429. Annual Stress Tests
  430. Resolution Authority
  431. Limits on Federal Reserve Lending
  432. Systemic Risk Regulation
  433. Volcker Rule
  434. Derivatives
  435. Too-Big-to-Fail and Future Regulation
  436. What Can Be Done About the Too-Big-to-Fail Problem?
  437. Break Up Large, Systemically Important Financial Institutions
  438. Higher Capital Requirements
  439. Leave It to Dodd-Frank
  440. Beyond Dodd-Frank: Where Might Regulation Head in the Future?
  441. Consumer Protection
  442. Resolution Authority
  443. Volcker Rule
  444. Derivatives Trading
  445. Government-Sponsored Enterprises (GSEs)
  446. Summary
  447. Key Terms
  448. Questions
  449. Data Analysis Problems
  450. Web Exercises
  451. Web Reference
  452. Part 4 Central Banking and the Conduct of Monetary Policy Crisis and Response: The Federal Reserve and the Global Financial Crisis
  453. 13 Central Banks and the Federal Reserve System
  454. Preview
  455. Learning Objectives
  456. Origins of the Federal Reserve System
  457. Structure of the Federal Reserve System
  458. Federal Reserve Banks
  459. Member Banks
  460. Board of Governors of the Federal Reserve System
  461. Federal Open Market Committee (FOMC)
  462. Why the Chair of the Board of Governors Really Runs the Show
  463. How Independent Is the Fed?
  464. Should the Fed be Independent?
  465. The Case for Independence
  466. The Case Against Independence
  467. Central Bank Independence and Macroeconomic Performance Throughout the World
  468. Explaining Central Bank Behavior
  469. Structure and Independence of the European Central Bank
  470. Differences Between the European System of Central Banks and the Federal Reserve System
  471. Governing Council
  472. How Independent Is the ECB?
  473. Structure and Independence of Other Foreign Central Banks
  474. Bank of Canada
  475. Bank of England
  476. Bank of Japan
  477. The Trend Toward Greater Independence
  478. Summary
  479. Key Terms
  480. Questions
  481. Data Analysis Problems
  482. Web Exercises
  483. Web References
  484. 14 The Money Supply Process
  485. Preview
  486. Learning Objectives
  487. Three Players in the Money Supply Process
  488. The Fed’s Balance Sheet
  489. Liabilities
  490. Assets
  491. Control of the Monetary Base
  492. Federal Reserve Open Market Operations
  493. Open Market Purchase
  494. Open Market Sale
  495. Shifts from Deposits into Currency
  496. Loans to Financial Institutions
  497. Other Factors That Affect the Monetary Base
  498. Overview of the Fed’s Ability to Control the Monetary Base
  499. Multiple Deposit Creation: A Simple Model
  500. Deposit Creation: The Single Bank
  501. Deposit Creation: The Banking System
  502. Deriving the Formula for Multiple Deposit Creation
  503. Critique of the Simple Model
  504. Factors That Determine the Money Supply
  505. Changes in the Nonborrowed Monetary Base, MBn
  506. Changes in Borrowed Reserves, BR, from the Fed
  507. Changes in the Required Reserve Ratio, rr
  508. Changes in Excess Reserves
  509. Changes in Currency Holdings
  510. Overview of the Money Supply Process
  511. The Money Multiplier
  512. Deriving the Money Multiplier
  513. Intuition Behind the Money Multiplier
  514. Money Supply Response to Changes in the Factors
  515. Summary
  516. Key Terms
  517. Questions
  518. Applied Problems
  519. Data Analysis Problems
  520. Web Exercises
  521. Web References
  522. 15 Tools of Monetary Policy
  523. Preview
  524. Learning Objectives
  525. The Market for Reserves and the Federal Funds Rate
  526. Demand and Supply in the Market for Reserves
  527. Demand Curve
  528. Supply Curve
  529. Market Equilibrium
  530. How Changes in the Tools of Monetary Policy Affect the Federal Funds Rate
  531. Open Market Operations
  532. Discount Lending
  533. Reserve Requirements
  534. Interest on Reserves
  535. Conventional Monetary Policy Tools
  536. Open Market Operations
  537. Discount Policy and the Lender of Last Resort
  538. Operation of the Discount Window
  539. Lender of Last Resort
  540. Reserve Requirements
  541. Interest on Reserves
  542. Relative Advantages of the Different Tools
  543. Nonconventional Monetary Policy Tools and Quantitative Easing
  544. Liquidity Provision
  545. Large-Scale Asset Purchases
  546. Quantitative Easing Versus Credit Easing
  547. Forward Guidance
  548. Negative Interest Rates on Banks’ Deposits
  549. Monetary Policy Tools of the European Central Bank
  550. Open Market Operations
  551. Lending to Banks
  552. Interest on Reserves
  553. Reserve Requirements
  554. Summary
  555. Key Terms
  556. Questions
  557. Applied Problems
  558. Data Analysis Problems
  559. Web Exercises
  560. Web References
  561. 16 The Conduct of Monetary Policy: Strategy and Tactics
  562. Preview
  563. Learning Objectives
  564. The Price Stability Goal and the Nominal Anchor
  565. The Role of a Nominal Anchor
  566. The Time-Inconsistency Problem
  567. Other Goals of Monetary Policy
  568. High Employment and Output Stability
  569. Economic Growth
  570. Stability of Financial Markets
  571. Interest-Rate Stability
  572. Stability in Foreign Exchange Markets
  573. Should Price Stability Be the Primary Goal of Monetary Policy?
  574. Hierarchical Versus Dual Mandates
  575. Price Stability as the Primary, Long-Run Goal of Monetary Policy
  576. Inflation Targeting
  577. Inflation Targeting in New Zealand, Canada, and the United Kingdom
  578. New Zealand
  579. Canada
  580. United Kingdom
  581. Advantages of Inflation Targeting
  582. Reduction of the Time-Inconsistency Problem
  583. Increased Transparency
  584. Increased Accountability
  585. Consistency with Democratic Principles
  586. Improved Performance
  587. Disadvantages of Inflation Targeting
  588. Delayed Signaling
  589. Too Much Rigidity
  590. Potential for Increased Output Fluctuations
  591. Low Economic Growth
  592. The Evolution of the Federal Reserve’s Monetary Policy Strategy
  593. The Fed’s “Just Do It” Monetary Policy Strategy
  594. The Long Road to Inflation Targeting
  595. Lessons for Monetary Policy Strategy from the Global Financial Crisis
  596. Implications for Inflation Targeting
  597. Level of the Inflation Target
  598. Flexibility of Inflation Targeting
  599. Should Central Banks Try to Stop Asset-Price Bubbles?
  600. Two Types of Asset-Price Bubbles
  601. Credit-Driven Bubbles
  602. Bubbles Driven Solely by Irrational Exuberance
  603. The Debate over Whether Central Banks Should Try to Pop Bubbles
  604. Con: Why Central Banks Should Not Try to Prick Asset-Price Bubbles but Should Just Clean Up After They Burst
  605. Pro: Why Central Banks Should Try to Pop Bubbles
  606. Macroprudential Policies
  607. Monetary Policy
  608. Tactics: Choosing the Policy Instrument
  609. Criteria for Choosing the Policy Instrument
  610. Observability and Measurability
  611. Controllability
  612. Predictable Effect on Goals
  613. Tactics: The Taylor Rule
  614. Summary
  615. Key Terms
  616. Questions
  617. Applied Problems
  618. Data Analysis Problems
  619. Web Exercises
  620. Web References
  621. Part 5 International Finance and Monetary Policy Crisis and Response: Foreign Exchange Market Turmoil and the IMF
  622. 17 The Foreign Exchange Market
  623. Preview
  624. Learning Objectives
  625. Foreign Exchange Market
  626. What Are Foreign Exchange Rates?
  627. Why Are Exchange Rates Important?
  628. How Is Foreign Exchange Traded?
  629. Exchange Rates in the Long Run
  630. Theory of Purchasing Power Parity
  631. Evidence on Purchasing Power Parity
  632. Why the Theory of Purchasing Power Parity Cannot Fully Explain Exchange Rates
  633. PPP Does Not Hold Exactly, But It Has Predictive Power
  634. Departures from PPP: Overvaluations and Undervaluations
  635. Factors That Affect Exchange Rates in the Long Run
  636. Relative Price Levels
  637. Trade Barriers
  638. Preferences for Domestic Versus Foreign Goods
  639. Productivity
  640. Exchange Rates in the Short Run: A Supply and Demand Analysis
  641. Supply Curve for Domestic Assets
  642. Demand Curve for Domestic Assets
  643. Equilibrium in the Foreign Exchange Market
  644. Explaining Changes in Exchange Rates
  645. Shifts in the Demand for Domestic Assets
  646. Domestic Interest Rate, iD
  647. Foreign Interest Rate, iF
  648. Changes in the Expected Future Exchange Rate,
  649. Recap: Factors That Change the Exchange Rate
  650. Summary
  651. Key Terms
  652. Questions
  653. Applied Problems
  654. Data Analysis Problems
  655. Web Exercises
  656. Web References
  657. Appendix to Chapter 17 The Interest Parity Condition
  658. Comparing Expected Returns on Domestic and Foreign Assets
  659. Interest Parity Condition
  660. 18 The International Financial System
  661. Learning Objectives
  662. Preview
  663. Intervention in the Foreign Exchange Market
  664. Foreign Exchange Intervention and the Money Supply
  665. Unsterilized Intervention
  666. Sterilized Intervention
  667. Balance of Payments
  668. Current Account
  669. Financial Account
  670. Exchange Rate Regimes in the International Financial System
  671. Gold Standard
  672. The Bretton Woods System
  673. How a Fixed Exchange Rate Regime Works
  674. Devaluation and Revaluation
  675. Perfect Capital Mobility
  676. Speculative Attacks
  677. The Policy Trilemma
  678. Monetary Unions
  679. Managed Float
  680. Capital Controls
  681. Controls on Capital Outflows
  682. Controls on Capital Inflows
  683. The Role of the IMF
  684. Should the IMF Act as an International Lender of Last Resort?
  685. International Considerations and Monetary Policy
  686. Direct Effects of the Foreign Exchange Market on Monetary Policy
  687. Exchange Rate Considerations
  688. To Peg or Not to Peg: Exchange-Rate Targeting as an Alternative Monetary Policy Strategy
  689. Advantages of Exchange-Rate Targeting
  690. Disadvantages of Exchange-Rate Targeting
  691. When Is Exchange-Rate Targeting Desirable for Industrialized Countries?
  692. When Is Exchange-Rate Targeting Desirable for Emerging Market Countries?
  693. Currency Boards
  694. Dollarization
  695. Summary
  696. Key Terms
  697. Questions
  698. Applied Problems
  699. Data Analysis Problems
  700. Web Exercises
  701. Web References
  702. Part 6 Monetary Theory Crisis and Response: The Perfect Storm of 2007–2009
  703. 19 Quantity Theory, Inflation, and the Demand for Money
  704. Preview
  705. Learning Objectives
  706. Quantity Theory of Money
  707. Velocity of Money and Equation of Exchange
  708. Determinants of Velocity
  709. Demand for Money
  710. From the Equation of Exchange to the Quantity Theory of Money
  711. Quantity Theory and the Price Level
  712. Quantity Theory and Inflation
  713. Budget Deficits and Inflation
  714. Government Budget Constraint
  715. Hyperinflation
  716. Keynesian Theories of Money Demand
  717. Transactions Motive
  718. Precautionary Motive
  719. Speculative Motive
  720. Putting the Three Motives Together
  721. Portfolio Theories of Money Demand
  722. Theory of Portfolio Choice and Keynesian Liquidity Preference
  723. Other Factors That Affect the Demand for Money
  724. Wealth
  725. Risk
  726. Liquidity of Other Assets
  727. Summary
  728. Empirical Evidence for the Demand for Money
  729. Interest Rates and Money Demand
  730. Stability of Money Demand
  731. Summary
  732. Key Terms
  733. Questions
  734. Applied Problems
  735. Data Analysis Problems
  736. Web Exercises
  737. Web References
  738. 20 The IS Curve
  739. Preview
  740. Learning Objectives
  741. Planned Expenditure and Aggregate Demand
  742. The Components of Aggregate Demand
  743. Consumption Expenditure
  744. Consumption Function
  745. Planned Investment Spending
  746. Fixed Investment
  747. Inventory Investment
  748. Planned Investment Spending and Real Interest Rates
  749. Planned Investment and Business Expectations
  750. Investment Function
  751. Government Purchases and Taxes
  752. Government Purchases
  753. Taxes
  754. Net Exports
  755. Real Interest Rates and Net Exports
  756. Autonomous Net Exports
  757. Net Export Function
  758. Goods Market Equilibrium
  759. Solving for Goods Market Equilibrium
  760. Deriving the IS Curve
  761. Understanding the IS Curve
  762. What the IS Curve Tells Us: Intuition
  763. What the IS Curve Tells Us: Numerical Example
  764. Why the Economy Heads Toward Equilibrium
  765. Factors That Shift the IS Curve
  766. Changes in Government Purchases
  767. Changes in Taxes
  768. Changes in Autonomous Spending
  769. Autonomous Consumption
  770. Autonomous Investment Spending
  771. Autonomous Net Exports
  772. Changes in Financial Frictions
  773. Summary of Factors That Shift the IS Curve
  774. Summary
  775. Key Terms
  776. Questions
  777. Applied Problems
  778. Data Analysis Problems
  779. Web Exercises
  780. Web References
  781. 21 The Monetary Policy and Aggregate Demand Curves
  782. Preview
  783. Learning Objectives
  784. The Federal Reserve and Monetary Policy
  785. The Monetary Policy Curve
  786. The Taylor Principle: Why the Monetary Policy Curve Has an Upward Slope
  787. Shifts in the MP Curve
  788. Movements Along Versus Shifts in the MP Curve
  789. The Aggregate Demand Curve
  790. Deriving the Aggregate Demand Curve Graphically
  791. Factors That Shift the Aggregate Demand Curve
  792. Shifts in the IS Curve
  793. Shifts in the MP Curve
  794. Summary
  795. Key Terms
  796. Questions
  797. Applied Problems
  798. Data Analysis Problems
  799. Web Exercises
  800. Web References
  801. 22 Aggregate Demand and Supply Analysis
  802. Preview
  803. Learning Objectives
  804. Aggregate Demand
  805. Deriving the Aggregate Demand Curve
  806. Factors That Shift the Aggregate Demand Curve
  807. Aggregate Supply
  808. Long-Run Aggregate Supply Curve
  809. Short-Run Aggregate Supply Curve
  810. Expected Inflation, πe
  811. Output Gap
  812. Inflation (Supply) Shocks
  813. Short-Run Aggregate Supply Curve
  814. Why the Short-Run Aggregate Supply Curve Is Upward-Sloping
  815. Price Stickiness and the Short-Run Aggregate Supply Curve
  816. Shifts in the Aggregate Supply Curves
  817. Shifts in the Long-Run Aggregate Supply Curve
  818. Shifts in the Short-Run Aggregate Supply Curve
  819. Expected Inflation
  820. Inflation Shock
  821. Persistent Output Gap
  822. Equilibrium in Aggregate Demand and Supply Analysis
  823. Short-Run Equilibrium
  824. How the Short-Run Equilibrium Moves to the Long-Run Equilibrium over Time
  825. Self-Correcting Mechanism
  826. Changes in Equilibrium: Aggregate Demand Shocks
  827. Changes in Equilibrium: Aggregate Supply (INFLATION) Shocks
  828. Temporary Supply Shocks
  829. Permanent Supply Shocks and Real Business Cycle Theory
  830. Conclusions
  831. AD/AS Analysis of Foreign Business Cycle Episodes
  832. Summary
  833. Key Terms
  834. Questions
  835. Applied Problems
  836. Data Analysis Problems
  837. Web Exercises
  838. Web References
  839. Appendix to Chapter 22 The Phillips Curve and the Short-Run Aggregate Supply Curve
  840. The Phillips Curve
  841. Phillips Curve Analysis in the 1960s
  842. The Friedman-Phelps Phillips Curve Analysis
  843. The Phillips Curve After the 1960s
  844. The Modern Phillips Curve
  845. The Modern Phillips Curve with Adaptive (Backward-Looking) Expectations
  846. The Short-Run Aggregate Supply Curve
  847. 23 Monetary Policy Theory
  848. Preview
  849. Learning Objectives
  850. Response of Monetary Policy to Shocks
  851. Response to an Aggregate Demand Shock
  852. No Policy Response
  853. Policy Stabilizes Economic Activity and Inflation in the Short Run
  854. Response to a Permanent Supply Shock
  855. No Policy Response
  856. Policy Stabilizes Inflation
  857. Response to a Temporary Supply Shock
  858. No Policy Response
  859. Policy Stabilizes Inflation in the Short Run
  860. Policy Stabilizes Economic Activity in the Short Run
  861. The Bottom Line: The Relationship Between Stabilizing Inflation and Stabilizing Economic Activity
  862. How Actively Should Policymakers Try to Stabilize Economic Activity?
  863. Lags and Policy Implementation
  864. Inflation: Always and Everywhere a Monetary Phenomenon
  865. Causes of Inflationary Monetary Policy
  866. High Employment Targets and Inflation
  867. Cost-Push Inflation
  868. Demand-Pull Inflation
  869. Cost-Push Versus Demand-Pull Inflation
  870. Monetary Policy at the Zero Lower Bound
  871. Deriving the Aggregate Demand Curve with the Zero Lower Bound
  872. The Disappearance of the Self-Correcting Mechanism at the Zero Lower Bound
  873. Summary
  874. Key Terms
  875. Questions
  876. Applied Problems
  877. Data Analysis Problems
  878. Web Exercises
  879. Web Reference
  880. 24 The Role of Expectations in Monetary Policy
  881. Preview
  882. Learning Objectives
  883. Lucas Critique of Policy Evaluation
  884. Econometric Policy Evaluation
  885. Policy Conduct: Rules or Discretion?
  886. Discretion and the Time-Inconsistency Problem
  887. Types of Rules
  888. The Case for Rules
  889. The Case for Discretion
  890. Constrained Discretion
  891. The Role of Credibility and a Nominal Anchor
  892. Benefits of a Credible Nominal Anchor
  893. Credibility and Aggregate Demand Shocks
  894. Positive Demand Shock
  895. Negative Demand Shock
  896. Credibility and Aggregate Supply Shocks
  897. Credibility and Anti-Inflation Policy
  898. Approaches to Establishing Central Bank Credibility
  899. Nominal GDP Targeting
  900. Appoint “Conservative” Central Bankers
  901. Summary
  902. Key Terms
  903. Questions
  904. Applied Problems
  905. Data Analysis Problems
  906. Web Exercises
  907. 25 Transmission Mechanisms of Monetary Policy
  908. Learning Objectives
  909. Preview
  910. Transmission Mechanisms of Monetary Policy
  911. Traditional Interest-Rate Channels
  912. Other Asset Price Channels
  913. Exchange Rate Effects on Net Exports
  914. Tobin’s q Theory
  915. Wealth Effects
  916. Credit View
  917. Bank Lending Channel
  918. Balance Sheet Channel
  919. Cash Flow Channel
  920. Unanticipated Price Level Channel
  921. Household Liquidity Effects
  922. Why Are Credit Channels Likely to Be Important?
  923. Lessons for Monetary Policy
  924. Summary
  925. Key Terms
  926. Questions
  927. Applied Problems
  928. Data Analysis Problems
  929. Web Exercises
  930. Web References
  931. Glossary
  932. Index

 

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