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Cover -- Contents -- Preface -- About the authors -- Guided tour -- Guided tour to MyEconLab -- Publisher's acknowledgements -- PART 1 INTRODUCTION -- CHAPTER 1 Why study money, banking and financial markets? -- Why study financial markets? -- Why study financial institutions and banking? -- Why study money and monetary policy? -- Why study international finance? -- How we will study money, banking and financial markets -- Concluding remarks -- Web exercise -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- APPENDIX TO CHAPTER 1 Defining aggregate output, income, the price level and the inflation rate -- CHAPTER 2 An overview of the financial system -- Function of financial markets -- Structure of financial markets -- Financial market instruments -- Internationalization of financial markets -- Function of financial intermediaries: indirect finance -- Types of financial intermediaries -- Regulation of the financial system -- Summary -- Key terms -- Questions and problems -- Web exercises -- Note -- Useful websites -- CHAPTER 3 What is money? A comparative approach to measuring money -- Meaning of money -- Functions of money -- Evolution of the payments system -- Measuring money -- Which is the most accurate monetary aggregate? -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- PART 2 FINANCIAL MARKETS -- CHAPTER 4 Understanding interest rates -- Measuring interest rates -- The distinction between interest rates and returns -- The distinction between real and nominal interest rates -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 5 The behaviour of interest rates -- Determinants of asset demand -- Supply and demand in the bond market -- Changes in equilibrium interest rates.
Supply and demand in the market for money: the liquidity preference framework -- Changes in equilibrium interest rates in the liquidity preference framework -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 6 The risk and term structure of interest rates -- Risk structure of interest rates -- Term structure of interest rates -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 7 The stock market, the theory of rational expectations and the efficient market hypothesis -- Computing the price of common stock -- How the market sets stock prices -- The theory of rational expectations -- The efficient market hypothesis: rational expectations in financial markets -- Behavioural finance -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- PART 3 FINANCIAL INSTITUTIONS -- CHAPTER 8 An economic analysis of financial structure -- Basic facts about financial structure throughout the world -- Transaction costs -- Asymmetric information: adverse selection and moral hazard -- The lemons problem: how adverse selection influences financial structure -- How moral hazard affects the choice between debt and equity contracts -- How moral hazard influences financial structure in debt markets -- Conflicts of interest -- Summary -- Key terms -- Questions and problems -- Web exercise -- Notes -- Useful website -- CHAPTER 9 Financial crises and the subprime meltdown -- Factors causing financial crises -- Dynamics of past financial crises in developed countries -- The subprime financial crisis of 2007-8 -- Dynamics of financial crises in emerging market economies -- Dynamics of the eurozone financial crisis -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites.
CHAPTER 10 Banking and the management of financial institutions -- The bank balance sheet -- Basic banking -- General principles of bank management -- Managing credit risk -- Managing interest-rate risk -- Off-balance-sheet activities -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 11 Economic analysis of financial regulation -- Asymmetric information and financial regulation -- Advantages and disadvantages of bank regulation -- Banking crises throughout the world -- Whither financial regulation after the subprime financial crisis? -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 12 Banking industry: structure and competition -- The single banking market in Europe -- Competition and bank consolidation -- Financial innovation and the growth of the 'shadow banking system' -- Structure of the European commercial banking industry -- International banking -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- PART 4 CENTRAL BANKING -- CHAPTER 13 The goals and structure of central banks -- The price stability goal and the nominal anchor -- Other possible goals of monetary policy -- Should price stability be the primary goal of monetary policy? -- Structure of central banks -- The Bank of England -- The Federal Reserve System -- The European Central Bank -- Other central banks around the world -- Should the central banks be independent? -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 14 The money supply process -- Three players in the money creation process -- The central bank's balance sheet -- Control of the monetary base -- Multiple deposit creation: a simple model -- The money multiplier -- Factors that determine the money supply.
Overview of the money creation process -- Limits of the central bank's ability to control the money supply -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 15 The tools of monetary policy -- The market for reserves and the overnight interest rate -- Open market operations -- Standing facilities -- Reserve requirements -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 16 The conduct of monetary policy: strategy and tactics -- Monetary targeting -- Inflation targeting -- Monetary policy with an implicit nominal anchor -- Tactics: choosing the policy instrument -- Tactics: the Taylor rule -- Central banks' response to asset-price bubbles: lessons from the subprime crisis -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- PART 5 INTERNATIONAL FINANCE AND MONETARY POLICY -- CHAPTER 17 The foreign exchange market: exchange rates and applications -- Foreign exchange market -- Exchange rates in the long run -- Exchange rates in the short run: a supply and demand analysis -- Explaining changes in exchange rates -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- APPENDIX TO CHAPTER 17: The interest parity condition -- CHAPTER 18 The international financial system -- Intervention in the foreign exchange market -- Balance of payments -- Exchange rate regimes in the international financial system -- Capital controls -- The role of the IMF -- International considerations and monetary policy -- To peg or not to peg: exchange-rate targeting as an alternative monetary policy strategy -- Currency boards, dollarization and monetary unions -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- PART 6 MONETARY THEORY.
CHAPTER 19 The demand for money -- Quantity theory of money -- Is velocity a constant? -- Keynes's liquidity preference theory -- Further developments in the Keynesian approach -- Friedman's modern quantity theory of money -- Distinguishing between the Friedman and Keynesian theories -- Empirical evidence on the demand for money -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 20 The ISLM model -- Determination of aggregate output -- The ISLM model -- ISLM approach to aggregate output and interest rates -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 21 Monetary and fiscal policy in the ISLM model -- Factors that cause the IS curve to shift -- Factors that cause the LM curve to shift -- Changes in equilibrium level of the interest rate and aggregate output -- Effectiveness of monetary versus fiscal policy -- ISLM model in the long run -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 22 Aggregate demand andsupply analysis -- Aggregate demand -- Aggregate supply -- Equilibrium in aggregate demand and supply analysis -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 23 Transmission mechanisms of monetary policy: the evidence -- Framework for evaluating empirical evidence -- Transmission mechanisms of monetary policy -- Lessons for monetary policy -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes -- Useful websites -- CHAPTER 24 Money and inflation -- Money and inflation: evidence -- Meaning of inflation -- Views of inflation -- Origins of inflationary monetary policy -- The discretionary/non-discretionary policy debate -- Summary -- Key terms -- Questions and problems -- Web exercises -- Notes.
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The economics of intangible investment / Elizabeth Webster
