货币金融学（英文版·原书第4版）——[好意思]弗雷德里克 S.米什金（Frederic S. Mishkin）
发布日期：2024-03-31 20:59 点击次数：154
目 录出书证据作家简介导读媒介术语表第一篇 导论第1章 为什么要商议货币、银行和金融商场 /21.1 商议金融商场的原因 /21.2 商议银行和其他金融机构的原因 /51.3 商议货币和货币政策的原因 /71.4 商议海外金融问题的原因 /121.5 商议货币、银行和金融商场经由中使用的法子 /141.6 完满语 /15本章小结 /15环节术语 /16想考题 /16诓骗题 /17数据分析题 /17辘集纯属 /18辘集参考 /18附录1A 关于总产出、总收入、物价水谦让通货推广率的界说/19第2章 金融体系概览 /222.1 金融商场的功能 /222.2 金融商场的结构 /252.3 金融商场用具 /272.4 金融商场的海外化 /312.5 金融中介机构的功能：盘曲融资 /332.6 金融中介机构的类型 /382.7 金融体系的监管 /42本章小结 /45环节术语 /46想考题 /46诓骗题 /47数据分析题 /48辘集纯属 /48辘集参考 /48第3章 什么是货币 /493.1 货币的含义 /493.2 货币的职能 /503.3 支付体系的演变 /533.4 货币的计量 /56本章小结 /59环节术语 /60想考题 /60诓骗题 /61数据分析题 /62辘集纯属 /62辘集参考 /62第二篇 金融商场第4章 剖判利率 /644.1 利率的计量 /644.2 利率和报酬率的区别 /754.3 本体利率和格式利率的区别 /79本章小结 /82环节术语 /82想考题 /82诓骗题 /83数据分析题 /84辘集纯属 /84辘集参考 /84辘集附录 /84第5章 利率行动 /855.1 钞票需求的决定身分 /855.2 债券商场的供给和需求 /885.3 平衡利率的变动情况 /915.4 货币商场的供给和需求：流动性偏好表面 /1015.5 流动性偏好表面中的平衡利率变动 /1045.6 货币和利率 /107本章小结 /112环节术语 /112想考题 /112诓骗题 /113数据分析题 /114辘集纯属 /115辘集参考 /115辘集附录 /115第6章 利率的风险与期限结构 /1166.1 利率风险的结构 /1166.2 利率的期限结构 /124本章小结 /136环节术语 /136想考题 /136诓骗题 /138数据分析题 /138辘集纯属 /139辘集参考 /139第7章 股票商场、感性预期表面和灵验商场假说 /1407.1 平庸股股票价钱的计较 /1407.2 股票商场的订价机制 /1437.3 感性预期表面 /1457.4 灵验商场假说：金融商场中的感性预期表面 /1497.5 为什么灵验商场假说并不料味着金融商场是灵验的 /1557.6 行动金融 /156本章小结 /157环节术语 /158想考题 /158诓骗题 /159数据分析题 /160辘集纯属 /160辘集参考 /160辘集附录 /160第三篇 金融机构第8章 金融结构的经济学分析 /1628.1 宇宙列国金融结构的基本特征 /1628.2 往复成本 /1658.3 信息不合称：逆向弃取媾和德风险 /1678.4 次品车问题：逆向弃取如何影响金融结构 /1678.5 谈德风险如何影响债权合约和股权合约的弃取 /1738.6 谈德风险如何影响债务商场的金融结构 /176本章小结 /182环节术语 /183想考题 /183诓骗题 /184数据分析题 /185辘集纯属 /185辘集参考 /185第9章 银行业与金融机构经管 /1869.1 银行的钞票欠债表 /1869.2 银行的基本业务 /1909.3 银行经管的基本原则 /1939.4 信用风险经管 /2019.5 利率风险经管 /2059.6 表外业务行动 /208本章小结 /211环节术语 /212想考题 /212诓骗题 /213数据分析题 /213辘集纯属 /214辘集参考 /214第10章 金融监管的经济学分析 /21510.1 信息不合称与银行监管 /21510.2 金融监管类别 /220本章小结 /231环节术语 /231想考题 /231诓骗题 /232数据分析题 /232辘集纯属 /233辘集参考 /233第11章 银行业：结构与竞争 /23411.1 银行体系的发展历史 /23411.2 金融改进和“影子银行体系”的发展 /23711.3 好意思国生意银行业的结构 /24911.4 银行并购与全好意思畛域的银行业 /25211.5 银行业与其他金融服务业的分手 /25611.6 储蓄行业：监管和结构 /25811.7 海外银行业务 /260本章小结 /263环节术语 /264想考题 /264数据分析题 /265辘集纯属 /266辘集参考 /266第12章 金融危急 /26712.1 什么是金融危急 /26712.2 历史上好意思国金融危急的发祈望制 /26812.3 2007～2009年的大家金融危急 /27412.4 金融监管的响应 /28312.5 大而不倒和将来的监管 /285本章小结 /287环节术语 /288想考题 /288数据分析题 /289辘集纯属 /290辘集参考 /290辘集章节 /290第13章 非银行金融机构 /29113.1 保障业 /29113.2 养老基金 /29913.3 财务公司 /30213.4 证券商场运作 /30313.5 共同基金 /30513.6 对冲基金 /30713.7 私募股权投资基金和风险投资基金 /30813.8 政府金融中介机构 /309本章小结 /311环节术语 /312想考题 /312诓骗题 /313数据分析题 /313辘集纯属 /314辘集参考 /314第14章 金融生息用具 /31514.1 避险 /31514.2 远期利率合约 /31614.3 金融期货合约和金融期货商场 /31814.4 期权 /32514.5 互换 /33214.6 信用生息产物 /334本章小结 /338环节术语 /338想考题 /339诓骗题 /339数据分析题 /340辘集纯属 /340辘集参考 /340第15章 金融行业中的利益突破 /34115.1 利益突破过火伏击性 /34215.2 作事谈德和利益突破 /34215.3 利益突破的种类 /34315.4 商场不错物化利益突破吗 /34715.5 为了处理利益突破问题已采选了哪些门径 /34915.6 克服利益突破的政策的评估框架 /351本章小结 /356环节术语 /357想考题 /357辘集纯属 /358辘集参考 /358第四篇 中央银行与货币政策的制定第16章 中央银行与联邦储备体系 /36016.1 好意思国联邦储备体系的发祥 /36016.2 联邦储备体系的结构 /36116.3 联邦储备体系的孤独性 /37116.4 联邦储备体系应该保执孤独性吗 /37316.5 施展中央银行的行动 /37516.6 欧洲中央银行的结构与孤独性 /37716.7 其他国度中央银行的结构与孤独性 /379本章小结 /381环节术语 /382想考题 /382数据分析题 /383辘集纯属 /383辘集参考 /383第17章 货币供给经由 /38417.1 货币供给经由的三个参与者 /38417.2 联邦储备体系的钞票欠债表 /38417.3 基础货币的限定 /38617.4 多倍进款创造：一个简化的模子 /39117.5 决定货币供给的身分 /39717.6 货币供给经由综述 /39817.7 货币乘数 /399本章小结 /405环节术语 /405想考题 /405诓骗题 /406数据分析题 /407辘集纯属 /407辘集参考 /408第18章 货币政策用具 /40918.1 准备金商场和联邦基金利率 /40918.2 旧例货币政策用具 /41618.3 终点规货币政策用具和量化宽松 /42318.4 欧洲央行的货币政策用具 /429本章小结 /430环节术语 /431想考题 /431诓骗题 /432数据分析题 /433辘集纯属 /433辘集参考 /433第19章 货币政策的实验：政策与策略 /43419.1 物价踏实贪图和格式锚 /43419.2 货币政策的其他贪图 /43619.3 物价踏实应该是货币政策的紧要贪图吗 /43819.4 通货推广贪图制 /43919.5 好意思联储货币政策政策的变革 /44519.6 大家金融危急中的货币政策政策 /44919.7 中央银行应该试图拒接钞票价钱泡沫吗 /45119.8 策略：政策用具的弃取 /45519.9 策略：泰勒章程 /458本章小结 /462环节术语 /462想考题 /463诓骗题 /464数据分析题 /464辘集纯属 /465辘集参考 /466辘集诓骗 /466第五篇 海外金融与货币政策第20章 外汇商场 / 46820.1 外汇商场 /46820.2 永久汇率 /47120.3 短期汇率：供求分析 /47620.4 施展汇率的变动 /478本章小结 /487环节术语 /487想考题 /487诓骗题 /488数据分析题 /489辘集纯属 /489辘集参考 /490附录20A /491第21章 海外金融体系 /49521.1 外汇商场侵略 /49521.2 海出门入 /49921.3 海外金融体系下的汇率轨制 /50121.4 老本管制 /51021.5 IMF的劳动 /51121.6 海外身分和货币政策 /51221.7 盯住还是不盯住：当作货币政策政策的汇率贪图制 /513本章小结 /519环节术语 /520想考题 /520诓骗题 /521数据分析题 /522辘集纯属 /522辘集参考 /522第六篇 货币表面第22章 货币数目论、通货推广和货币需求 /52422.1 货币数目论 /52422.2 预算赤字和通货推广 /53022.3 凯恩斯的货币需求表面 /53322.4 货币需求钞票组合表面 /53422.5 货币需求的实证分析 /536本章小结 /538环节术语 /538想考题 /538诓骗题 /540数据分析题 /540辘集纯属 /541辘集参考 /541辘集附录 /541第23章 总需乞降总供给分析 /54323.1 总需求 /54323.2 总供给 /54923.3 总供给弧线的位移 /55123.4 总供给和总需求分析中的平衡 /55523.5 总需求冲击导致的平衡变动 /55923.6 平衡变动：总供给（通货推广）冲击 /56223.7 异邦经济周期AD/AS分析 /570本章小结 /574环节术语 /575想考题 /575诓骗题 /576数据分析题 /576辘集纯属 /577辘集参考 /577辘集附录 /577附录23A 菲利普斯弧线和短期总供给弧线 /578第24章 货币政策表面 /58724.1 货币政策对经济冲击的响应 /58724.2 政策制定者怎样主动地踏实经济行动 /59524.3 通货推广：无论何时何地王人是一种货币风物 /59624.4 通货推广型货币政策的根源 /59724.5 零利率下限的货币政策 /603本章小结 /612环节术语 /612想考题 /613诓骗题 /614数据分析题 /614辘集纯属 /615辘集参考 /615第25章 货币政策传导机制 /61625.1 货币政策传导机制 /61625.2 货币政策的启示 /625本章小结 /628环节术语 /628想考题 /628诓骗题 /629数据分析题 /630辘集纯属 /630辘集参考 /631辘集附录 /631Brief ContentsThe Publishers NoteAbout the AuthorForewordPrefaceGlossaryPART 1 INTRODUCTION 1 1 Why Study Money， Banking， and Financial Markets? ..2 2 An Overview of the Financial System .22 3 What Is Money? ..49ParT 2 FINANCIAL MARKETS 63 4 The Meaning of Interest Rates .64 5 The Behavior of Interest Rates ..85 6 The Risk and Term Structure of Interest Rates .116 7 The Stock Market， the Theory of Rational Expectations， and the Efficient Market Hypothesis ..140ParT 3 Financial Institutions 161 8 An Economic Analysis of Financial Structure .162 9 Banking and the Management of Financial Institutions .186 10 Economic Analysis of Financial Regulation .215 11 Banking Industry: Structure and Competition .234 12 Financial Crises ..267 13 Nonbank Finance .291 14 Financial Derivatives ..315 15 Conflicts of Interest in the Financial Industry ..341ParT 4 Central Banking and the Conduct of Monetary Policy 359 16 Central Banks and the Federal Reserve System .360 17 The Money Supply Process ..384 18 Tools of Monetary Policy .409 19 The Conduct of Monetary Policy: Strategy and Tactics ..434ParT 5 International Finance and Monetary Policy 467 20 The Foreign Exchange Market ..468 21 The International Financial System ..495ParT 6 Monetary Theory 523 22 Quantity Theory， Inflation， and the Demand for Money .524 23 Aggregate Demand and Supply Analysis ..543 24 Monetary Policy Theory .587 25 Transmission Mechanisms of Monetary Policy ..616Contents in DeatilThe Publishers NoteAbout the AuthorForewordPrefaceGlossaryParT 1 Introduction 1CHAPTER 1Why Study Money， Banking， and Financial Markets? 2Why Study Financial Markets? ..2The Bond Market and Interest Rates .3The Stock Market ..3Why Study Financial Institutions and Banking? ..5Structure of the Financial System ..6Banks and Other Financial Institutions ..6Financial Innovation ..6Financial Crises .7Why Study Money and Monetary Policy? .7Money and Business Cycles ..7Money and Inflation .8Money and Interest Rates .10Conduct of Monetary Policy ..10Fiscal Policy and Monetary Policy .11Why Study International Finance? ..12The Foreign Exchange Market ..12The International Financial System .14How We Will Study Money， Banking， and Financial Markets ..14Exploring the Web ..15Concluding Remarks.15Summary 15 ? Key Terms 16 ? Questions 16 ? Applied Problems 17 ? Data Analysis Problems 17 ? Web Exercises 18 ? Web References 18aPPendiX To chaPTer 1Defining Aggregate Output， Income， the Price Level， and the Inflation Rate 19Aggregate Output and Income .19Real Versus Nominal Magnitudes .19Aggregate Price Level ..20Growth Rates and the Inflation Rate .21CHAPTER 2An Overview of the Financial System 22Function of Financial Markets .22Structure of Financial Markets ..25Debt and Equity Markets .25Primary and Secondary Markets .25Exchanges and Over-the-Counter Markets ..26Money and Capital Markets .27ForewordPrefaceAbout Contents in DetailFinancial Market Instruments .27Money Market Instruments .27following the financial news Money Market Rates 28Capital Market Instruments ..29following the financial news Capital Market Interest Rates 30Internationalization of Financial Markets .31Global Are U.S. Capital Markets Losing Their Edge? 32International Bond Market， Eurobonds， and Eurocurrencies ..32World Stock Markets .33Function of Financial Intermediaries: Indirect Finance ..33Following the financial news Foreign Stock Market Indexes 34Transaction Costs ..34Global The Importance of Financial Intermediaries Relative to Securities Markets: An International Comparison 35Risk Sharing .36Asymmetric Information: Adverse Selection and Moral Hazard ..36Economies of Scope and Conflicts of Interest ..38Types of Financial Intermediaries ..38Depository Institutions .38Contractual Savings Institutions ..40Investment Intermediaries .41Regulation of the Financial System ..42Increasing Information Available to Investors ..42Ensuring the Soundness of Financial Intermediaries .43Financial Regulation Abroad.45Summary 45 ? Key Terms 46 ? Questions 46 ? Applied Problems 47 ? Data Analysis Problems 48 ? Web Exercises 48 ? Web References 48CHAPTER 3What Is Money? 49Meaning of Money ..49Functions of Money .50Medium of Exchange ..50Unit of Account .51Store of Value .52Evolution of the Payments System ..53Commodity Money .53Fiat Money ..53Checks ..53Electronic Payment ..54E-Money .54FYI Are We Headed for a Cashless Society? 55PPLICATION Will Bitcoin Become the Money of the Future? .55Measuring Money ..56The Federal Reserve’s Monetary Aggregates .56Following the financial news The Monetary Aggregates 57FYI Where Are All the U.S. Dollars? 58Summary 59 ? Key Terms 60 ? Questions 60 ? Applied Problems 61 ? Data Analysis Problems 62 ? Web Exercises 62 ? Web References 62PART Financial Markets 63CHAPTER 4The Meaning of Interest Rates 64Measuring Interest Rates ..64Present Value . 64APPLICATION Simple Present Value . 66APPLICATION How Much Is That Jackpot Worth? . 66Four Types of Credit Market Instruments . 67Yield to Maturity . 68APPLICATION Yield to Maturity on a Simple Loan . 68APPLICATION Yield to Maturity and the Yearly Payment on a Fixed-Payment Loan .. 70APPLICATION Yield to Maturity and Bond Price for a Coupon Bond .. 71APPLICATION Yield to Maturity on a Perpetuity .. 73APPLICATION Yield to Maturity on a Discount Bond . 74The Distinction Between Interest Rates and Returns.75Maturity and the Volatility of Bond Returns: Interest-Rate Risk . 78Summary . 79The Distinction Between Real and Nominal Interest Rates .79APPLICATION Calculating Real Interest Rates .. 80Summary 82 ? Key Terms 82 ? Questions 82 ? Applied Problems 83 ? Data Analysis Problems 84 ? Web Exercises 84 ? Web References 84CHAPTER 4 WEB APPENDIXMeasuring Interest-Rate Risk: DurationGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER 5The Behavior of Interest Rates 85Determinants of Asset Demand ..85Wealth .. 86Expected Returns .. 86Risk .. 86Liquidity . 87Theory of Portfolio Choice .. 87Supply and Demand in the Bond Market .88Demand Curve .. 88Supply Curve .. 89Market Equilibrium . 90Supply and Demand Analysis .. 91Changes in Equilibrium Interest Rates .91Shifts in the Demand for Bonds . 92Shifts in the Supply of Bonds. 95APPLICATION Changes in the Interest Rate Due to Expected Inflation: The Fisher Effect .. 97APPLICATION Changes in the Interest Rate Due to a Business Cycle Expansion .. 99APPLICATION Explaining Low Japanese Interest Rates ..100Supply and Demand in the Market for Money: The Liquidity Preference Framework ..101Changes in Equilibrium Interest Rates in the Liquidity Preference Framework.104Shifts in the Demand for Money .. 104Shifts in the Supply of Money.. 104APPLICATION Changes in the Equilibrium Interest Rate Due to Changes in Income， the Price Level， or the Money Supply .105Changes in Income .. 106Changes in the Price Level . 106Changes in the Money Supply .. 106Money and Interest Rates ..107APPLICATION Does a Higher Rate of Growth of the Money Supply Lower Interest Rates? .109Summary 112 ? Key Terms 112 ? Questions 112 ? Applied Problems 113 ? Data Analysis Problems 114 ? Web Exercises 115 ? Web References 115CHAPTER 5 WEB APPENDIX 1Models of Asset PricingGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER 5 WEB APPENDIX 2Applying the Asset Market Approach to a Commodity Market: The Case of GoldGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER 5 WEB APPENDIX 3Loanable Funds FrameworkGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER 6The Risk and Term Structure of Interest Rates 116Risk Structure of Interest Rates ..116Default Risk . 116fyi Conflicts of Interest at Credit-Rating Agencies and the Global Financial Crisis 120APPLICATION The Global Financial Crisis and the Baa-Treasury Spread .. 121Liquidity . 121Income Tax Considerations . 122Summary . 123APPLICATION Effects of the Obama Tax Increase on Bond Interest Rates .123Term Structure of Interest Rates ..124following the financial news Yield Curves 124Expectations Theory .. 126Segmented Markets Theory .. 129Liquidity Premium and Preferred Habitat Theories . 130Evidence on the Term Structure .. 133FYI The Yield Curve as a Forecasting Tool for Inflation and the Business Cycle 134Summary .. 134APPLICATION Interpreting Yield Curves， 1980–2014 ..134Summary 136 ? Key Terms 136 ? Questions 136 ? Applied Problems 138 ? Data Analysis Problems 138 ? Web Exercises 139 ? Web References 139CHAPTER 7The Stock Market， the Theory of Rational Expectations， and the Efficient Market Hypothesis 140Computing the Price of Common Stock ..140The One-Period Valuation Model .. 141The Generalized Dividend Valuation Model .. 142The Gordon Growth Model . 142How the Market Sets Stock Prices .143APPLICATION Monetary Policy and Stock Prices .145APPLICATION The Global Financial Crisis and the Stock Market .145The Theory of Rational Expectations ..145Formal Statement of the Theory .. 147Rationale Behind the Theory .. 147Implications of the Theory .. 148The Efficient Market Hypothesis: Rational Expectations in Financial Markets .149Rationale Behind the Hypothesis .. 150Random-Walk Behavior of Stock Prices .. 151global Should Foreign Exchange Rates Follow a Random Walk? 152APPLICATION Practical Guide to Investing in the Stock Market .152How Valuable Are Reports Published by Investment Advisers? . 152Should You Be Skeptical of Hot Tips? . 153FYI Should You Hire an Ape as Your Investment Adviser? 154Do Stock Prices Always Rise When There Is Good News? .. 154Efficient Market Prescription for the Investor . 154Why the Efficient Market Hypothesis Does Not Imply That Financial Markets are Efficient ..155APPLICATION What Do Stock Market Crashes Tell Us About the Efficient Market Hypothesis and the Efficiency of Financial Markets? ..156Behavioral Finance .156Summary 157 ? Key Terms 158 ? Questions 158 ? Applied Problems 159 ? Data Analysis Problems 160 ? Web?Exercises 160 ? Web References 160CHAPTER7 WEB APPENDIXEvidence on the Efficient Market HypothesisGo to the Companion Website， http://www.pearsonhighered.com/mishkinPART Financial Institutions 161CHAPTER 8An Economic Analysis of Financial Structure 162Basic Facts About Financial Structure Throughout the World ..162Transaction Costs .165How Transaction Costs Influence Financial Structure . 165How Financial Intermediaries Reduce Transaction Costs .. 166Asymmetric Information: Adverse Selection and Moral Hazard .167The Lemons Problem: How Adverse Selection Influences Financial Structure .167Lemons in the Stock and Bond Markets. 168Tools to Help Solve Adverse Selection Problems . 168FYI The Enron Implosion 170How Moral Hazard Affects the Choice Between Debt and Equity Contracts..173Moral Hazard in Equity Contracts: The Principal–Agent Problem . 173Tools to Help Solve the Principal–Agent Problem . 174How Moral Hazard Influences Financial Structure in Debt Markets .176Tools to Help Solve Moral Hazard in Debt Contracts .. 176Summary . 178APPLICATION Financial Development and Economic Growth ..179FYI The Tyranny of Collateral 180APPLICATION Is China a Counterexample to the Importance of Financial Development? .181Summary 182 ? Key Terms 183 ? Questions 183 ? Applied Problems 184 ? Data Analysis Problems 185 ? Web Exercises 185 ? Web References 185CHAPTER 9Banking and the Management of Financial Institutions 186The Bank Balance Sheet .186Liabilities . 186Assets .. 189Basic Banking .190General Principles of Bank Management .193Liquidity?Management?and?the?Role?of?Reserves .. 193Asset?Management . 196Liability?Management .. 197Capital?Adequacy?Management . 198APPLICATION Strategies for Managing Bank Capital .200APPLICATION How a Capital Crunch Caused a Credit Crunch During the Global Financial Crisis .201Managing Credit Risk ..201Screening and Monitoring . 202Long-Term Customer Relationships . 203Loan Commitments . 204Collateral and Compensating Balances .. 204Credit Rationing .. 205Managing Interest-Rate Risk..205Gap and Duration Analysis . 206APPLICATION Strategies for Managing Interest-Rate Risk ..207Off-Balance-Sheet Activities .208Loan Sales . 208Generation of Fee Income . 208Trading Activities and Risk Management Techniques .. 209Global Barings，?Daiwa， Sumitomo， Société\u8194XGénérale，?and?JP?Morgan?Chase:?Rogue Traders and the Principal–Agent Problem 210Summary 211 ? Key Terms 212 ? Questions 212 ? Applied Problems 213 ? Data Analysis Problems 213 ? Web?Exercises 214 ? Web References 214CHAPTER 9 WEb APPEndix 1Duration Gap AnalysisGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER 9 WEb APPEndix 2Measuring Bank PerformanceGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER10Economic Analysis of Financial Regulation 215Asymmetric Information as a Rationale for Financial Regulation .215Government Safety Net . 215global The Spread of Government Deposit Insurance Throughout the World: Is This a Good Thing? 217Drawbacks of the Government Safety Net .. 218Types of Financial Regulation .220Restrictions on Asset Holdings . 220Capital Requirements .. 220Prompt Corrective Action .. 221global Where Is the Basel Accord Heading After the Global Financial Crisis? 222Financial Supervision: Chartering and Examination .. 223Assessment of Risk Management .. 224Disclosure Requirements . 225FYI Mark-to-Market Accounting and the Global Financial Crisis 226Consumer Protection . 226Restrictions on Competition . 227Summary . 227Global International Financial Regulation 228Summary? 231 ? Key Terms 231 ? Questions? 231 ? Applied Problems 232? ????Data Analysis Problems 232 ? Web?Exercises? 233 ? Web References 233CHAPTER10 WEB APPENDIX 1The 1980s Banking and Savings and Loan CrisisGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER10 WEB APPENDIX 2Banking Crises Throughout the WorldGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER11Banking Industry: Structure and Competition 234Historical Development of the Banking System..234Multiple Regulatory Agencies .. 236Financial Innovation and the Growth of the “Shadow Banking System” ..237Responses to Changes in Demand Conditions: Interest-Rate Volatility .. 238Responses to Changes in Supply Conditions: Information Technology . 239FYI Will “Clicks” Dominate “Bricks” in the Banking Industry? 241Securitization and the Shadow Banking System .. 242Avoidance of Existing Regulations .. 243FYI Bruce Bent and the Money Market Mutual Fund Panic of 2008 245Financial Innovation and the Decline of Traditional Banking .. 246Structure of the U.S. Commercial Banking Industry ..249Restrictions on Branching .. 250Response to Branching Restrictions . 251Bank Consolidation and Nationwide Banking ..252The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 .. 253What Will the Structure of the U.S. Banking Industry Look Like in the Future? . 254Are Bank Consolidation and Nationwide Banking Good Things? .. 254Global Comparison of Banking Structure in the United States and Abroad 255Separation of Banking and Other Financial Service Industries .256Erosion of Glass-Steagall .. 256The Gramm-Leach-Bliley Financial Services Modernization Act of 1999: Repeal of Glass-Steagall .. 256Implications for Financial Consolidation .. 257FYI The Global Financial Crisis and the Demise of Large， Free-Standing Investment Banks 257Separation of Banking and Other Financial Services Industries Throughout the World. 258Thrift Industry: Regulation and Structure..258Savings and Loan Associations .. 258Mutual Savings Banks .. 259Credit Unions .. 259International Banking ..260Eurodollar Market . 260Global Ironic Birth of the Eurodollar Market 261Structure of U.S. Banking Overseas . 261Foreign Banks in the United States . 262Summary? 263 ? Key Terms 264 ? Questions? 264 ? Data?Analysis?Problems? 265 ? Web?Exercises? 266 ? Web References 266CHAPTER12Financial Crises 267What Is a Financial Crisis? ..267Dynamics of Financial Crises .268Stage One: Initial Phase . 268Stage Two: Banking Crisis .. 269Stage Three: Debt Deflation .. 271APPLICATION The Mother of All Financial Crises: The Great Depression .. 272Stock Market Crash . 272Bank Panics . 272Continuing Decline in Stock Prices . 273Debt Deflation . 273International Dimensions .. 274The Global Financial Crisis of 2007–2009 ..274Causes of the 2007–2009 Financial Crisis .. 274FYI Collateralized Debt Obligations (CDOs) 275Effects of the 2007–2009 Financial Crisis . 276inside the fed Was the Fed to Blame for the Housing Price Bubble? 277global The European Sovereign Debt Crisis 280Height of the 2007–2009 Financial Crisis .. 281Government Intervention and the Recovery . 282global Worldwide Government Bailouts During the 2007–2009 Financial Crisis 283Response of Financial Regulation ..283Macroprudential Versus Microprudential Supervision .. 283Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 . 284Too-Big-to-Fail and Future Regulation ..285What Can Be Done About the Too-Big-to-Fail Problem? . 285Other Issues for Future Regulation .. 286Summary 287 ? Key Terms 288 ? Questions 288 ? Data Analysis Problems 289 ? Web?Exercises 290 ? Web References 290CHAPTER13Nonbank Finance 291Insurance ..291Life Insurance .. 291Property and Casualty Insurance . 292The Competitive Threat from the Banking Industry. 294Credit Insurance .. 294FYI The AIG Blowup 295FYI The Global Financial Crisis and the Monoline Insurers 296APPLICATION Insurance Management .296Screening .. 297Risk-Based Premiums .. 297Restrictive Provisions . 297Prevention of Fraud . 298Cancellation of Insurance .. 298Deductibles . 298Coinsurance .. 298Limits on the Amount of Insurance .. 298Summary . 299Pension Funds ..299Private Pension Plans . 300Public Pension Plans . 301FYI Should Social Security Be Privatized? 301Finance Companies .302Securities Market Operations ..303Investment Banking . 303Securities Brokers and Dealers .. 304Organized Exchanges .. 304Mutual Funds ..305FYI Sovereign Wealth Funds: Are They a Danger? 306Money Market Mutual Funds .. 307Hedge Funds ..307Private Equity and Venture Capital Funds ..308Government Financial Intermediation ..309Federal Credit Agencies . 309FYI The Global Financial Crisis and the Bailout of Fannie Mae and Freddie Mac 310Summary? 311 ? Key Terms 312 ? Questions? 312 ? Applied Problems 313? ????Data Analysis Problems 313 ? Web?Exercises? 314 ? Web References 314CHAPTER14Financial Derivatives 315Hedging ..315Interest-Rate Forward Contracts .316APPLICATION Hedging with Interest-Rate Forward Contracts ..316Pros and Cons of Forward Contracts .. 317Financial Futures Contracts and Markets .318APPLICATION Hedging with Financial Futures ..319Organization of Trading in Financial Futures Markets . 321The Globalization of Financial Futures Markets . 322Explaining the Success of Futures Markets . 322APPLICATION Hedging Foreign Exchange Risk .324Hedging Foreign Exchange Risk with Forward Contracts . 324Hedging Foreign Exchange Risk with Futures Contracts . 324Options ..325Option Contracts . 326Profits and Losses on Option and Futures Contracts . 326APPLICATION Hedging with Future Options ..329Factors Affecting Option Premiums .. 330Summary . 331Swaps.332Interest-Rate Swap Contracts .. 332APPLICATION Hedging with Interest-Rate Swaps ..333Advantages of Interest-Rate Swaps . 333Disadvantages of Interest-Rate Swaps . 334Financial Intermediaries in Interest-Rate Swaps .. 334Credit Derivatives .334Credit Options .. 335Credit Swaps . 335Credit-Linked Notes .. 336APPLICATION Lessons from the Global Financial Crisis: When Are Financial Derivatives Likely to Be a Worldwide Ticking Time Bomb? ..336Summary? 338 ? Key Terms 338 ? Questions 339 ? Applied Problems 339 ? Data Analysis Problems 340 ? Web Exercises 340 ? Web References 340CHAPTER15Conflicts of Interest in the Financial Industry 341What Are Conflicts of Interest， and Why Are They Important? .342Why Do We Care About Conflicts of Interest? . 342Ethics and Conflicts of Interest .342Types of Conflicts of Interest .343Underwriting and Research in Investment Banking .. 343Auditing and Consulting in Accounting Firms . 344Credit Assessment and Consulting in Credit-Rating Agencies . 344fyi The Collapse of Arthur Andersen 345Universal Banking . 345FYI Why Do Issuers of Securities Pay to Have Their Securities Rated? 346FYI Banksters 347Can the Market Limit Exploitations of Conflicts of Interest? .347What Has Been Done to Remedy Conflicts of Interest? ..349Sarbanes-Oxley Act of 2002 . 349Legal Settlement of 2002 . 350Dodd-Frank Bill of 2010 . 351A Framework for Evaluating Policies to Remedy Conflicts of Interest ..351Approaches to Remedying Conflicts of Interest .. 352APPLICATION Evaluating Sarbanes-Oxley， the Global Legal Settlement，期货配资公司 and the Dodd-Frank Bill .354Summary? 356 ? Key Terms 357 ? Questions 357 ? Web?Exercises? 358 ? Web References 358PART 4 Central Banking and the Conduct of Monetary Policy 359CHAPTER16Central Banks and the Federal Reserve System 360Origins of the Federal Reserve System ..360inside the fed The Political Genius of the Founders of the Federal Reserve System 361Structure of the Federal Reserve System .361Federal Reserve Banks . 362Inside the Fed The Special Role of the Federal Reserve Bank of New York 364Member Banks .. 365Board of Governors of the Federal Reserve System .. 366Federal Open Market Committee (FOMC) .. 366inside the fed The Role of the Research Staff 367inside the fed The FOMC Meeting 368inside the fed Green， Blue， Teal， and Beige: What Do These Colors Mean at the Fed? 369Why the Chair of the Board of Governors Really Runs the Show . 369inside the fed Styles of Federal Reserve Chairs: Bernanke and Yellen Versus Greenspan 370How Independent Is the Fed? .371Should the Fed Be Independent? .373The Case for Independence . 373The Case Against Independence . 374Central Bank Independence and Macroeconomic Performance Throughout the World. 375Explaining Central Bank Behavior ..375inside the fed The Evolution of the Fed’s Communication Strategy 376Structure and Independence of the European Central Bank .377Differences Between the European System of Central Banks and the Federal Reserve System .. 377Governing Council .. 378How Independent Is the ECB? . 379Structure and Independence of Other Foreign Central Banks .379Bank of Canada . 379Bank of England .. 379Bank of Japan .. 380The Trend Toward Greater Independence . 381Summary? 381 ? Key Terms 382 ? Questions? 382 ? Data?Analysis?Problems? 383 ? Web?Exercises? 383 ? Web References 383CHAPTER17The Money Supply Process 384Three Players in the Money Supply Process .384The Fed’s Balance Sheet .384Liabilities . 385Assets .. 386Control of the Monetary Base ..386Federal Reserve Open Market Operations.. 387Shifts from Deposits into Currency .. 388Loans to Financial Institutions.. 389Other Factors That Affect the Monetary Base . 389Overview of the Fed’s Ability to Control the Monetary Base . 390Multiple Deposit Creation: A Simple Model ..391Deposit Creation: The Single Bank . 391Deposit Creation: The Banking System . 392Deriving the Formula for Multiple Deposit Creation .. 395Critique of the Simple Model . 396Factors That Determine the Money Supply .397Changes in the Nonborrowed Monetary Base， MBn . 397Changes in Borrowed Reserves， BR， from the Fed .. 397Changes in the Required Reserve Ratio， rr . 398Changes in Excess Reserves .. 398Changes in Currency Holdings .. 398Overview of the Money Supply Process ..398The Money Multiplier.399Deriving the Money Multiplier .. 399Intuition Behind the Money Multiplier . 401Money Supply Response to Changes in the Factors . 402APPLICATION Quantitative Easing and the Money Supply， 2007–2014. .. 403Summary? 405 ? Key Terms 405 ? Questions? 405 ? Applied Problems 406 ? Data Analysis Problems 407 ? Web?Exercises? 407 ? Web References 408CHAPTER17 WEB APPENDIX 1The Fed’s Balance Sheet and the Monetary BaseGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER17 WEB APPENDIX 2 The M2 Money MultiplierGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER17 WEB APPENDIX 3Explaining the Behavior of the Currency RatioGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER17 WEB APPENDIX 4 The Great Depression Bank Panics， 1930–1933， and the Money SupplyGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER18Tools of Monetary Policy 409The Market for Reserves and the Federal Funds Rate.409Demand and Supply in the Market for Reserves .. 410How Changes in the Tools of Monetary Policy Affect the Federal Funds Rate . 411APPLICATION How the Federal Reserve’s Operating Procedures Limit Fluctuations in the Federal Funds Rate .415Conventional Monetary Policy Tools ..416Open Market Operations . 416Discount Policy and the Lender of Last Resort .. 417inside the fed A Day at the Trading Desk 418Reserve Requirements . 420inside the fed Using Discount Policy to Prevent a Financial Panic 421Interest on Reserves . 422Relative Advantages of the Different Tools . 422Nonconventional Monetary Policy Tools and Quantitative Easing .423Liquidity Provision .. 423Large-Scale Asset Purchases .. 424inside the fed Fed Lending Facilities During the Global Financial Crisis 425Quantitative?Easing?Versus?Credit?Easing.. 426Forward Guidance and the Commitment to Future Policy Actions . 428Monetary Policy Tools of the European Central Bank .429Open Market Operations . 429Lending to Banks. 430Reserve Requirements . 430Summary??430 ? Key Terms ?431 ? Questions??431 ? Applied Problems ?432 ? Data Analysis Problems ?433 ? Web?Exercises??433 ? Web References ?433CHAPTER19The Conduct of Monetary Policy: Strategy and Tactics 434The Price Stability Goal and the Nominal Anchor ..434The Role of a Nominal Anchor . 435The Time-Inconsistency Problem . 435Other Goals of Monetary Policy ..436High Employment and Output Stability . 436Economic Growth . 437Stability of Financial Markets . 437Interest-Rate Stability .. 437Stability in Foreign Exchange Markets .. 438Should Price Stability Be the Primary Goal of Monetary Policy? .438Hierarchical Versus Dual Mandates .. 438Price Stability as the Primary， Long-Run Goal of Monetary Policy . 439Inflation Targeting ..439Inflation Targeting in New Zealand， Canada， and the United Kingdom .. 440Advantages of Inflation Targeting . 442Disadvantages of Inflation Targeting .. 444The Evolution of the Federal Reserve’s Monetary Policy Strategy ..445The Fed’s “Just Do It” Monetary Policy Strategy .. 445The Long Road to Inflation Targeting . 447inside the fed Ben Bernanke’s Advocacy of Inflation Targeting 447global The European Central Bank’s Monetary Policy Strategy 448Lessons for Monetary Policy Strategy from the Global Financial Crisis .449Implications for Inflation Targeting . 450Should Central Banks Try to Stop Asset-Price Bubbles? .451Two Types of Asset-Price Bubbles . 451The Debate Over Whether Central Banks Should Try to Pop Bubbles . 452Tactics: Choosing the Policy Instrument .455Criteria for Choosing the Policy Instrument .. 457Tactics: The Taylor Rule ..458inside the fed The Fed’s Use of the Taylor Rule 461inside the fed Fed Watchers 461Summary??462 ? Key Terms 462 ? Questions? 463 ? Applied Problems 464 ? Data Analysis Problems 464 ? Web?Exercises? 465 ? Web References 466CHAPTER19 WEB APPENDIX 1 Monetary TargetingGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER19 WEB APPENDIX 2 A Brief History of Federal Reserve PolicymakingGo to the Companion Website， http://www.pearsonhighered.com/mishkinPART 5 International Finance and Monetary Policy 467CHAPTER20The Foreign Exchange Market 468Foreign Exchange Market .468What Are Foreign Exchange Rates? . 469following the financial news Foreign Exchange Rates 470Why Are Exchange Rates Important? . 470How Is Foreign Exchange Traded? .. 471Exchange Rates in the Long Run ..471Law of One Price . 471Theory of Purchasing Power Parity .. 472Why the Theory of Purchasing Power Parity Cannot Fully Explain Exchange Rates . 473Factors That Affect Exchange Rates in the Long Run .. 474Exchange Rates in the Short Run: A Supply and Demand Analysis .476Supply Curve for Domestic Assets .. 476Demand Curve for Domestic Assets . 476Equilibrium in the Foreign Exchange Market . 477Explaining Changes in Exchange Rates ..478Shifts in the Demand for Domestic Assets.. 478Recap: Factors That Change the Exchange Rate .. 481APPLICATION Effects of Changes in Interest Rates on the Equilibrium Exchange Rate .483APPLICATION Why Are Exchange Rates So Volatile?. 484APPLICATION The Dollar and Interest Rates ..485APPLICATION The Global Financial Crisis and the Dollar ..486Summary? 487 ? Key Terms 487 ? Questions? 487 ? Applied Problems 488 ? Data Analysis Problems 489 ? Web?Exercises? 489 ? Web References 490APPENDIX TO CHAPTER20 The Interest Parity Condition 491Comparing Expected Returns on Domestic and Foreign Assets ..491Interest Parity Condition ..493CHAPTER21 The International Financial System 495Intervention in the Foreign Exchange Market .495Foreign Exchange Intervention and the Money Supply .. 495inside the fed A Day at the Federal Reserve Bank of New York’s Foreign Exchange Desk 496Unsterilized Intervention . 498Sterilized Intervention . 499Balance of Payments ..499global Why the Large U.S. Current Account Deficit Worries Economists 501Exchange Rate Regimes in the International Financial System.501Gold Standard . 501The Bretton Woods System . 502How a Fixed Exchange Rate Regime Works . 503Speculative Attacks .. 504APPLICATION The Foreign Exchange Crisis of September 1992 .505The Policy Trilemma .. 506APPLICATION How Did China Accumulate $4 Trillion of International Reserves? ..507Monetary Unions . 508global Will the Euro Survive? 509Managed Float . 509Capital Controls .510Controls on Capital Outflows . 510Controls on Capital Inflows .. 510The Role of the IMF .511Should the IMF Act as an International Lender of Last Resort? . 511International Considerations and Monetary Policy .512Direct Effects of the Foreign Exchange Market on Monetary Policy .. 512Balance-of-Payments Considerations . 512Exchange Rate Considerations .. 513To Peg or Not to Peg: Exchange-Rate Targeting as an Alternative Monetary Policy Strategy .513Advantages of Exchange-Rate Targeting .. 513Disadvantages of Exchange-Rate Targeting . 514When Is Exchange-Rate Targeting Desirable for Industrialized Countries? .. 516When Is Exchange-Rate Targeting Desirable for Emerging Market Countries? .. 517Currency Boards .. 517global Argentina’s Currency Board 518Dollarization . 519Summary? 519 ? Key Terms 520 ? Questions? 520 ? Applied Problems 521 ? Data Analysis Problems 522 ? Web?Exercises? 522 ? Web References ?522PATT 6 Monetary Theory 523CHAPTER22Quantity Theory， Inflation， and the Demand for Money 524Quantity Theory of Money ..524Velocity of Money and Equation of Exchange . 524From?the?Equation?of?Exchange?to?the?Quantity?Theory?of?Money . 526Quantity?Theory?and?the?Price?Level . 527Quantity?Theory?and?Inflation .. 527APPLICATION Testing the Quantity Theory of Money .528Budget Deficits and Inflation ..530Government Budget Constraint . 530Hyperinflation . 532APPLICATION The Zimbabwean Hyperinflation ..532Keynesian Theories of Money Demand ..533Transactions Motive . 533Precautionary Motive. 533Speculative Motive .. 533Putting the Three Motives Together . 533Portfolio Theories of Money Demand .534Theory of Portfolio Choice and Keynesian Liquidity Preference .. 535Other Factors That Affect the Demand for Money . 535Summary . 536Empirical Evidence for the Demand for Money ..536Interest Rates and Money Demand . 536Stability of Money Demand . 537Summary? 538 ? Key Terms 538 ? Questions? 538 ? Applied Problems 540 ? Data Analysis Problems 540 ? Web?Exercises? 541 ? Web References 541CHAPTER22 WEB APPENDIX 1The Baumol-Tobin and Tobin Mean-Variance ModelGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER22 WEB APPENDIX 2Empirical Evidence for the Demand for MoneyGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER23Aggregate Demand and Supply Analysis 543Aggregate Demand .543following the financial news Aggregate Output， Unemployment， and Inflation 544Deriving the Aggregate Demand Curve .. 544Factors That Shift the Aggregate Demand Curve. 545FYI What Does Autonomous Mean? 546Aggregate Supply ..549Long-Run Aggregate Supply Curve . 549Short-Run Aggregate Supply Curve .. 549Price Stickiness and the Short-Run Aggregate Supply Curve . 551Shifts in the Aggregate Supply Curves .551Shifts in the Long-Run Aggregate Supply Curve . 551Shifts in the Short-Run Aggregate Supply Curve .. 552Equilibrium in Aggregate Demand and Supply Analysis ..555Short-Run Equilibrium .. 556How the Short-Run Equilibrium Moves to the Long-Run Equilibrium over Time . 556Self-Correcting Mechanism .. 559Changes in Equilibrium: Aggregate Demand Shocks ..559APPLICATION The Volcker Disinflation， 1980–1986 .560APPLICATION Negative Demand Shocks， 2001–2004 ..562Changes in Equilibrium: Aggregate Supply (Inflation) Shocks .562Temporary Supply Shocks . 562APPLICATION Negative Supply Shocks， 1973–1975 and 1978–1980 .. 565Permanent Supply Shocks and Real Business Cycle Theory .. 565APPLICATION Positive Supply Shocks， 1995–1999 ..568Conclusions .. 569APPLICATION Negative Supply and Demand Shocks and the 2007–2009 Financial Crisis .570AD/AS Analysis of Foreign Business Cycle Episodes ..570APPLICATION The United Kingdom and the 2007–2009 Financial Crisis .. 572APPLICATION China and the 2007–2009 Financial Crisis .573Summary? 574 ? Key Terms 575 ? Questions? 575 ? Applied Problems 576 ? Data Analysis Problems 576 ? Web?Exercises? 577 ? Web References 577aPPendiX To CHAPTER23The Phillips Curve and the Short-Run Aggregate Supply Curve 578The Phillips Curve ..578Phillips Curve Analysis in the 1960s .. 578FYI The Phillips Curve Tradeoff and Macroeconomic Policy in the 1960s 580The Friedman-Phelps Phillips Curve Analysis .. 580The Phillips Curve After the 1960s . 582The Modern Phillips Curve . 582The Modern Phillips Curve with Adaptive (Backward-Looking) Expectations .. 583The Short-Run Aggregate Supply Curve .584CHAPTER23 WEB APPENDIX 1The Effects of Macroeconomic Shocks on Asset PricesGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER23 WEB APPENDIX 2Aggregate Demand and Supply: A Numerical ExampleGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER23 WEB APPENDIX 3The Algebra of the Aggregate Demand and Supply ModelGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER23 WEB APPENDIX 4The Taylor Principle and Inflation StabilityGo to the Companion Website， http://www.pearsonhighered.com/mishkinCHAPTER24Monetary Policy Theory 587Response of Monetary Policy to Shocks .587Response to an Aggregate Demand Shock .. 588Response to a Permanent Supply Shock .. 590Response to a Temporary Supply Shock . 592The Bottom Line: The Relationship Between Stabilizing Inflation and Stabilizing Economic Activity . 595How Actively Should Policymakers Try to Stabilize Economic Activity? .595Lags and Policy Implementation .. 595Inflation: Always and Everywhere a Monetary Phenomenon .596FYI The Activist/Nonactivist Debate Over the Obama Fiscal Stimulus Package 597Causes of Inflationary Monetary Policy ..597High Employment Targets and Inflation . 597APPLICATION The Great Inflation ..601Monetary Policy at the Zero Lower Bound ..603Deriving the Aggregate Demand Curve with the Zero Lower Bound . 603The Disappearance of the Self-Correcting Mechanism at the Zero Lower Bound . 605APPLICATION Nonconventional Monetary Policy and Quantitative Easing .. 606Liquidity Provision .. 607Asset?Purchases?and?Quantitative?Easing .. 608Management of Expectations .. 609APPLICATION Abenomics and the Shift in Japanese Monetary Policy in 2013 .610Summary? 612 ? Key Terms 612 ? Questions? 613 ? Applied Problems 614 ? Data Analysis Problems 614 ? Web?Exercises? 615 ? Web References 615CHAPTER 25Transmission Mechanisms of Monetary Policy 616Transmission Mechanisms of Monetary Policy ..616Traditional Interest-Rate Channels .. 617Other Asset Price Channels . 618Credit View . 621FYI Consumers’ Balance Sheets and the Great Depression 623Why Are Credit Channels Likely to Be Important? . 624APPLICATION The Great Recession ..625Lessons for Monetary Policy .625APPLICATION Applying the Monetary Policy Lessons to Japan’s Two Lost Decades ..627Summary 628 ? Key Terms 628 ? Questions 628 ? Applied Problems 629Data Analysis Problems 630 ? Web Exercises 630 ? Web References 631CHAPTER 25 WEB APPENDIXEvaluating Empirical Evidence: The Debate Over the Importance of Money in Economic FluctuationsGo to the Companion Website， http://www.pearsonhighered.com/mishkin