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Contents

Part I: The Basics Chapter 1. Introducing Money, Banking, and Financial Markets An Overview Why Study Money, Banking, and Financial Markets? Careers in Banking and Financial Markets Chapter 2. The Role of Money in the Macroeconomy Introducing Money Money, the Economy, and Inflation Chapter 3. Financial Instruments, Markets, and Institutions Flow of Funds Financial Instruments and Markets Financial Intermediaries: Purposes and Profile Part II: Financial Instruments and Markets Chapter 4. Interest Rate Measurement and Behavior Calculating Interest Rates What Determines the Level of Interest Rates? Chapter 5. The Term and Risk Structure of Interest Rates The Term Structure of Rates and the Yield Curve Risk and Tax Structure of Rates Appendix: Bond Price Volatility: Duration Versus Maturity Chapter 6. The Structure and Performance of Securities Markets Nature and Function of Securities Markets Efficiency of Secondary Market Trading Efficient Capital Markets and Regulation Chapter 7. The Pricing of Risky Financial Assets Economic Uncertainty Principles of Diversification The Risk Premium on Risky Securities Chapter 8. Money and Capital Markets The Government Bond Market Bank-Related Securities: CDs and Eurodollars Corporate Securities Municipal Securities Mortgage Securities The Stock Market Chapter 9. Demystifying Derivatives An Overview of Financial Futures An Overview of Options Contracts An Overview of Swaps Chapter 10. Understanding Foreign Exchange What Determines Foreign Exchange Rates? Fixed Versus Floating Exchange Rates Part III: Banks and Other Intermediaries Chapter 11. The Nature of Financial Intermediation The Economics of Financial Intermediation The Evolution of Financial Intermediaries in the United States Financial Intermediaries: Assets, Liabilities, and Management Chapter 12. Depository Financial Institutions The Fundamentals of Bank Management Major Trends in Bank Management Nonbank Depository Institutions-The Thrifts Chapter 13. Nondepository Financial Institutions Insurance Companies and Pension Funds Mutual Funds Finance Companies Securities Brokers and Dealers and Investment Banks Venture Capital Funds, Mezzanine Debt Funds, and Hedge Funds Banks Versus Nondepository Institutions Part IV: Financial System Architecture Chapter 14. Understanding Financial Contracts How Business Obtains Financing The Economics of Financial Contracting Chapter 15. The Regulation of Markets and Institutions The Regulation of Financial Markets in the United States The Regulation of Commercial Banks in the United States Regulation of Nondepository Financial Intermediaries Where Securities Market and Banking Regulation Meet: The Glass-Steagall Act, A Collapsing Barrier Chapter 16. Financial System Design Information and Financial System Design Financial System Design: A Descriptive Summary of Germany, Japan, the United Kingdom, and the United States Financial System Design and Conflict Resolution: Germany, Japan, the United Kingdom, and the United States Financial System Design for Eastern Europe and Other Emerging Economies Part V: The Art of Central Banking Chapter 17. Who's in Charge Here? Formal Structure of the Federal Reserve System The Realities of Power The Problem of Federal Reserve Independence Chapter 18. Bank Reserves and the Money Supply Check Clearing and Collection Deposit Expansion: The Single Bank Deposit Expansion: The Banking System Deposit Contraction Appendix: The Complete Money Supply Process Chapter 19. The Instruments of Central Banking Reserve Requirements Discounting and the Discount Rate Open Market Operations Chapter 20. Understanding Movements in Bank Reserves The Fed's Balance Sheet The U.S. Treasury's Monetary Accounts The Bank Reserve Equation Putting It All to Use Appendix: Monetary Effects of Treasury Financing Chapter 21. Monetary Policy Strategy The FOMC Directive The Fed's Strategy The Taylor Rule and the Fed's Track Record Part VI: Monetary Theory Chapter 22. The Classical Foundations Classical Economics Aggregate Demand and Supply: A Summary Real Versus Nominal Rates of Interest Modern Modifications: Monetarists and New Classicists Appendix: GDP Definitions and Relationships Chapter 23. The Keynesian Framework When Saving Doesn't Equal Investment Consumption and Simple GDP Determination Government to the Rescue Money and the Rate of Interest Monetary Policy Aggregate Demand and Supply Chapter 24. The ISLM World The LM Curve The IS Curve The Simultaneous Determination of Income and Interest: IS and LM Together Monetary and Fiscal Policy ISLM and Aggregate Demand Appendix: The Simple Algebra of Income Determination Chapter 25. Money and Economic Stability in the ISLM World Monetary Policy, Fiscal Policy, and Crowing Out Is the Private Sector Inherently Stable? Flexible Prices, the Natural Rate of Interest, and Real Crowding Out Appendix: Interest Rates Versus the Money Supply Under Uncertainty Chapter 26. An Aggregate Supply and Demand Perspective on Money and Economic Stability Is the Private Sector Inherently Stable? Monetary Policy, Fiscal Policy, and Crowding Out Inflation, Money, and the Phillips Curve Inflation and Interest Rates Should a Robot Replace the Federal Reserve? Chapter 27. Rational Expectations: Theory and Policy Implications When Are Expectations Rational? Anticipated Versus Unanticipated Monetary Policy Implications for Stabilization Policy Inflation, the Phillips Curve, and Credibility Interest Rates and Anticipated Monetary Policy Chapter 28. Empirical Evidence on the Effectiveness of Monetary Policy Living with Velocity The Impact of Monetary Policy on GDP Part VII: Grand Finale Chapter 29. Tying It All Together The Economic Indicators Valuation, the Fed, and Market Reaction Putting It All Together Glossary Index

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