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Table of Contents

About the Authors
Acknowledgments
Preface
Chapter 1: Money, Banking, and Your World
- Section 1: Dreams Dashed
- Section 2: Hope Springs
- Section 3: Suggested Browsing
- Section 4: Suggested Reading
Chapter 2: The Financial System
- Section 1: Evil and Brilliant Financiers?
- Section 2: Financial Systems
- Section 3: Asymmetric Information, the Real Evil
- Section 4: Financial Markets
- Section 5: Financial Intermediaries
- Section 6: Competition Between Markets and Intermediaries
- Section 7: Regulation
- Section 8: Suggested Reading
Chapter 3: Money
- Section 1: Of Love, Money, and Transactional Efficiency
- Section 2: Better to Have Had Money and Lost It Than to Have Never Had Money at All
- Section 3: A Short History of Moolah
- Section 4: Commodity and Credit Monies
- Section 5: Measuring Money
- Section 6: Suggested Reading
Chapter 4: Interest Rates
- Section 1: The Interest of Interest
- Section 2: Present and Future Value
- Section 3: Compounding Periods
- Section 4: Pricing Debt Instruments
- Section 5: What’s the Yield on That?
- Section 6: Calculating Returns
- Section 7: Inflation and Interest Rates
- Section 8: Suggested Reading
Chapter 5: The Economics of Interest-Rate Fluctuations
- Section 1: Interest Rate Fluctuations
- Section 2: Shifts in Supply and Demand for Bonds
- Section 3: Liquidity Preference
- Section 4: Predictions and Effects
- Section 5: Suggested Reading
Chapter 6: The Economics of Interest-Rate Spreads and Yield Curves
- Section 1: A Short History of Interest Rates
- Section 2: Interest-Rate Determinants I: The Risk Structure
- Section 3: The Determinants of Interest Rates II: The Term Structure
- Section 4: Suggested Reading
Chapter 7: Rational Expectations, Efficient Markets, and the Valuation of Corporate Equities
- Section 1: The Theory of Rational Expectations
- Section 2: Valuing Corporate Equities
- Section 3: Financial Market Efficiency
- Section 4: Evidence of Market Efficiency
- Section 5: Suggested Reading
Chapter 8: Financial Structure, Transaction Costs, and Asymmetric Information
- Section 1: The Sources of External Finance
- Section 2: Transaction Costs, Asymmetric Information, and the Free-Rider Problem
- Section 3: Adverse Selection
- Section 4: Moral Hazard
- Section 5: Agency Problems
- Section 6: Suggested Reading
Chapter 9: Bank Management
- Section 1: The Balance Sheet
- Section 2: Assets, Liabilities, and T-Accounts
- Section 3: Bank Management Principles
- Section 4: Credit Risk
- Section 5: Interest-Rate Risk
- Section 6: Off the Balance Sheet
- Section 7: Suggested Reading
Chapter 10: Innovation and Structure in Banking and Finance
- Section 1: Early Financial Innovations
- Section 2: Innovations Galore
- Section 3: Loophole Mining and Lobbying
- Section 4: Banking on Technology
- Section 5: Banking Industry Profitability and Structure
- Section 6: Suggested Reading
Chapter 11: The Economics of Financial Regulation
- Section 1: Public Interest Versus Private Interest
- Section 2: The Great Depression as Regulatory Failure
- Section 3: The Savings and Loan Regulatory Debacle
- Section 4: Better but Still Not Good: U.S. Regulatory Reforms
- Section 5: Basel II’s Third Pillar
- Section 6: Suggested Reading
Chapter 12: The Financial Crisis of 2007–2008
- Section 1: Financial Crises
- Section 2: Asset Bubbles
- Section 3: Financial Panics
- Section 4: Lender of Last Resort
- Section 5: Bailouts
- Section 6: The Crisis of 2007–2008
- Section 7: Suggested Reading
Chapter 13: Central Bank Form and Function
- Section 1: America’s Central Banks
- Section 2: The Federal Reserve System’s Structure
- Section 3: Other Important Central Banks
- Section 4: Central Bank Independence
- Section 5: Suggested Reading
Chapter 14: The Money Supply Process
- Section 1: The Central Bank’s Balance Sheet
- Section 2: Open Market Operations
- Section 3: A Simple Model of Multiple Deposit Creation
- Section 4: Suggested Reading
Chapter 15: The Money Supply and the Money Multiplier
- Section 1: A More Sophisticated Money Multiplier for M1
- Section 2: The M2 Money Multiplier
- Section 3: Summary and Explanation
- Section 4: Suggested Reading
Chapter 16: Monetary Policy Tools
- Section 1: The Federal Funds Market and Reserves
- Section 2: Open Market Operations and the Discount Window
- Section 3: The Monetary Policy Tools of Other Central Banks
- Section 4: Suggested Reading
Chapter 17: Monetary Policy Targets and Goals
- Section 1: A Short History of Fed Blunders
- Section 2: Central Bank Goal Tradeoffs
- Section 3: Central Bank Targets
- Section 4: The Taylor Rule
- Section 5: Suggested Reading
Chapter 18: Foreign Exchange
- Section 1: The Economic Importance of Currency Markets
- Section 2: Determining the Exchange Rate
- Section 3: Long-Run Determinants of Exchange Rates
- Section 4: Short-Run Determinants of Exchange Rates
- Section 5: Modeling the Market for Foreign Exchange
- Section 6: Suggested Reading
Chapter 19: International Monetary Regimes
- Section 1: The Trilemma, or Impossible Trinity
- Section 2: Two Systems of Fixed Exchange Rates
- Section 3: The Managed or Dirty Float
- Section 4: The Choice of International Policy Regime
- Section 5: Suggested Reading
Chapter 20: Money Demand
- Section 1: The Quantity Theory
- Section 2: Liquidity Preference Theory
- Section 3: Head to Head: Friedman Versus Keynes
- Section 4: Suggested Reading
Chapter 21: IS-LM
- Section 1: Aggregate Output and Keynesian Cross Diagrams
- Section 2: The IS-LM Model
- Section 3: Suggested Reading
Chapter 22: IS-LM in Action
- Section 1: Shifting Curves: Causes and Effects
- Section 2: Implications for Monetary Policy
- Section 3: Aggregate Demand Curve
- Section 4: Suggested Reading
Chapter 23: Aggregate Supply and Demand, the Growth Diamond, and Financial Shocks
- Section 1: Aggregate Demand
- Section 2: Aggregate Supply
- Section 3: Equilibrium Analysis
- Section 4: The Growth Diamond
- Section 5: Financial Shocks
- Section 6: Suggested Reading
Chapter 24: Monetary Policy Transmission Mechanisms
- Section 1: Modeling Reality
- Section 2: How Important Is Monetary Policy?
- Section 3: Transmission Mechanisms
- Section 4: Suggested Reading
Chapter 25: Inflation and Money
- Section 1: Empirical Evidence of a Money-Inflation Link
- Section 2: Why Have Central Bankers So Often Gotten It Wrong?
- Section 3: Suggested Reading
Chapter 26: Rational Expectations Redux: Monetary Policy Implications
- Section 1: Rational Expectations
- Section 2: New Keynesians
- Section 3: Inflation Busting
- Section 4: Suggested Reading

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Suggested Reading

Suggested Reading

Bibow, Jorg. Keynes on Monetary Policy, Finance and Uncertainty: Reassessing Liquidity Preference Theory. New York: Routledge, 2009.

Evans, Michael. Practical Business Forecasting. Hoboken, NJ: John Wiley and Sons, 2002.

Friedman, Milton. The Optimum Quantity of Money. Piscataway, NJ: Aldine Transaction, 2005.

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