Economics of Money, Banking and Financial Markets, The, Global Edition, 13th edition

Published by Pearson (August 17, 2021) © 2022

  • Frederic S Mishkin Columbia University

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Title overview

Gain a strong foundation in the principles of economics

Economics of Money, Banking and Financial Markets, 13th edition, Global Edition, by Frederic S. Mishkin, brings a fresh perspective to the major questions surrounding financial policy. Drawing on his experience as former Governor of the Federal Reserve, Mishkin brings a unique viewpoint to the subject. The text guides you with helpful insights through topics covering the monetary policy process, the regulation and supervision of the financial system, and the internalisation of financial markets.

The 13th edition comes packed with new examples, additional insight boxes and revised in-chapter content, making it an excellent aid for courses on money and banking or general economics.

This authoritative text will ensure you are equipped with the tools to make successful decisions in both your personal and professional life.

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Key features

  • A unifying, analytical framework enables students to analyse the structure of financial markets.
  • A flexible and modular design meets the diverse needs of instructors, meaning chapters, or sections of chapters, can be used or omitted according to instructor preferences.
  • Graphs and Mini-Lecture Videos with detailed captions help students grasp the interrelationships among the plotted variables and the principles of analysis.
  • More than 50 Applications show how the analysis presented can be used to explain many important real-world situations.
  • More than 600 end-of-chapter exercises help students apply economic concepts.

New to this edition

  • Compelling new material on the coronavirus pandemic has been added to many parts of the book, showing the importance of banks, financial markets, and monetary policy to the health of the economy. Highlights include:
    • A new application on the stock market crash of 2020 and the likelihood that the pandemic could lead to another financial crisis.
    • A new application on the effects of quantitative easing on the money supply during the pandemic.
    • An update to the section on nonconventional monetary policy tools and quantitative easing.
    • A new application on the effects of the Trump tax cuts on bond interest rates.
    • A new Global box on the variation in central banks' activism and the method of intervention on foreign exchange markets. In addition, Chapters 18 and 19 have been heavily updated to include new running examples.
    • A new FYI box on Modern Monetary Theory discusses this new theory that argues that the Green New Deal can be easily paid for by having the Federal Reserve buy government bonds to fund the resulting large budget deficits.

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Table of contents

  • PART I: INTRODUCTION
  • 1. Why Study Money, Banking, and Financial Markets?
  • 2. An Overview of the Financial System
  • 3. What Is Money?
  • PART II: FINANCIAL MARKETS
  • 4. The Meaning of Interest Rates
  • 5. The Behavior of Interest Rates
  • 6. The Risk and Term Structure of Interest Rates
  • 7. The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis
  • PART III: FINANCIAL INSTITUTIONS
  • 8. An Economic Analysis of Financial Structure
  • 9. Banking and the Management of Financial Institutions
  • 10. Economic Analysis of Financial Regulation
  • 11. Banking Industry: Structure and Competition
  • 12. Financial Crises in Advanced Economies
  • 13. Financial Crises in Emerging Market Economies
  • PART IV: CENTRAL BANKING AND THE CONDUCT OF MONETARY POLICY
  • 14. Central Banks
  • 15. The Money Supply Process
  • 16. Tools of Monetary Policy
  • 17. The Conduct of Monetary Policy: Strategy and Tactics
  • PART V: INTERNATIONAL FINANCE AND MONETARY POLICY
  • 18. The Foreign Exchange Market
  • 19. The International Financial System
  • PART VI: MONETARY THEORY
  • 20. Quantity Theory, Inflation, and the Demand for Money
  • 21. The IS Curve
  • 22. The Monetary Policy and Aggregate Demand Curves
  • 23. Aggregate Demand and Supply Analysis
  • 24. Monetary Policy Theory
  • 25. The Role of Expectations in Monetary Policy
  • 26. Transmission Mechanisms of Monetary Policy
  • ADDITIONAL CHAPTERS IN PEARSON PEARSON MYLAB ECONOMICS
  • 1. Nonbank Finance
  • 2. Financial Derivatives
  • 3. Conflicts of Interest in the Financial Services Industry

Author bios

Frederic S. Mishkin is the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University. He is also a Research Associate at the National Bureau of Economic Research, co-director of the US Monetary Policy Forum, a member of the Squam Lake Working Group on Financial Reform, and past president of the Eastern Economics Association.

Professor Mishkin's research focuses on monetary policy and its impact on financial markets and the aggregate economy. He is the author of more than twenty books and has published more than 200 articles in prominent journals. Mishkin is currently an associate editor (member of the editorial board) at six academic journals.

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