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Money and Banking: A Policy-Oriented Approach / Edition 1

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Overview

Combining a concise writing style with real-world applications, this innovative text takes a new approach to the money and banking course. Money and Banking examines the role the banking system plays in individual financial activities and considers the monetary policymaking that shapes the world's financial system. A highly respected teacher—and a leading expert on macroeconomic forecasting, with several years of experience at the Federal level—Croushore makes the personal and the public relevant and interesting to students. The text's shorter, more focused approach addresses the modern framework of today's financial system, in which both financial markets and banks play important roles. Designed to appeal to a range of learners, the pedagogical features include over 130 figures and 20 full-color photos and cartoons. The ancillary program, written entirely by the author, provides a well-integrated set of learning tools and teaching resources.

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Product Details

  • ISBN-13: 9780618161256
  • Publisher: Cengage Learning
  • Publication date: 2/13/2006
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 608
  • Product dimensions: 7.50 (w) x 9.30 (h) x 0.90 (d)

Meet the Author

Dean Croushore is Professor of Economics and Rigsby Fellow at the University of Richmond. Prior to moving to the University of Richmond in 2003, he served for 14 years as an economist at the Federal Reserve Bank of Philadelphia. As vice president and economist at the Philadelphia Fed, his duties included heading the macroeconomics group, briefing the bank's president and board of directors on the state of the economy and providing advice for administering two national surveys of forecasters and researching current issues in monetary policy. Dr. Croushore received his A.B. from Ohio University and his M.A. and Ph.D. from Ohio State University. Dr. Croushore's research in recent years has focused on forecasting and how data revisions affect monetary policy, forecasting and macroeconomics research. His publications include articles in many leading economics journals. He serves as Associate Editor of the Journal of Money, Credit and Banking and Journal of Business and Economic Statistics.

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Table of Contents

Each chapter concludes with a chapter summary, key terms, and references. 1. Introduction to Money and Banking What's in This Text? Ten (Surprising) Facts Concerning Money and Banking I. Money and the Financial System 2. The Financial System and the Economy Financial Securities Matching Borrowers with Lenders Financial Markets The Financial System Application to Everyday Life: What Do Investors Care About? 3. Money and Payments How We Use Money The Payments System Counting Money Application to Everyday Life:What Do You Do with Your Change? 4. Present Value The Present Value of One Future Payment The General Form of the Present-Value Formula Using Present Value to Make Decisions Using the Present-Value Formula to Calculate Payments Looking Forward or Looking Backward at Returns Application to Everyday Life: How to Negotiate a Car Lease 5. The Structure of Interest Rates What Explains Differences in Interest Rates? The Term Structure of Interest Rates The Term Premium The Yield Curve and the Business Cycle Policy Perspective: Can the Term Spread Help Predict Recessions? 6. Real Interest Rates What Are Real Interest Rates? Real Present Value What Affects Real Interest Rates? Application to Everyday Life: How Inflation and Taxes Reduce Investors' Returns 7. Stocks and Other Assets The Stock Market How Can an Investor Profit in the Stock Market? Application to Everyday Life: Comparing Stocks with Bonds and Other Financial Investments II. Fundamentals of Banking 8. How Banks Work The Role of Banks How Do Banks Earn Profits? Policy Perspective:Should the Fed Let Reserve Requirements Be Swept Away? 9. Government's Role in Banking Regulation of Banks Supervision of Banks Policy Perspective: Should Mergers of Big Banks Be Allowed? III. Macroeconomics 10. Economic Growth and Business Cycles Measuring Economic Growth Business Cycles Application to Everyday Life: How Does Economic Growth Affect Your Future Income? 11. Modeling Money The ATM Model of the Demand for Cash The Liquidity-Preference Model The Dynamic Model of Money Policy Perspective: Using Models of Money Demand in Practice 12. The Aggregate-Demand/Aggregate-Supply Model A Model of Aggregate Demand and Aggregate Supply Analyzing Policy Using the AD-AS Model Large, Structural Macroeconomic Models Policy Perspective: Did Large Macro Models Mislead Policymakers in the 1970s? 13. Modern Macroeconomic Models Dynamic Models Dynamic, Stochastic, General-Equilibrium Models Statistical Models of the Economy Policy Perspective: Do Modern Macroeconomic Models Have Any Value for Policy? 14. Economic Interdependence The International Business Cycle Exchange Rates Policy Perspective: How Independent Should a Country Be? IV. Monetary Policy 15. The Federal Reserve System Federal Reserve Banks The Board of Governors The Federal Open Market Committee Policy Perspective: Should the Federal Reserve Be So Independent? 16. Monetary Control Money Creation and Destruction by the Fed and by Banks Realistic Money Multipliers The Fed's Tools for Changing the Money Supply The Market for Bank Reserves Policy Perspective: Should the Fed Pay Interest on Reserves? 17. Monetary Policy: Goals and Tradeoffs Stabilization Policy Goals of Monetary Policy The Fed's Objective Function Policy Perspective: The Phillips Curve 18. Rules for Monetary Policy Rules Versus Discretion Money-Growth Rules The Taylor Rule Inflation Targeting Policy Issue: Why Don't Policymakers Follow Rules?

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