Financial markets, banking, and monetary policy
"The current financial model has focused on money as a unique asset that is produced exclusively by commercial banks, and regulated by central banks to achieve their macroeconomic goals. However, as financial systems have evolved in the United States and elsewhere around the globe, what constit...
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| Format: | eBook |
| Language: | English |
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Hoboken, New Jersey
Wiley
2014
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| Collection: | O'Reilly - Collection details see MPG.ReNa |
| Summary: | "The current financial model has focused on money as a unique asset that is produced exclusively by commercial banks, and regulated by central banks to achieve their macroeconomic goals. However, as financial systems have evolved in the United States and elsewhere around the globe, what constitutes money has become blurred and such monetary aggregates have become highly unreliable and discarded guides to policy. As a result, central banks have had to turn to a very different approach for achieving macroeconomic goals. This approach instead focuses on influencing the prices of a broad spectrum of financial assets, and thereby the spending behavior of businesses and consumers. They do so by relying on their control over the short-term policy interest rate and its influence on the core element of all asset prices through the term structure of interest rates. This book will create a better understanding of that monetary policy so both students and professionals can get a solid understanding of this term structure relationship and how it works throughout the financial system."-- |
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| Item Description: | Includes index. - Machine generated contents note: Preface Chapter 1: Introduction What You Will Learn In This Chapter Overview Where We Are Going in This Book Contributions Made By the Financial System Recurring Themes in the Chapters Ahead Resources Chapter 2: Overview of the Financial System What You Will Learn In This Chapter Introduction Features of An Effective Financial System Direct Methods of Finance Indirect Methods of Finance Primary versus Secondary Markets Chapter 3: The Special Role of Commercial Banks What You Will Learn In This Chapter Background Commercial Bank Balance Sheet Payment System and Money Liquidity Provision Dealing with Asymmetric Information Maturity Transformation The Safety Net and Regulatory Policy Chapter 4: The Pricing of Financial Assets What You Will Learn In This Chapter Background Present Value Maturity and Price Sensitivity Holding Periods versus Maturities Return versus Yield Duration Nominal versus Real Yields Appendix A: Variations Of The Valuation . - Relationship Appendix B:Solutions Using A Financial Calculator Chapter 5: Factors Affecting Yields What You Will Learn In This Chapter Background The Term Structure of Interest Rates Credit Risk Liquidity Taxation Embedded Options Flights to Safety Chapter 6: Principles of Portfolio Selection and Efficient Markets What You Will Learn In This Chapter Overview Uncertainty, Expected Return, . - and Risk Selecting a Portfolio Efficient Portfolops And Risk-Return Trade-Offs Efficient Markets Hypothesis Chapter 7: The Money Market What You Will Learn In This Chapter Background and Basic Features of the Money Market Pricing Treasury Bills The Role of Commercial Banks in the Money Market Letters of Credit and Bankers Acceptances Monetary Policy Effects on the Money Market Chapter 8: The Bond Market What You Will Learn In This Chapter Background Treasury Notes and Bonds Corporate Bonds Munis Government-Sponsored Enterprises (GSEs) The Impact of Monetary Policy on the Bond Market Ch |
| Physical Description: | 1 online resource |
| ISBN: | 1118872460 1118872053 9781118872239 9781118872468 1118872231 9781118872055 |