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Other titles in the Wiley Finance series:

Financial Markets, Banking, and Monetary Policy (Wiley Finance)

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Financial Markets, Banking, and Monetary Policy (Wiley Finance) Cover

 

Synopses & Reviews

Publisher Comments:

An essential resource for understanding complex modern financial markets, monetary policy, and banking systems

The international economic environment has evolved to the point that what constitutes money is not always clear-cut, and monetary aggregates are undependable as guides to overall policy. Central banks have had to turn to very different tactics in order to achieve their stated policy goals.

In this in-depth resource, Thomas D. Simpson—a former official with the Federal Reserve System—introduces a new approach to both monetary policy and the overall financial system. Financial Markets, Banking, and Monetary Policy highlights the role of each major financial market and institution and shows how they’ve become a part of the overall financial system. The book also describes the important features of central banks—along with their responsibility for achieving specific macroeconomic objectives—and reveals how they pursue goals for inflation, employment, and the economy. While highlighting the United States system, Simpson’s comprehensive view of banking and monetary policy is equally applicable to the financial systems and economies of other developed nations.

This reliable resource is solidly grounded in economic principles and on the key term structure of interest rate relationships. Simpson explores how the term structure relationship plays a central role in the conduct of monetary policy and outlines a framework for understanding financial crises and the systemic risk faced by modern economies. The book explains in detail the evolving integration of central banks’ various methods for conducting monetary and financial stability policies.

Filled with illustrative examples and charts, this resource delves into the interconnection between financial markets and institutions, monetary policy, and performance of the economy. An indispensible resource for both professionals and students of finance and economics, Financial Markets, Banking, and Monetary Policy offers a clear understanding of Simpson’s term structure relationship and how it works throughout the financial system.

Synopsis:

Praise for Financial Markets, Banking, and Monetary Policy

“A lucid treatment that takes on board shadow-banking, Dodd-Frank, the zero lower bound, and forward guidance. In short, all the key post-crisis issues.”

—Anil Kashyap, Edward Eagle Brown Professor of Economics and Finance, University of Chicago

“The financial sector is a vital component of the US economic machinery. The Federal Reserve works within this sector to promote its congressional mandates of maximum employment and low inflation. Unfortunately, the contribution of the financial system to the economy’s performance is not well understood. Students of standard college courses on money, banking, and monetary policy often find that the textbooks have not kept pace with the evolution of the financial sector, including the rise of securitized finance and the Federal Reserve’s evolving monetary operations. Tom Simpson’s book represents a huge step forward in this regard. His comprehensive exposition of the essential parts of the financial system and modern explanation of how the Federal Reserve supports the economy gives readers a much better understanding of the US financial system and the Federal Reserve.”

—James Glassman, Managing Director and Head Economist for the Commercial Bank, JPMorgan Chase & Co.

Financial Markets, Banking, and Monetary Policy by Tom Simpson provides a comprehensive introduction to the financial system, including the markets, institutions, and mechanisms of finance, as well as the role of the Federal Reserve and monetary policy. The economic principles underlying finance are woven through the chapters, and the book includes an insightful introduction into the causes of and responses to the recent financial crisis. Tom Simpson has had a front-row seat on financial developments in recent decades and has written a book that provides an ideal introduction to the financial system and monetary policy.”

—Dan Sichel, Professor of Economics, Wellesley College

Synopsis:

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. 

About the Author

THOMAS D. SIMPSON served as a senior officer at the Board of Governors of the Federal Reserve System. In addition to his other responsibilities, he was an officer of the Federal Open Market Committee. Simpson is on the faculty at the University of North Carolina Wilmington.

Table of Contents

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

Chapter 9: Securitization

What You Will Learn In This Chapter

Background

Obstacles to Overcome

Beginnings of Securitization-MBS

Other Securitized Loans-Consumer ABS

ABS Involving Business Credit-CDOs and Structured Securities

Securitization and the Integration of Credit Markets

Monetary Policy and Securitization

Chapter 10: The Mortgage Market

What You Will Learn In This Chapter

Background

Home Mortgages

Commercial Mortgages

The Mortgage Market and Monetary Policy

Chapter 11: The Equity Market

What You Will Learn In This Chapter

Background

Equities as a Source of Corporate Finance

Preferred versus Common Shares

Primary and Secondary Markets

Valuation of Individual Shares

Price-earnings

Extending These Principles to the Stock Market

Monetary Policy and the Stock Market

Indexes of Stock Prices

Chapter 12: Central Banking and the Federal Reserve

What You Will Learn In This Chapter

Background

Origins of Central Banks

Constitutional Foundations

The Century And A Quarter Without A Central Bank

Creation of the Federal Reserve

Early Years of the Federal Reserve

Reforms of the 1930s

Fed Independence

Central Bank Accountability and Transparency

Central Bank Responsibilities

Monetary Operations

Chapter 13: Monetary Policy: The Basics

What You Will Learn In This Chapter

Background

The Operational Counterparts to Maximum Employment and Price Stability

Aggregate Demand and Aggregate Supply

The Model

Addressing Inflation

Addressing a Shortfall in Output

Okun's Law

Chapter 14: Monetary Policy: Challenges Faced by Policymakers

What You Will Learn In This Chapter

Background

Other Forces Affecting Output and Inflation

Lags and Other Complications

Policy Rules

Expectations and Central Bank Credibility

Inflation Targeting

The Zero-Bound Constraint and the Slow Recovery from the Great Contraction

Chapter 15: Financial Crises

What You Will Learn In This Chapter

Background

Classic Banking Panics

The Nightmare of the Great Depression

The Financial Crisis

Common Threads

Chapter 16: The Foreign Exchange Market and Exchange Rate Regimes

What You Will Learn In This Chapter

Background

Features of the Market

The Relation Between Spot and Forward Exchange Rates

Long Run Exchange Rate Relationships

The Real Exchange Rate

Exchange Rate Determination in the Shorter Run

Floating Exchange Rate Regime

Fixed Exchange Rate Regime

Chapter 17: Depository Institutions

What You Will Learn In This Chapter

Background

Organization of Commercial Banks and Other Depository Institutions

Economic Functions of Depository Institutions

The Balance Sheet of the Commercial Banking System

The Balance Sheet of Savings Institutions

The Balance Sheet of Credit Unions

Deposit Insurance

Regulation and Supervision of Depository Institutions

Depository Institutions and Monetary Policy

Chapter 18: Mutual Funds

What You Will Learn In This Chapter

Background

History

SEC Regulation

Role of Mutual Fund Complexes

Types of Funds

Open-End Funds

Exchange-Traded Funds

Closed-End Funds

Mutual Funds and Monetary Policy

Chapter 19: Hedge, Venture Capital, and Private Equity Funds

What You Will Learn In This Chapter

Background

Commonalities In Structure

Hedge Funds

Venture Capital Funds

Private Equity Funds

Alternative Investment Funds and Monetary Policy

Chapter 20: Large Institutional Investors

What You Will Learn In This Chapter

Background

Pension Funds

Life Insurance Companies

Property and Casualty Insurance Companies

Large Institutional Investors and Monetary Policy

About the Author

Index

Product Details

ISBN:
9781118872239
Author:
Simpson, Thomas D.
Publisher:
John Wiley & Sons
Subject:
Money & Monetary Policy
Subject:
Business & Economics : Finance
Subject:
General Finance & Investments
Subject:
Finance
Subject:
Business-Accounting and Finance
Copyright:
Series:
Wiley Finance
Publication Date:
20140728
Binding:
HARDCOVER
Language:
English
Pages:
368

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Financial Markets, Banking, and Monetary Policy (Wiley Finance) New Hardcover
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Product details 368 pages John Wiley & Sons - English 9781118872239 Reviews:
"Synopsis" by , Praise for Financial Markets, Banking, and Monetary Policy

“A lucid treatment that takes on board shadow-banking, Dodd-Frank, the zero lower bound, and forward guidance. In short, all the key post-crisis issues.”

—Anil Kashyap, Edward Eagle Brown Professor of Economics and Finance, University of Chicago

“The financial sector is a vital component of the US economic machinery. The Federal Reserve works within this sector to promote its congressional mandates of maximum employment and low inflation. Unfortunately, the contribution of the financial system to the economy’s performance is not well understood. Students of standard college courses on money, banking, and monetary policy often find that the textbooks have not kept pace with the evolution of the financial sector, including the rise of securitized finance and the Federal Reserve’s evolving monetary operations. Tom Simpson’s book represents a huge step forward in this regard. His comprehensive exposition of the essential parts of the financial system and modern explanation of how the Federal Reserve supports the economy gives readers a much better understanding of the US financial system and the Federal Reserve.”

—James Glassman, Managing Director and Head Economist for the Commercial Bank, JPMorgan Chase & Co.

Financial Markets, Banking, and Monetary Policy by Tom Simpson provides a comprehensive introduction to the financial system, including the markets, institutions, and mechanisms of finance, as well as the role of the Federal Reserve and monetary policy. The economic principles underlying finance are woven through the chapters, and the book includes an insightful introduction into the causes of and responses to the recent financial crisis. Tom Simpson has had a front-row seat on financial developments in recent decades and has written a book that provides an ideal introduction to the financial system and monetary policy.”

—Dan Sichel, Professor of Economics, Wellesley College

"Synopsis" by , 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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