Money, Banking, and Financial Markets

Stephen Cecchetti is currently Professor of International Economics and Finance at the International Business School, Brandeis University, and Director of Research at the Rosenberg Institute for Global Finance. He is also a Research Associate of the National Bureau of Economic Research, an organization of distinguished academic economists who specialize in policy-oriented empirical studies of national and world economies, and a consultant to central banks around the world. He is currently serving as a consultant to the European Central Bank's Inflation Persistence Project. Prior to joining the faculty at Brandeis, he was Professor of Economics at Ohio State University. From August 1997 to September 1999, he was Executive Vice President and Director of Research at the Federal Reserve Bank of New York, as well as Associate Economist of the Federal Open Market Committee. Professor Cecchetti received a S.B. in Economics from M.I.T. in 1977, and a Ph.D. in Economics from the University of California at Berkeley in 1982.

Part I. Money and the Financial System Chapter 1. An Introduction to Money and the Financial System Chapter 2. Money and the Payments System Chapter 3. Financial Instruments, Financial Markets, and Financial Institutions Part II. Interest Rates, Financial Instruments, and Financial Markets Chapter 4. Future Value, Present Value and Interest Rates Appendix 4: The Algebra of Present-Value Formulas Chapter 5. Understanding Risk Appendix 5A: A Quick Test to Measure Your Risk Tolerance Appendix 5B: The Mathematics of Diversification Chapter 6. Bonds, Bond Prices and the Determination of Interest Rates Chapter 7. The Risk and Term Structure of Interest Rates Chapter 8. Stocks, Stock Markets and Market Efficiency Chapter 9. Derivatives: Futures, Options and Swaps Chapter 10. Foreign Exchange Appendix 10: Interest Rate-Parity and Short-Run Exchange Rate Determination Part III. Financial Institutions Chapter 11. The Economics of Financial Intermediation Chapter 12. Depository Institutions: Banks and Bank Management Chapter 13. Financial Industry Structure Chapter 14. Regulating the Financial System Part IV. Central Banks, Monetary Policy, and Financial Stability Chapter 15. Central Banks in the World Today Chapter 16. The Structure of Central Banks: The U.S. Federal Reserve and the European Central Bank Chapter 17. The Central Bank Balance Sheet and the Money Supply Process Chapter 18. Monetary Policy: Using Interest Rates to Stabilize the Domestic Economy Chapter 19. Exchange-Rate Policy and the Central Bank Appendix 19: What You Really Need to Know about the Balance of Payments Part V. Modern Monetary Economics Chapter 20. Money Growth, Money Demand, and Monetary Policy Chapter 21. Monetary Policy and Aggregate Demand Chapter 22. Understanding Business Cycles Chapter 23. Monetary Policy, Output, and Inflation in the Short Run Glossary Index