{"product_id":"modern-financial-macroeconomics-isbn-9781405161817","title":"Modern Financial Macroeconomics","description":"\u003cp\u003e\u003cb\u003e\u003ci\u003eModern Financial Macroeconomics\u003c\/i\u003e takes a non-technical approach in examining the role that financial markets and institutions play in shaping outcomes in the modern macro economy.\u003c\/b\u003e\u003c\/p\u003e \u003cul\u003e \u003cli\u003eReviews historical and contemporary macroeconomic theory\u003c\/li\u003e \u003cli\u003eExamines governmental influence on moderating (or exacerbating) economic fluctuations\u003c\/li\u003e \u003cli\u003eDiscusses both empirical and theoretical links between financial systems and economic performance, as well as case studies detailing the role of finance in specific business cycle episodes\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eList of Figures ix\u003c\/p\u003e \u003cp\u003eList of Tables x\u003c\/p\u003e \u003cp\u003eList of Case Studies xi\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I An Introduction to Finance and Macroeconomics 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 The Basics of Financial Markets and Financial Institutions 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 13\u003c\/p\u003e \u003cp\u003eWhat is Financial Intermediation and Why is It Different from Other Economic Transactions? 14\u003c\/p\u003e \u003cp\u003eWhat is Money? 16\u003c\/p\u003e \u003cp\u003eThe Importance of Financial Systems in Stimulating Long-Run Growth 17\u003c\/p\u003e \u003cp\u003eThe Empirical Evidence on Financial Development and Growth 21\u003c\/p\u003e \u003cp\u003eThe Four Primary Forms of Financial Intermediation 25\u003c\/p\u003e \u003cp\u003eConclusions 33\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 A Brief History of Financial Development 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 35\u003c\/p\u003e \u003cp\u003eA Brief History of Banking, Financial Markets, and Central Banking 36\u003c\/p\u003e \u003cp\u003eModern Central Banking 40\u003c\/p\u003e \u003cp\u003eA Brief History of International Capital Flows 42\u003c\/p\u003e \u003cp\u003eGlobalization and Financial Development in the 1990s 44\u003c\/p\u003e \u003cp\u003eConclusions 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Macroeconomic Theory and The Role Of Finance 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Business Cycles and Early Macroeconomic Theories of Finance 59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 59\u003c\/p\u003e \u003cp\u003eBusiness Cycle Definitions 60\u003c\/p\u003e \u003cp\u003eFinancial Indicators of Business Cycles 64\u003c\/p\u003e \u003cp\u003eThe Sunspot Theory 66\u003c\/p\u003e \u003cp\u003eEarly Monetary Theories 67\u003c\/p\u003e \u003cp\u003eThe Classical Model 69\u003c\/p\u003e \u003cp\u003eThe Debt-Deflation Theory 72\u003c\/p\u003e \u003cp\u003eConclusions 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Keynesian, Monetarist, and Neoclassical Theories 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 75\u003c\/p\u003e \u003cp\u003eKeynes’ General Theory 76\u003c\/p\u003e \u003cp\u003eKeynesian Economics and the IS–LM Model 82\u003c\/p\u003e \u003cp\u003eThe Financial Instability Hypothesis 84\u003c\/p\u003e \u003cp\u003eThe Monetarist Model 86\u003c\/p\u003e \u003cp\u003ePrinciples of the Monetarist model 86\u003c\/p\u003e \u003cp\u003eNeoclassical Theories 91\u003c\/p\u003e \u003cp\u003eConclusions 100\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 New Institutional Theories of Finance: Models of Risk and the Costs of Credit Intermediation 102\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 102\u003c\/p\u003e \u003cp\u003eWhat is Meant by “New Institutional” Theories of Finance? 103\u003c\/p\u003e \u003cp\u003eThe Financial Accelerator Model and the Role of Credit in Business Cycles 106\u003c\/p\u003e \u003cp\u003eThe Financial Accelerator and Monetary Policy 111\u003c\/p\u003e \u003cp\u003eThe Empirical Evidence on the Financial Accelerator Model 112\u003c\/p\u003e \u003cp\u003eConclusions 120\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 New Institutional Theories of Finance: Models of Credit Rationing 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 123\u003c\/p\u003e \u003cp\u003eTwo Models of Credit Rationing 125\u003c\/p\u003e \u003cp\u003eEquity Rationing 129\u003c\/p\u003e \u003cp\u003eEmpirical Evidence on Models of Credit Rationing 131\u003c\/p\u003e \u003cp\u003eConclusions 137\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Financial Volatility and Economic [In]Stability 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 The Role of Financial Systems in Monetary and Stabilization Policy 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 141\u003c\/p\u003e \u003cp\u003eWhy Does Money Matter? Traditional Theories of the Monetary Transmission Mechanism 142\u003c\/p\u003e \u003cp\u003eBalance Sheet Channels and the Monetary Transmission Mechanism 145\u003c\/p\u003e \u003cp\u003eEmpirical Studies of the Balance Sheet Channels of Monetary Transmission 147\u003c\/p\u003e \u003cp\u003eIs Monetary Policy Still Powerful? A Look at the Empirical Evidence 148\u003c\/p\u003e \u003cp\u003eOld Debates over the Effectiveness of Stabilization Policy 152\u003c\/p\u003e \u003cp\u003eNew Debates over the Effectiveness of Stabilization Policy 154\u003c\/p\u003e \u003cp\u003eConclusions 161\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Banking Crises and Asset Bubbles 163\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 163\u003c\/p\u003e \u003cp\u003eThe Causes and Prevention of Banking Crises 165\u003c\/p\u003e \u003cp\u003eEmpirical Evidence on Banking Crises 169\u003c\/p\u003e \u003cp\u003eThe Causes and Prevention of Asset Bubbles 173\u003c\/p\u003e \u003cp\u003eEmpirical Evidence on Asset Bubbles 178\u003c\/p\u003e \u003cp\u003eConclusions 188\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV International Finance and Financial Crises 191\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Capital Flight and the Causes of International Financial Crises 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 193\u003c\/p\u003e \u003cp\u003eThe Causes of Capital Flight and Currency Crises 195\u003c\/p\u003e \u003cp\u003eContagion 198\u003c\/p\u003e \u003cp\u003eEmpirical Evidence on Capital Flows, Currency Crises, and Contagion 200\u003c\/p\u003e \u003cp\u003eThe Causes and Costs of Twin Crises 202\u003c\/p\u003e \u003cp\u003eThe Currency and Banking Crises in East Asia 205\u003c\/p\u003e \u003cp\u003eConclusions 213\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 International Financial Crises: Policies and Prevention 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 215\u003c\/p\u003e \u003cp\u003eThe Benefits and Costs of Financial Liberalization 216\u003c\/p\u003e \u003cp\u003eGuidelines for Domestic Financial Regulation 219\u003c\/p\u003e \u003cp\u003eThe Pros and Cons of Capital Controls 222\u003c\/p\u003e \u003cp\u003eInternational Financial Regulation 224\u003c\/p\u003e \u003cp\u003eThe IMF, Its Policies, and Its Critics 225\u003c\/p\u003e \u003cp\u003eReforming the IMF 233\u003c\/p\u003e \u003cp\u003eConclusions 234\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V Conclusions 237\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 What We have Learned, What We Still Need to Learn about Financial Macroeconomics 239\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Brief Review 239\u003c\/p\u003e \u003cp\u003eWhat We Have Learned about Financial Macroeconomics 241\u003c\/p\u003e \u003cp\u003eWhat We Do Not Know 247\u003c\/p\u003e \u003cp\u003eConcluding Conclusions 254\u003c\/p\u003e \u003cp\u003eBibliography 255\u003c\/p\u003e \u003cp\u003eIndex 265 \u003c\/p\u003e \"This is a good book and one that would be suitable for undergraduate courses on this topic.\" (\u003ci\u003eCHOICE\u003c\/i\u003e) \u003cb\u003eTodd A. Knoop\u003c\/b\u003e is Associate Professor of Economics and Chair of the Economics and Business department at Cornell College. He is author of \u003ci\u003eRecessions and Depressions: Understanding Business Cycles\u003c\/i\u003e (2004). He earned his PhD. in Economics from Purdue University. This timely text examines the role that financial markets and institutions play in modern macroeconomics. Over the last couple of decades there has been a fair amount of research on microeconomic models of market failure and the impact of such failures on business cycles and other macroeconomic phenomena. Recessions and depressions are examined afresh in detail. Financial panics and meltdowns like the currency crashes of the 1990s are examined for macroeconomic impact and recoveries. Last but not least, the current Bush Crash of 07-08 is discussed as it has unfolded, including the bank run and demise of the Northern Rock bank in the UK. The inexpensive paperback version can be used as a supplement to Money \u0026amp; Banking and Intermediate Macro courses, since the text assumes knowledge of only simple macroeconomic\/microeconomic principles.","brand":"Wiley-Blackwell","offers":[{"title":"Default Title","offer_id":47989641380069,"sku":"NP9781405161817","price":43.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781405161817.jpg?v=1761784923","url":"https:\/\/k12savings.com\/es\/products\/modern-financial-macroeconomics-isbn-9781405161817","provider":"K12savings","version":"1.0","type":"link"}