Answer the following economic questions

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Answer the following questions:

Chapter 9: Page 213-214: Question 1, 2, 3, 4, 19,20

Chapter 14: Page 339-40: Question 1, 3, 4, 16, 17,18

(Use words as few as possible but your answers must be complete)

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Prepare, Apply, Assess and Develop Employability Skills with MyLab Economics 83% of students said it helped them earn higher grades on homework, exams, or the course *Source: 2016 Student Survey, n 10,263 MyLabTM Economics is an online homework, tutorial, and assessment program constructed to work with this text to engage students and improve results. It was designed to help students develop and assess the skills and applicable knowledge that they will need to succeed in their courses and their future careers. See what students had to say about MyLab Economics: “Usually when I do homework myself and don’t get it I am stuck, but [MyLab Economics] provided the tools necessary to help me learn how to work my way through the trickiest problems.” — Zainul Lughmani, Binghamton University Digital Interactives Economic principles are not static ideas, and learning them shouldn’t be either! Digital Interactives are dynamic and engaging assessment activities that promote critical thinking and application of key economic principles. A00_MISH3821_12_SE_FEP.indd 1 31/10/17 1:02 PM Question Help MyLab Economics homework and practice questions are correlated to the textbook, and many generate algorithmically to give students unlimited opportunity for mastery of concepts. If students get stuck, Learning Aids including Help Me Solve This and eText Pages walk them through the problem and identify helpful information in the text, giving them assistance when they need it most. “[MyLab Economics] provides ample practice and explanation of the concepts at hand.” — Heather Burkett, University of Nebraska at Omaha 88% eText 90% Study Plan 92% Dynamic Study Modules % of students who found learning tool helpful Dynamic Study Modules help students study chapter topics effectively on their own by continuously assessing their knowledge application and performance in real time. These are available as prebuilt Prepare assignments, and are accessible on smartphones, tablets, and computers. Pearson eText enhances student learning—both in and outside the classroom. Worked examples, videos, and interactive tutorials bring learning to life, while algorithmic practice and self-assessment opportunities test students’ understanding of the material. Accessible anytime, anywhere via MyLab or the app. The MyLab Gradebook offers an easy way for students and instructors to view course performance. Item Analysis allows instructors to quickly see trends by analyzing details like the number of students who answered correctly/incorrectly, time on task, and median time spend on a question by question basis. And because it’s correlated with the AACSB Standards, instructors can track students’ progress toward outcomes that the organization has deemed important in preparing students to be leaders. 87% of students would tell their instructor to keep using MyLab Economics For additional details visit: www.pearson.com/mylab/economics A00_MISH3821_12_SE_FEP.indd 2 31/10/17 1:02 PM THE ECONOMICS OF MONEY, BANKING, AND FINANCIAL MARKETS A01_MISH3821_12_SE_FM.indd 1 01/11/17 12:45 PM The Pearson Series in Economics Abel/Bernanke/Croushore Macroeconomics* Greene Econometric Analysis Acemoglu/Laibson/List Economics* Gregory/Stuart Russian and Soviet Economic Performance and Structure Bade/Parkin Foundations of Economics* Berck/Helfand The Economics of the Environment Bierman/Fernandez Game Theory with Economic Applications Blair/Rush The Economics of Managerial Decisions* Blanchard Macroeconomics* Boyer Principles of Transportation Economics Branson Macroeconomic Theory and Policy Hartwick/Olewiler The Economics of Natural Resource Use Heilbroner/Milberg The Making of the Economic Society Heyne/Boettke/Prychitko The Economic Way of Thinking Hubbard/O’Brien Economics* InEcon Money, Banking, and the Financial System* Hubbard/O’Brien/Rafferty Macroeconomics* Hughes/Cain American Economic History Bruce Public Finance and the American Economy Husted/Melvin International Economics Carlton/Perloff Modern Industrial Organization Jehle/Reny Advanced Microeconomic Theory Case/Fair/Oster Principles of Economics* Keat/Young/Erfle Managerial Economics Chapman Environmental Economics: Theory, Application, and Policy Klein Mathematical Methods for Economics Daniels/VanHoose International Monetary & Financial Economics Downs An Economic Theory of Democracy Farnham Economics for Managers Froyen Macroeconomics: Theories and Policies Fusfeld The Age of the Economist Gerber International Economics* Gordon Macroeconomics* Krugman/Obstfeld/Melitz International Economics: Theory & Policy* Laidler The Demand for Money Lynn Economic Development: Theory and Practice for a Divided World Miller Economics Today* Miller/Benjamin The Economics of Macro Issues Miller/Benjamin/North The Economics of Public Issues Mishkin The Economics of Money, Banking, and Financial Markets* The Economics of Money, Banking, and Financial Markets, Business School Edition* Macroeconomics: Policy and Practice* Murray Econometrics: A Modern Introduction O’Sullivan/Sheffrin/Perez Economics: Principles, Applications and Tools* Parkin Economics* Perloff Microeconomics* Microeconomics: Theory and Applications with Calculus* Perloff/Brander Managerial Economics and Strategy* Pindyck/Rubinfeld Microeconomics* Riddell/Shackelford/Stamos/Schneider Economics: A Tool for Critically Understanding Society Roberts The Choice: A Fable of Free Trade and Protection Scherer Industry Structure, Strategy, and Public Policy Schiller The Economics of Poverty and Discrimination Sherman Market Regulation Stock/Watson Introduction to Econometrics Studenmund Using Econometrics: A Practical Guide Todaro/Smith Economic Development Walters/Walters/Appel/Callahan/ Centanni/Maex/O’Neill Econversations: Today’s Students Discuss Today’s Issues Williamson Macroeconomics *denotes MyLab™ Economics titles Visit www.pearson.com/mylab/economics to learn more. A01_MISH3821_12_SE_FM.indd 2 01/11/17 12:45 PM THE ECONOMICS OF MONEY, BANKING, AND FINANCIAL MARKETS Twelfth Edition Frederic S. Mishkin Columbia University New York, NY A01_MISH3821_12_SE_FM.indd 3 01/11/17 12:45 PM Vice President, Business, Economics, and UK Courseware: Donna Battista Director of Portfolio Management: Adrienne D’Ambrosio Senior Portfolio Manager: Christina Masturzo Editorial Assistant: Courtney Paganelli Vice President, Product Marketing: Roxanne McCarley Senior Product Marketer: Tricia Murphy Product Marketing Assistant: Marianela Silvestri Manager of Field Marketing, Business Publishing: Adam Goldstein Executive Field Marketing Manager: Senior Field Marketing Manager: Carlie Marvel Vice President, Production and Digital Studio, Arts and Business: Etain O’Dea Director of Production, Business: Jeff Holcomb Managing Producer, Business: Alison Kalil Content Producer: Carolyn Philips Operations Specialist: Carol Melville Design Lead: Kathryn Foot Manager, Learning Tools: Brian Surette Content Developer, Learning Tools: Sarah Peterson Managing Producer, Digital Studio and GLP, Media Production and Development: Ashley Santora Managing Producer, Digital Studio: Diane Lombardo Digital Studio Producer: Melissa Honig Digital Studio Producer: Alana Coles Digital Content Team Lead: Noel Lotz Digital Content Project Lead: Noel Lotz Project Manager: Kathy Smith, Cenveo® Publisher Services Interior Design: Cenveo® Publisher Services Cover Design: Cenveo® Publisher Services Cover Art: Isak55/Shutterstock; Hamik/Shutterstock; Photo.ua/ Shutterstock; Sergey Dobrydnev/Shutterstock; Zodebala/E+/ Getty images Printer/Binder: LSC Communications, Inc./Kendallville Cover Printer: Phoenix Color/Hagerstown Copyright © 2019, 2016, 2013 by Frederic S. Mishkin. All Rights Reserved. Manufactured in the United States of America. This publication is protected by copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise. For information regarding permissions, request forms, and the appropriate contacts within the Pearson Education Global Rights and Permissions department, please visit www.pearsoned.com/permissions/. Acknowledgments of third-party content appear on the appropriate page within the text. PEARSON, ALWAYS LEARNING, and MYLAB are exclusive trademarks owned by Pearson Education, Inc. or its affiliates in the U.S. and/or other countries. Unless otherwise indicated herein, any third-party trademarks, logos, or icons that may appear in this work are the property of their respective owners, and any references to third-party trademarks, logos, icons, or other trade dress are for demonstrative or descriptive purposes only. Such references are not intended to imply any sponsorship, endorsement, authorization, or promotion of Pearson’s products by the owners of such marks, or any relationship between the owner and Pearson Education, Inc., or its affiliates, authors, licensees, or distributors. Cataloging-in-Publication Data is available on file at the Library of Congress 1 17 ISBN 10: 0-13-473382-7 ISBN 13: 978-0-13-473382-1 A01_MISH3821_12_SE_FM.indd 4 01/11/17 12:45 PM To Sally A01_MISH3821_12_SE_FM.indd 5 01/11/17 12:45 PM This page intentionally left blank A01_MISH4182_11_GE_FM.indd 6 10/06/15 11:46 am About the Author Frederic S. Mishkin is the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University. He is also a Research Associate at the National Bureau of Economic Research, co-director of the U.S. Monetary Policy Forum, a member of the Squam Lake Working Group on Financial Reform, and past president of the Eastern Economics Association. Since receiving his Ph.D. from the Massachusetts Institute of Technology in 1976, he has taught at the University of Chicago, Northwestern University, Princeton University, and Columbia. He has also received an honorary professorship from the People’s (Renmin) University of China. From 1994 to 1997, he was Executive Vice President and Director of Research at the Federal Reserve Bank of New York and an associate economist of the Federal Open Market Committee of the Federal Reserve System. From September 2006 to August 2008, he was a member (governor) of the Board of Governors of the Federal Reserve System. Professor Mishkin’s research focuses on monetary policy and its impact on financial markets and the aggregate economy. He is the author of more than twenty books, including Macroeconomics: Policy and Practice, Second Edition (Pearson, 2015); Financial Markets and Institutions, Ninth Edition (Pearson, 2018); Monetary Policy Strategy (MIT Press, 2007); The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich (Princeton University Press, 2006); Inflation Targeting: Lessons from the International Experience (Princeton University Press, 1999); Money, Interest Rates, and Inflation (Edward Elgar, 1993); and A Rational Expectations Approach to Macroeconometrics: Testing Policy Ineffectiveness and Efficient Markets Models (University of Chicago Press, 1983). In addition, he has published more than 200 articles in such journals as American Economic Review, Journal of Political Economy, Econometrica, Quarterly Journal of Economics, Journal of Finance, and Journal of Monetary Economics. Professor Mishkin has served on the editorial board of American Economic Review and has been an associate editor at Journal of Business and Economic Statistics, Journal of Applied Econometrics, Journal of Economic Perspectives, Journal of International Money and Finance, and Journal of Money, Credit and Banking; he also served as the editor of the Federal Reserve Bank of New York’s Economic Policy Review. He is currently an associate editor (member of the editorial board) at six academic journals, including International Finance; Finance India; Review of Development Finance; Borsa Economic Review; PSU Research Review and Emerging Markets, and Finance and Trade. He has been a consultant to the Board of Governors of the Federal Reserve System, the World Bank, and the International Monetary Fund, as well as to many central banks throughout the world. He was also a member of the International Advisory Board to the Financial Supervisory Service of South Korea and an advisor to the Institute for Monetary and Economic Research at the Bank of Korea. Professor Mishkin was a Senior Fellow at the Federal Deposit Insurance Corporation’s Center for Banking Research and was an academic consultant to and serves on the Economic Advisory Panel and Monetary Advisory Panel of the Federal Reserve Bank of New York. vii A01_MISH3821_12_SE_FM.indd 7 01/11/17 12:45 PM This page intentionally left blank A01_MISH4182_11_GE_FM.indd 6 10/06/15 11:46 am Brief Contents PART 1 Introduction 1 1 Why Study Money, Banking, and Financial Markets?.....................................................2 2 An Overview of the Financial System............................................................................... 22 3 What Is Money?..................................................................................................................... 49 PART 2 Financial Markets 4 5 6 7 PART 3 An Economic Analysis of Financial Structure............................................................... 164 Banking and the Management of Financial Institutions........................................... 188 Economic Analysis of Financial Regulation.................................................................. 217 Banking Industry: Structure and Competition............................................................. 236 Financial Crises..................................................................................................................... 268 Central Banking and the Conduct of Monetary Policy 13 14 15 16 PART 5 The Meaning of Interest Rates........................................................................................... 64 The Behavior of Interest Rates........................................................................................... 86 The Risk and Term Structure of Interest Rates............................................................. 117 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis.............................................................................................. 141 Financial Institutions 163 8 9 10 11 12 PART 4 63 293 Central Banks and the Federal Reserve System........................................................... 294 The Money Supply Process............................................................................................... 318 Tools of Monetary Policy................................................................................................... 343 The Conduct of Monetary Policy: Strategy and Tactics............................................. 369 International Finance and Monetary Policy 403 17 The Foreign Exchange Market.......................................................................................... 404 18 The International Financial System................................................................................ 432 PART 6 Monetary Theory 19 20 21 22 23 24 25 461 Quantity Theory, Inflation, and the Demand for Money......................................... 462 The IS Curve.......................................................................................................................... 480 The Monetary Policy and Aggregate Demand Curves.............................................. 500 Aggregate Demand and Supply Analysis...................................................................... 515 Monetary Policy Theory.................................................................................................... 559 The Role of Expectations in Monetary Policy.............................................................. 588 Transmission Mechanisms of Monetary Policy........................................................... 608 ix A01_MISH3821_12_SE_FM.indd 9 01/11/17 12:45 PM x Brief Contents Additional Chapters on MyLab Economics 1 2 3 4 5 A01_MISH3821_12_SE_FM.indd 10 Financial Crises in Emerging Market Economies The ISLM Model Nonbank Finance Financial Derivatives Conflicts of Interest in the Financial Services Industry 01/11/17 12:45 PM Contents in Detail PART 1 Introduction 1 CHAPTER 1 Why Study Money, Banking, and Financial Markets? 2 Why Study Financial Markets?......................................................................................................2 Debt Markets and Interest Rates.............................................................................................. 3 The Stock Market.................................................................................................................... 3 Why Study Financial Institutions and Banking?........................................................................5 Structure of the Financial System............................................................................................ 5 Banks and Other Financial Institutions.................................................................................... 6 Financial Innovation............................................................................................................... 6 Financial Crises....................................................................................................................... 6 Why Study Money and Monetary Policy?..................................................................................7 Money and Business Cycles..................................................................................................... 7 Money and Inflation................................................................................................................ 7 Money and Interest Rates......................................................................................................... 9 Conduct of Monetary Policy.................................................................................................... 9 Fiscal Policy and Monetary Policy.......................................................................................... 10 Why Study International Finance?............................................................................................ 11 The Foreign Exchange Market............................................................................................... 12 The International Financial System........................................................................................ 13 Money, Banking, and Financial Markets and Your Career.................................................. 14 How We Will Study Money, Banking, and Financial Markets............................................ 14 Exploring the Web................................................................................................................ 15 Collecting and Graphing Data............................................................................................... 15 Web Exercises....................................................................................................................... 15 Concluding Remarks..................................................................................................................... 15 Summary 15  •  Key Terms 16  •  Questions 16  •  Applied Problems 17  •   Data Analysis Problems 17  •   Web Exercises 18  •   Web References 18 APPENDIX TO CHAPTER 1 Defining Aggregate Output, Income, the Price Level, and the Inflation Rate 19 Aggregate Output ...
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