Rick Mishkin is an American economist whose work centers on monetary policy and its effects on financial markets and the broader economy. His research delves into the intricate connections between central bank decisions and the wider economic landscape. Through his analyses, he contributes to a deeper understanding of the mechanisms that influence economic stability and growth. His expertise offers valuable insights into the workings of modern financial systems.
The book explores the evolving dynamics of financial markets and institutions through a practical lens. By introducing core principles and applying them to real-world scenarios, it emphasizes empirical applications that enhance critical-thinking and problem-solving skills. This approach equips readers with a deeper understanding of the financial landscape and prepares them for real-world challenges in the field.
The Pearson Global Edition offers tailored content designed to resonate with students internationally, reflecting the collaborative efforts of educators worldwide. This edition focuses on enhancing the educational experience by incorporating diverse perspectives and relevant material that extends beyond the typical U.S. curriculum.
A leading academic authority and policymaker explores monetary policy strategy from both scholarly and practical perspectives, combining theory, econometric evidence, and extensive case studies. Frederic Mishkin, an expert in the field and a high-level policymaker, is well-suited to discuss recent changes in monetary policy, particularly the shift towards inflation targeting. This work encapsulates his research over the past decade, featuring published papers, new introductory material, and a comprehensive reflection titled "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," summarizing lessons learned over the last thirty years. Mishkin emphasizes key areas, including the significance of price stability and a nominal anchor, the fiscal and financial preconditions necessary for achieving price stability, the importance of central bank independence, accountability, and the rationale behind inflation targeting. He also addresses the optimal inflation target, the necessity of central bank transparency and communication, and the influence of asset prices on monetary policy. Through this multifaceted approach, he provides valuable insights into the complexities of monetary policy in both advanced and emerging economies.
Argues that financial globalization is essential for poor nations to become rich. This book argues that an effectively managed financial globalization promises benefits on the scale of the hugely successful trade and information globalizations of the nineteenth and twentieth centuries.
By applying an analytical framework to the patient, stepped-out development of models, Mishkin draws students into a deeper understanding of modern monetary theory, banking and policy. His combination of common sense applications with current events provides comprehensive coverage in an informal tone students appreciate.