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.
<b>A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies.</b>This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. <i>Monetary Policy Strategy</i> describes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
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.