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Economics of Money, Banking, and Financial Markets, The, Canadian Edition, 8th edition

Published by Pearson Canada (January 24, 2022) © 2023

  • Frederic S Mishkin Columbia University
  • Apostolos Serletis University of Calgary

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For courses in Money and Banking.

A unified framework for understanding financial markets

The Economics of Money, Banking and Financial Markets brings a fresh perspective to today's major questions surrounding financial policy. Influenced by his term as Governor of the Federal Reserve, Frederic Mishkin offers students a unique viewpoint and informed insight into the monetary policy process, the regulation and supervision of the financial system, and the internationalization of financial markets. This resource provides a unifying, analytical framework for learning that fits a wide variety of syllabi. And core economic principles and real-world examples organize students' thinking and keep them motivated. After reading this text, students are well equipped to apply these financial models, terms, and equations to decisions that affect both their personal and professional lives.

Hallmark features of this title

  • Real-Time Data Figures: Students can see the latest data in some in-text figures as interactives in the enhanced Pearson eText (using the Federal Reserve Bank of St. Louis's FRED database) and learn where they can access this data when they need to throughout their career.
  • Real-Time Data Analysis Problems: These problems in MyLab Economics ask students to apply up-to-the-minute data, taken from the Statistics Canada CANSIM database or the St. Louis Federal Reserve Bank's FRED database, so that they can understand what is happening in the economy in real time. These problems, marked with Real-Time Data Analysis, ask the student to download data and then use the data to answer questions about current issues in money and banking. 
  • Interactive Figures bring concepts to life, helping students see the concepts through directed explorations and purposeful manipulation. These figures are assignable and encourage active learning, critical thinking, and conceptual understanding. 

New and updated features of this title

  • A More Real-World Approach to Monetary Theory
    • Part 7 of the text, Monetary Theory, has been substantially revised to bring the analysis closer to the real world by using actual data when conducting AD/AS analysis of business cycle episodes. 
  • Compelling New Material on the Coronavirus Pandemic.
    • A new application which uses the analysis of the risk structure of interest rates to explain the effect of the coronavirus pandemic on the Baa-Treasury spread in the United States (Chapter 6).
    • A new application on the coronavirus stock market crash of 2020 (Chapter 7), which illustrates how stock market prices are set.
  • Additional New Material on Financial Markets and Money.
    • A revision of the application on whether bitcoin or other cryptocurrencies will become the money of the future (Chapter 3) enables students to better understand the attributes of money.
    • A new FYI box, which discusses U.S. presidential attacks on the independence of the Fed (Chapter 14), illustrates how central bank independence can be threatened.
    • An addition of another rationale for explaining why the monetary policy curve slopes upward (Chapter 22).

Important Digital Assets in MyLab Economics

  • Mini-Cases: These cases on MyLab Economics present unique economics scenarios and questions that provide real-life context for key chapter concepts.
  • Real-Time Data Figures: Students can see the latest data in some in-text figures as interactives in the enhanced Pearson eText (using the Federal Reserve Bank of St. Louis's FRED database) and learn where they can access this data when they need to throughout their career.
  • Real-Time Data Analysis Problems: These problems ask students to apply up-to-the-minute data, taken from the Statistics Canada CANSIM database or the St. Louis Federal Reserve Bank's FRED database, so that they can understand what is happening in the economy in real time. These problems, marked with Real-Time Data Analysis, ask the student to download data and then use the data to answer questions about current issues in money and banking. In MyLab Economics, these easy-to-assign and automatically graded Real-Time Data Analysis exercises communicate directly with the FRED site, so that students see updated data every time new data is posted by FRED. Thus the Real-Time Data Analysis exercises offer a no-fuss solution for instructors who want to make the most current data a central part of their macroeconomics course. These exercises will give students practice manipulating data, a skill that employers value highly.
  • Interactive Figures bring concepts to life, helping students see the concepts through directed explorations and purposeful manipulation. These figures are assignable and encourage active learning, critical thinking, and conceptual understanding. These interactive graphs and figures can be found by learners within the eText and can be assigned by instructors through our MyLab Multimedia Library.
  • Dynamic Study Modules help students study effectively on their own by continuously assessing their activity and performance in real time. Here's how it works: students complete a set of questions with a unique answer format that also asks them to indicate their confidence level. Questions repeat until the student can answer them all correctly and confidently. Once completed, Dynamic Study Modules explain the concept using materials from the text. These are available as graded assignments prior to class, and accessible on smartphones, tablets, and computers. NEW! Instructors can now remove questions from Dynamic Study Modules to better fit their course.
  • Current Events Bulletins bring currency into your classroom with author-written articles that connect key concepts with real-life current events. Our authors regularly add new or revised articles to ensure that your students have relevant examples to help them engage with the course.
  • Online Appendices and Supplemental Chapters, The eighth Canadian edition of The Economics of Money, Banking, and Financial Markets includes 14 appendices available on MyLab Economics that cover additional topics and more technical material that instructors might want to include in their courses. Instructors can either use the appendices in class to supplement the material in the textbook or recommend them to students who want to expand their knowledge of the money and banking field. Additional supplemental chapters on Financial Crises in Emerging-Market Economies, Nonbank Finance, and the ISLM Model are also available within the eText on MyLab Economics.
  1. Why Study Money, Banking, and Financial Markets?
  2. An Overview of the Financial System
  3. What Is Money?
  4. The Meaning of Interest Rates
  5. The Behaviour of Interest Rates
  6. The Risk and Term Structure of Interest Rates
  7. The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis
  8. An Economic Analysis of Financial Structure
  9. Economic Analysis of Financial Regulation
  10. Banking Industry: Structure and Competition
  11. Financial Crises
  12. Banking and the Management of Financial Institutions
  13. Risk Management with Derivatives
  14. Central Banks and the Bank of Canada
  15. The Money Supply Process
  16. Tools of Monetary Policy
  17. The Conduct of Monetary Policy: Strategy and Tactics
  18. The Foreign Exchange Market
  19. The International Financial System
  20. Quantity Theory, Inflation, and the Demand for Money
  21. The IS Curve
  22. The Monetary Policy and Aggregate Demand Curves
  23. Aggregate Demand and Supply Analysis
  24. Monetary Policy Theory
  25. The Role of Expectations in Monetary Policy
  26. Transmission Mechanisms of Monetary Policy

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.

Apostolos Serletis is professor of economics at the University of Calgary. Since receiving his Ph.D. from McMaster University in 1984, he has held visiting appointments at the University of Texas at Austin, the Athens University of Economics and Business, and the Research Department of the Federal Reserve Bank of St. Louis.

Professor Serletis's teaching and research interest focus on monetary and financial economics, macroeconometrics, and nonlinear and complex dynamics. He is the author of 12 books, including Principles of Economics (Canadian edition), with R. Glenn Hubbard, Anthony Patrick O'Brien, and Jason Childs; Macroeconomics: A Modern Approach: First Canadian Edition, with Robert J. Barro (Nelson, 2010); The Demand for Money: Theoretical and Empirical Approaches (Springer, 2007); Financial Markets and Institutions: Canadian Edition, with Frederic S. Mishkin and Stanley G. Eakins (Addison- Wesley, 2004); and The Theory of Monetary Aggregation, co-edited with William A. Barnett (Elsevier, 2000).

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