The Great Recession of 2007-2009 had a dramatic effect on the financial markets, the banking system, and the conduct of monetary policy. This book takes the reader through the complexities of the credit crisis that led up to the Great Recession and its aftermath. A detailed description of the money markets, the corporate and Treasury bond markets, and the stock market, and how the financial assets in those markets are priced and traded is then provided. The banking system was at the center of the economic storm that erupted in 2007. This book describes how the structure of the banking system had been undergoing significant changes since the early 1980s and how these changes are ongoing today. New regulations with attempts to deal with institutions perceived to be ``too big to fail" have been put into place with international agreements in recognition of the global reach of the many mega-banks now operating around the world. An account is given of how the Federal Reserve's unprecedented interventions in the financial markets served to quell the credit crisis and stabilize an otherwise fragile financial system, and how it must now impose an ``exit strategy" to deal with the residual affects of its crisis management: a bloated balance sheet and interest rates near zero, that will take it to a ``new normal."
Milton H. Marquis (BS Mechanical Engineering: Purdue University, MA & PhD Economics: Indiana University) is a Professor of Economics at Florida State University. He has worked as an Economist at the Board of Governors of the Federal Reserve System and Senior Economist at the Federal Reserve Bank of San Francisco, and spent sabbaticals at the Bank of Japan and the International Monetary Fund. His areas of expertise are macroeconomic theory and monetary theory & policy. His has published three textbooks and more than 30 articles in refereed journals, including Journal of Monetary Economics, Journal of Money, Credit, and Banking, and Economic Journal.
|Imprint||Glasstree Academic Publishing|
|Copyright||2017, Milton H. Marquis|
|Copyright License||Standard Copyright License|
|Product Details||5.5 x 8.5 Standard Color Matte Perfect Bound|
|Page Count||463 pages|
|Type of Publication||Textbook|
|Keywords||Financial Markets, Banking, Federal Reserve|