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Money, Banking, and Financial Markets Hardcover – Feb 11 2010
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About the Author
Stephen Cecchetti is currently Professor of International Economics and Finance at the International Business School, Brandeis University, and Director of Research at the Rosenberg Institute for Global Finance. He is also a Research Associate of the National Bureau of Economic Research, an organization of distinguished academic economists who specialize in policy-oriented empirical studies of national and world economies, and a consultant to central banks around the world. He is currently serving as a consultant to the European Central Bank's Inflation Persistence Project. Prior to joining the faculty at Brandeis, he was Professor of Economics at Ohio State University. From August 1997 to September 1999, he was Executive Vice President and Director of Research at the Federal Reserve Bank of New York, as well as Associate Economist of the Federal Open Market Committee. Professor Cecchetti received a S.B. in Economics from M.I.T. in 1977, and a Ph.D. in Economics from the University of California at Berkeley in 1982.
Angela Redish is a Professor of Economics at the University of British Columbia where she has taught since 1982. She served as Special Advisor to the Bank of Canada in 2000-2001 and was Head of the Economics Department at UBC from 2001-2006. She is the author of a book on the history of monetary standards before the 19th century, Bimetallism: An Economic and Social Analysis (Cambridge University Press, 2000) and numerous scholarly articles on the history of money and banking. These include historical comparisons of the stability of the US and Canadian banking system, and an analysis of the role of the Canadian banking system in Canada's economic growth. She currently is a Trustee of the Economic History Association and a member of the C.D.Howe Monetary Policy Council. Professor Redish received her Ph.D. in Economics from the University of Western Ontario after completing her M.A. there, and has a BA (Hons.) from Wilfrid Laurier University
Most Helpful Customer Reviews on Amazon.com (beta)
However, Cecchetti seems to be able to explain concepts with more clarity and in a way that makes one remember the various theories long after reading the book.
He should try to develop further the chapter on futures and give more emphasis on hedging, since this is the trend financial markets are moving towards these days, without having to impinge on books devoted solely to the topic.
He may also want to expound more on the chapter covering foreign exchange and international markets, to make the book more relevant to international readers.
on the chapter on monetary policy, since he touched on foreign central banks he may also wish to write about how other countries implement monetary policy, esp how the Bank of England uses the repo market to conduct money easing/contraction.
Am looking forward to a much-improved version in the future.
Ideological footnote: Many undergraduate econ books assume (more or less explicitly) that disturbances in the macroeconomy are eventually self-correcting. This book has a somewhat different starting place: it takes it for granted that regulators will oversee the banking system and that central bankers will act to close output gaps and keep inflation under control (in fact, the latter assumption is built into the author's construction of the aggregate demand curve). According to the author, modern central banks have developed a fairly good understanding of business cycles and know how to moderate them through the use of monetary instruments. Let's hope he's right.