Money, credit, and capital
This long-awaited book, coauthored by Nobel laureate and Yale University emeritus professor Tobin, is the essential guide to monetary theory for those who need the best available, most authoritative economic explanations. This fundamental introduction includes authoritative coverage of the mechanisms of the Federal Reserve and how its policies affect investment activity via interest rates and the credit offered to private borrowers.
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National Wealth and Individual Wealth
Properties of Assets
Portfolio Selection with Predictable Assets with
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aggregate asset prices bank deposits bank's banking system bill rate bonds borrowing cash central bank Chapter consumption currency defensive assets demand debt depends depositors discount rate discount window dollar earnings economy equilibrium equity example excess reserves exchange expectation of return expected deposits expected return expected utility federal funds rate Federal Reserve Banks Federal Reserve System Figure free reserves function gold government debt higher holdings illiquid income increase indifference curve individual institutions interest rates investor lenders lending liabilities liquidity loan rate loans and investments locus marginal cost marginal revenue marginal utility means of payment monetary negative defensive position open-market percent period portfolio choice primary reserves rate of return ratio relative required reserves reserve requirements return on capital risk aversion risky assets savings secondary reserves Section securities share shift substitute Table Tobin transactions Treasury U.S. government United valuation worth yield zero