Monetary policy has changed. Has your textbook? Balls Money Banking andFinancial Markets closes the gap between economic theory and the daytodaybehavior of bank... » 

Monetary policy has changed. Has your textbook? Balls Money Banking andFinancial Markets closes the gap between economic theory and the daytodaybehavior of banks and financial markets. Working from a macro framework basedon the Feds use of the interest rate as its major policy instrument Ballpresents the core concepts necessary to understand the problems affecting thestock market and the causes of recessions and banking crises. Underlying thisframework are the intellectual foundations for the Feds inflation targetingusing the dynamic consistency problem facing policymakers. Ball doesnt explainhow the Fed and financial markets should work he explains how they do workon a daily basis. «