文档介绍：The Evolution of ary Policy
and Banking in the US
Donald D. Hester
The Evolution of ary
Policy and Banking in the US
Donald D. Hester
Professor of Economics, Emeritus
University of Wisconsin
1180 Observatory Drive
Madison, WI 53706
USA
******@
ISBN 978-3-540-77793-9 e-ISBN 978-3-540-77794-6
Library of Congress Control Number: 2008924057
© 2008 Springer-Verlag Berlin Heidelberg
This work is subject to copyright. All rights are reserved, whether the whole or part of the material is
concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting,
reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication
or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965,
in its current version, and permissions for use must always be obtained from Springer-Verlag.
Violations are liable for prosecution under the German Copyright Law.
The use of general descriptive names, registered names, trademarks, etc. in this publication does not
imply, even in the absence of a specific statement, that such names are exempt from the relevant protective
laws and regulations and therefore free for general use.
Cover design: WMXDesign GmbH, Heidelberg, Germany
Printed on acid-free paper
9 8 7 6 5 4 3 2 1
Preface
In the forty years that I taught courses in finance and macroeconomics at
Yale University and the University of Wisconsin, I have been amazed by
the spectacular innovations that have occurred in finance and by the failure
of textbooks and treatises to address this dynamism. This short volume de-
scribes what led to changes and what the changes mean for the conduct of
ary policy and financial markets. Change and innovation are unend-
ing and should always be the principal focus of financial institutions, regu-
lators, and portfolio managers.
The first part of this monograph, chapters one