Money and Banking

  1. Central Banking and Monetary Policy
    1. Central Bank Structure and Independence
      1. Historical Development
        1. Evolution of Central Banking
          1. Lessons from Banking Crises
            1. International Experiences
            2. Central Bank Independence
              1. Instrument Independence
                1. Goal Independence
                  1. Political Economy Considerations
                    1. Accountability Mechanisms
                    2. Federal Reserve System
                      1. Board of Governors
                        1. Appointment Process
                          1. Terms of Office
                            1. Regulatory Responsibilities
                            2. Federal Open Market Committee
                              1. Membership Structure
                                1. Decision-Making Process
                                  1. Meeting Schedule
                                  2. Federal Reserve Banks
                                    1. Regional Structure
                                      1. Ownership and Governance
                                        1. Operational Functions
                                          1. Research Activities
                                        2. European Central Bank
                                          1. Institutional Framework
                                            1. Governing Council
                                              1. Executive Board
                                                1. National Central Banks
                                                  1. Eurosystem Operations
                                                  2. Other Major Central Banks
                                                    1. Bank of Japan
                                                      1. Bank of England
                                                        1. People's Bank of China
                                                          1. Comparative Analysis
                                                        2. Monetary Policy Objectives
                                                          1. Price Stability
                                                            1. Inflation Targeting
                                                              1. Target Levels
                                                                1. Symmetric vs. Asymmetric Targets
                                                                  1. Flexible Inflation Targeting
                                                                  2. Costs of Inflation
                                                                    1. Costs of Deflation
                                                                    2. Full Employment
                                                                      1. Natural Rate of Unemployment
                                                                        1. Phillips Curve Relationship
                                                                          1. Employment-Inflation Tradeoffs
                                                                          2. Economic Growth
                                                                            1. Long-Run Growth Factors
                                                                              1. Short-Run Stabilization
                                                                                1. Monetary Policy Limitations
                                                                                2. Financial Stability
                                                                                  1. Asset Price Bubbles
                                                                                    1. Systemic Risk
                                                                                      1. Macroprudential Policy
                                                                                      2. Exchange Rate Stability
                                                                                        1. Fixed vs. Flexible Exchange Rates
                                                                                          1. Currency Interventions
                                                                                            1. International Coordination
                                                                                            2. Interest Rate Stability
                                                                                              1. Volatility Effects
                                                                                                1. Term Structure Management
                                                                                              2. Monetary Policy Strategy
                                                                                                1. Policy Framework Choice
                                                                                                  1. Inflation Targeting
                                                                                                    1. Money Growth Targeting
                                                                                                      1. Exchange Rate Targeting
                                                                                                        1. Nominal GDP Targeting
                                                                                                        2. Policy Instrument Selection
                                                                                                          1. Operating Targets
                                                                                                            1. Intermediate Targets
                                                                                                              1. Ultimate Goals
                                                                                                              2. Taylor Rule
                                                                                                                1. Original Formulation
                                                                                                                  1. Modified Versions
                                                                                                                    1. Policy Implications
                                                                                                                      1. Empirical Applications
                                                                                                                      2. Forward Guidance
                                                                                                                        1. Communication Strategies
                                                                                                                          1. Expectation Management
                                                                                                                            1. Commitment vs. Discretion
                                                                                                                          2. Conventional Monetary Policy Tools
                                                                                                                            1. Open Market Operations
                                                                                                                              1. Daily Operations
                                                                                                                                1. Permanent vs. Temporary Operations
                                                                                                                                  1. Quantitative Implementation
                                                                                                                                  2. Policy Interest Rates
                                                                                                                                    1. Federal Funds Rate
                                                                                                                                      1. Discount Rate
                                                                                                                                        1. Transmission Mechanisms
                                                                                                                                        2. Reserve Requirements
                                                                                                                                          1. Binding vs. Non-Binding
                                                                                                                                            1. Frequency of Use
                                                                                                                                              1. International Practices
                                                                                                                                            2. Unconventional Monetary Policy
                                                                                                                                              1. Quantitative Easing
                                                                                                                                                1. Asset Purchase Programs
                                                                                                                                                  1. Portfolio Balance Effects
                                                                                                                                                    1. Signaling Effects
                                                                                                                                                      1. International Experiences
                                                                                                                                                      2. Credit Easing
                                                                                                                                                        1. Targeted Asset Purchases
                                                                                                                                                          1. Credit Market Interventions
                                                                                                                                                            1. Sectoral Support Programs
                                                                                                                                                            2. Negative Interest Rates
                                                                                                                                                              1. Implementation Mechanisms
                                                                                                                                                                1. Transmission Channels
                                                                                                                                                                  1. Effectiveness and Limitations
                                                                                                                                                                  2. Forward Guidance
                                                                                                                                                                    1. Calendar-Based Guidance
                                                                                                                                                                      1. State-Contingent Guidance
                                                                                                                                                                        1. Threshold-Based Guidance
                                                                                                                                                                      2. Monetary Policy Transmission
                                                                                                                                                                        1. Interest Rate Channel
                                                                                                                                                                          1. Policy Rate Transmission
                                                                                                                                                                            1. Term Structure Effects
                                                                                                                                                                              1. Real Interest Rate Effects
                                                                                                                                                                              2. Credit Channel
                                                                                                                                                                                1. Bank Lending Channel
                                                                                                                                                                                  1. Balance Sheet Channel
                                                                                                                                                                                    1. Broad Credit Channel
                                                                                                                                                                                    2. Exchange Rate Channel
                                                                                                                                                                                      1. Exchange Rate Pass-Through
                                                                                                                                                                                        1. Trade Balance Effects
                                                                                                                                                                                          1. International Spillovers
                                                                                                                                                                                          2. Asset Price Channel
                                                                                                                                                                                            1. Equity Prices
                                                                                                                                                                                              1. Housing Prices
                                                                                                                                                                                                1. Wealth Effects
                                                                                                                                                                                                2. Expectations Channel
                                                                                                                                                                                                  1. Inflation Expectations
                                                                                                                                                                                                    1. Forward-Looking Behavior
                                                                                                                                                                                                      1. Credibility Effects

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                                                                                                                                                                                                  4. Money Supply and Monetary Control

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                                                                                                                                                                                                  6. International Finance and Exchange Rates