Financial Markets and Economic Activity

FINANCIAL MARKETS AND
ECONOMIC ACTIVITY

Edited by
DONALD D. HESTER and JAMES TOBIN

John Wiley & Sons, Inc., New York, London, Sydney
1967

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	TABLE OF CONTENTS
Chapter		Page
	Preliminary Pages	i
1.	Commerical Banks as Creators of "Money," by James Tobin	1
2.	A Model of Bank Portfolio Selection, by Richard C. Porter	12
3.	Financial Intermediaries and the Effectiveness of Monetary Controls, by James Tobin and William C. Brainard	55
4.	Financial Intermediaries and a Theory of Monetary Control, by William C. Brainard	94
5.	Monetary Policy, Debt Management, and Interest Rates: A Quantitative Appraisal, by Arthur M. Okun	142
6.	Determinants of Bond Yield Differentials: 1954 to 1959, by Peter E. Sloane	189
	Index	247