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
1.  Commerical Banks as Creators of "Money," by James Tobin
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