Hey guys, as I'm considering a major in Economics, I've recently developed an interest in topics like money, banking, and finance. I want to dive into these areas a bit more. Any recommendations of popular college-level textbooks used in 'Money and Banking' courses that I could start reading now to get a head start?
Sure thing!
1. "Money, Banking and Financial Markets" by Stephen Cecchetti and Kermit Schoenholtz: This book is well-regarded for offering modern, engaging, and comprehensive coverage of the principles of economics and financial markets. You'll learn the "why" of monetary policy, banking, and even international finance.
2. "The Economics of Money, Banking and Financial Markets" by Frederic Mishkin: Often utilized at the undergraduate level, this book effectively ties in theory to the day-to-day realities of banking and finance. Mishkin's text aims to prep students for assessing economic data and studies related to money, banking, and finance.
3. "Bank Management & Financial Services" by Peter Rose and Sylvia Hudgins: Although it is not strictly about money and banking, it extensively covers financial institutions' management aspects with an emphasis on risk management.
4. "Modern Money Mechanics" by Federal Reserve Bank of Chicago: This is more of a workbook than a textbook, but it provides a detailed overview of the money-creation process in a Fractional Reserve Banking system. It's quite technical, but it will give you a deeper understanding of how banks create money.
5. "A History of Money and Banking in the United States" by Murray N. Rothbard: This mining into financial history is quite valuable if you're interested in understanding the evolution of the current economic scenario.
Remember, since you're just starting out, some of these texts may seem a little heavy at first. But take your time, and remember you're not aimed to understand everything right off the bat. Reading them now will give you a great foundation when you study these topics in your coursework. Happy reading!
CollegeVine’s Q&A seeks to offer informed perspectives on commonly asked admissions questions. Every answer is refined and validated by our team of admissions experts to ensure it resonates with trusted knowledge in the field.