Economics for Investment Decision Makers Micro, Macro, and International Economics

ISBN-10: 1118105362
ISBN-13: 9781118105368
Edition: 2013
List price: $120.00 Buy it from $39.26
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Description: Finance practitioners need to have a firm understanding of vital micro and macro economics concepts and how firms and sectors are affected by forces. Understanding these concepts enables analysts to differentiate among various firms on an individual  More...

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Book details

List price: $120.00
Copyright year: 2013
Publisher: John Wiley & Sons Canada, Limited
Publication date: 3/25/2013
Binding: Hardcover
Pages: 800
Size: 7.25" wide x 10.25" long x 1.75" tall
Weight: 3.278
Language: English

Finance practitioners need to have a firm understanding of vital micro and macro economics concepts and how firms and sectors are affected by forces. Understanding these concepts enables analysts to differentiate among various firms on an individual level to determine their attractiveness for an investor. Macro concepts are presented in terms of how they impact sectors, capital markets, country analysis. At heart, this is an economics text for financial analysts that provides them with the core knowledge needed to make successful investment decisions.

Foreword
Acknowledgments
About the CFA Institute Investment Series
Demand and Supply Analysis: Introduction
Learning Outcomes
Introduction
Types of Markets
Basic Principles and Concepts
The Demand Function and the Demand Curve
Changes in Demand vs. Movements along the Demand Curve
The Supply Function and the Supply Curve
Changes in Supply vs. Movements along the Supply Curve
Aggregating the Demand and Supply Functions
Market Equilibrium
The Market Mechanism: Iterating toward Equilibrium-or Not
Auctions as a Way to Find Equilibrium Price
Consumer Surplus-Value minus Expenditure
Producer Surplus-Revenue minus Variable Cost
Total Surplus-Total Value minus Total Variable Cost
Markets Maximize Society's Total Surplus
Market Interference: The Negative Impact on Total Surplus
Demand Elasticities
Own-Price Elasticity of Demand
Own-Price Elasticity of Demand: Impact on Total Expenditure
Income Elasticity of Demand: Normal and Inferior Goods
Cross-price Elasticity of Demand: Substitutes and Complements
Calculating Demand Elasticities from Demand Functions
Summary
Practice Problems
Demand and Supply Analysis: Consumer Demand
Learning Outcomes
Introduction
Consumer Theory: From Preferences to Demand Functions
Utility Theory: Modeling Preferences and Tastes
Axioms of the Theory of Consumer Choice
Representing the Preference of a Consumer: The Utility Function
Indifference Curves: The Graphical Portrayal of the Utility Function
Indifference Curve Maps
Gains from Voluntary Exchange: Creating Wealth through Trade
The Opportunity Set: Consumption, Production, and Investment Choice
The Budget Constraint
The Production Opportunity Set
The Investment Opportunity Set
Consumer Equilibrium: Maximizing Utility Subject to the Budget Constraint
Determining the Consumer's Equilibrium Bundle of Goods
Consumer Response to Changes in Income: Normal and Inferior Goods
How the Consumer Responds to Changes in Price
Revisiting the Consumer's Demand Function
Consumer's Demand Curve from Preferences and Budget Constraints
Substitution and Income Effects for a Normal Good
Income and Substitution Effects for an Inferior Good
Negative Income Effect Larger than Substitution Effect: Giffen Goods
Veblen Goods: Another Possibility for a Positively Sloped Demand Curve
Summary
Practice Problems
Demand and Supply Analysis: The Firm
Learning Outcomes
Introduction
Objectives of the Firm
Types of Profit Measures
Comparison of Profit Measures
Analysis of Revenue, Costs, and Profits
Profit Maximization
Productivity
Summary
Practice Problems
The Firm and Market Structures
Learning Outcomes
Introduction
Analysis of Market Structures
Economists' Four Types of Structure
Factors That Determine Market Structure
Perfect Competition
Demand Analysis in Perfectly Competitive Markets
Supply Analysis in Perfectly Competitive Markets
Optimal Price and Output in Perfectly Competitive Markets
Factors Affecting Long-Run Equilibrium in Perfectly Competitive Markets
Monopolistic Competition
Demand Analysis in Monopolistically Competitive Markets
Supply Analysis in Monopolistically Competitive Markets
Optimal Price and Output in Monopolistically Competitive Markets
Factors Affecting Long-Run Equilibrium in Monopolistically Competitive Markets
Oligopoly
Demand Analysis and Pricing Strategies in Oligopoly Markets
Supply Analysis in Oligopoly Markets
Optimal Price and Output in Oligopoly Markets
Factors Affecting Long-Run Equilibrium in Oligopoly Markets
Monopoly
Demand Analysis in Monopoly Markets
Supply Analysis in Monopoly Markets
Optimal Price and Output in Monopoly Markets
Price Discrimination and Consumer Surplus
Factors Affecting Long-Run Equilibrium in Monopoly Markets
Identification of Market Structure
Econometric Approaches
Simpler Measures
Summary
Practice Problems
Aggregate Output, Prices, and Economic Growth
Learning Outcomes
Introduction
Aggregate Output and Income
Gross Domestic Product
The Components of GDP
GDP, National Income, Personal Income, and Personal Disposable Income
Aggregate Demand, Aggregate Supply, and Equilibrium
Aggregate Demand
Aggregate Supply
Shifts in Aggregate Demand and Supply
Equilibrium GDP and Prices
Economic Growth and Sustainability
The Production Function and Potential GDP
Sources of Economic Growth
Measures of Sustainable Growth
Summary
Practice Problems
Understanding Business Cycles
Learning Outcomes
Introduction
Overview of the Business Cycle
Phases of the Business Cycle
Resource Use through the Business Cycle
Housing Sector Behavior
External Trade Sector Behavior
Theories of the Business Cycle
Neoclassical and Austrian Schools
Keynesian and Monetarist Schools
The New Classical School
Unemployment and Inflation
Unemployment
Inflation
Economic Indicators
Popular Economic Indicators
Other Variables Used as Economic Indicators
Summary
Practice Problems
Monetary and Fiscal Policy
Learning Outcomes
Introduction
Monetary Policy
Money
The Roles of Central Banks
The Objectives of Monetary Policy
Contractionary and Expansionary Monetary Policies and the Neutral Rate
Limitations of Monetary Policy
Fiscal Policy
Roles and Objectives of Fiscal Policy
Fiscal Policy Tools and the Macroeconomy
Fiscal Policy Implementation: Active and Discretionary Fiscal Policy
The Relationship Between Monetary and Fiscal Policy
Factors Influencing the Mix of Fiscal and Monetary Policy
Quantitative Easing and Policy Interaction
The Importance of Credibility and Commitment
Summary
Practice Problems
International Trade and Capital Flows
Learning Outcomes
Introduction
International Trade
Basic Terminology
Patterns and Trends in International Trade and Capital Flows
Benefits and Costs of International Trade
Comparative Advantage and the Gains from Trade
Trade and Capital Flows: Restrictions and Agreements
Tariffs
Quotas
Export Subsidies
Trading Blocs, Common Markets, and Economic Unions
Capital Restrictions
The Balance of Payments
Balance of Payments Accounts
Balance of Payment Components
Paired Transactions in the BOP Bookkeeping System
National Economic Accounts and the Balance of Payments
Trade Organizations
International Monetary Fund
World Bank Group
World Trade Organization
Summary
Practice Problems
Currency Exchange Rates
Learning Outcomes
Introduction
The Foreign Exchange Market
Market Functions
Market Participants
Market Size and Composition
Currency Exchange Rate Calculations
Exchange Rate Quotations
Cross-Rate Calculations
Forward Calculations
Exchange Rate Regimes
The Ideal Currency Regime
Historical Perspective on Currency Regimes
A Taxonomy of Currency Regimes
Exchange Rates, International Trade, and Capital Flows
Exchange Rates and the Trade Balance: The Elasticities Approach
Exchange Rates and the Trade Balance: The Absorption Approach
Summary
Practice Problems
Currency Exchange Rates: Determination and Forecasting
Learning Outcomes
Introduction
Foreign Exchange Market Concepts
Arbitrage Constraints on Spot Exchange Rate Quotes
Forward Markets
A Long-Term Framework For Exchange Rates
International Parity Conditions
Assessing an Exchange Rate's Equilibrium Level
Tying It Together: A Model That Includes Long-Term Equilibrium
The Carry Trade
The Impact of Balance of Payments Flows
Current Account Imbalances and the Determination of Exchange Rates
Capital Flows and the Determination of Exchange Rates
Monetary And Fiscal Policies
The Mundell-Fleming Model
Monetary Models of Exchange Rate Determination
The Taylor Rule and the Determination of Exchange Rates
Monetary Policy and Exchange Rates-The Historical Evidence
Fiscal Policy and the Determination of Exchange Rates
Exchange Rate Management: Intervention And Controls
Currency Crises
Shorter-Term Forecasting Tools
Technical Analysis
Order Flow, Sentiment, and Positioning
Summary
Appendix: Currency Codes Used in This Reading
Practice Problems
Economic Growth and the Investment Decision
Learning Outcomes
Introduction
Growth in the Global Economy: Developed vs. Developing Countries
Savings and Investment
Financial Markets and Intermediaries
Political Stability, Rule of Law, and Property Rights
Education and Health Care Systems
Tax and Regulatory Systems
Free Trade and Unrestricted Capital Flows
Summary of Factors Limiting Growth in Developing Countries
Why Potential Growth Matters To Investors
Determinants of Economic Growth
Production Function
Capital Deepening vs. Technological Progress
Growth Accounting
Extending the Production Function
Natural Resources
Labor Supply
Labor Quality: Human Capital
Capital: ICT and Non-ICT
Technology
Public Infrastructure
Summary
Theories of Growth
Classical Model
Neoclassical Model
Endogenous Growth Theory
Convergence Debate
Growth in an Open Economy
Summary
Practice Problems
Economics of Regulation
Learning Outcomes
Introduction
Overview of Regulation
Classification of Regulations and Regulators
Economic Rationale for Regulation
Regulatory Tools
Regulation of Commerce
Regulation of Financial Markets
Cost-Benefit Analysis of Regulation
Analysis of Regulation
Effects of Regulations
Summary
Practice Problems
Glossary
References
About the Editors
About the CFA Program
Index

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