Money, Flow of Funds, and Economic Activity.

In summary, Jackendoff's text is an acceptable undergraduate text in money and banking even though he does not achieve his stated goals of balance and integration. Many authors of traditional texts are guilty of an imbalance in omitting flow-of-funds analysis, giving insufficient coverage to financial intermediaries and placing too much emphasis on commercial banking, the Federal Reserve System, and the history of banking. Jackendoff's text, however, betrays just the opposite imbalance. Traditional considerations need more emphasis and more-complete explanations than he has given them. If the text is adopted, users could compensate for this imbalance by assigning a set of policy-oriented readings. [ABSTRACT FROM AUTHOR]