1. Financial Institutions and Markets
Money markets

2. Money Markets vs. Capital Markets
Money markets: source of short-term funding
Capital markets: source of long-term funding

3. Money Market Products Discount market Interbank market
Certificates of deposit (CDs) market
Commercial paper market
Repurchase agreements
Euromarkets

4. Money Markets and Monetary Policy
Lending to banks
Open market operations: purchase of treasury bills and commercial bills
Repurchase agreements: purchase of government bonds with agreed repurchase terms
All three actions affect market interest rates