The year in money
A 2017-end post with this title might be thought to focus on bitcoin, and I will indeed have something to say about that, but in my view the bitcoin bubble is mostly a symptom of deeper trends that...
View ArticleSecular Stagnation: Natural Rate or Structural Change?
December 15 I attended INET’s day-long workshop on Secular Stagnation, and I meant to write about it at the time. But life intervened, then holidays, then the “bomb cyclone”, until this morning when...
View ArticleMaking Finance Visible, a review of Brine and Poovey
Brine, Kevin R. and Mary Poovey. Finance in America, an unfinished story. University of Chicago Press, 2017. The authors of this book are respectively a non-academic Wall Street practitioner and a...
View ArticleWhere is politics in the money view?
The following was inspired by my attendance at a recent conference, Money as a Democratic Medium, where I gave a short talk. The "Money View", as regular readers of this blog will know, is my attempt...
View ArticleLiquidity Changes Everything
Much has changed in the institutional organization of money markets since Fall 2012 when INET filmed my course “Economics of Money and Banking”, but what strikes me most is how well the fundamental...
View ArticleA Money View of the Pandemic
March 26, 2020 If your cash inflows disappear but your cash outflows remain, what do you do? Dash for cash. Sell what you can for what you can, max out your contractual credit lines, and hold the...
View ArticleImagining the AC Economy
April 3, 2020 AC is of course After-Coronavirus, and we need to distinguish short run from long run. In the short run, the most important thing to keep in mind is the highly differentiated impact of...
View ArticleCorona Crisis: Lessons of the Stress Test
Watch Perry Mehrling's Zoom talk to the Boston Economics Club on June 3, 2020 https://mymedia.bu.edu/media/Corona+CrisisA++Lessons+of+the+Stress+Test/1_pk5wohqm
View ArticleNew Lombard Street, Ten Years On
What follows is a Foreword I wrote for the Japanese translation of New Lombard Street, coming out later this year: The Global Financial Crisis (GFC) of 2007-2009 served as the first real stress test of...
View ArticleBernanke v. Kindleberger: Which Credit Channel?
In the 1983 paper cited as the basis for Bernanke’s Nobel award, the first footnote states: “I have received useful comments from too many people to list here by name, but I am grateful to each of...
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