New Lombard Street How the Fed Became the Dealer of Last Resort

Name: New Lombard Street How the Fed Became the Dealer of Last Resort
Price: 37.77 USD
Availability: InStock
ISBN: 9780691143989

ISBN-10: 0691143986

ISBN-13: 9780691143989

Edition: 2011

Authors: Perry Mehrling

List price: $40.00

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Description:

Walter Bagehot'sLombard Street, published in 1873 in the wake of a devastating London bank collapse, explained in clear and straightforward terms why central banks must serve as the lender of last resort to ensure liquidity in a faltering credit system. Bagehot's book set down the principles that helped define the role of modern central banks, particularly in times of crisis--but the recent global financial meltdown has posed unforeseen challenges.The New Lombard Streetlays out the innovative principles needed to address the instability of today's markets and to rebuild our financial system.Revealing how we arrived at the current crisis, Perry Mehrling traces the evolution of ideas and…

Book details

List price: $40.00
Copyright year: 2011
Publisher: Princeton University Press
Publication date: 12/10/2010
Binding: Hardcover
Pages: 192
Size: 5.79" wide x 8.78" long x 0.87" tall
Weight: 1.034
Language: English



Acknowledgments


Introduction


A Money View Perspective


Lessons from the Crisis



Lombard Street, Old and New


The Inherent Instability of Credit


The Old Lombard Street


The New Lombard Street



Origins of the Present System


From National Banking to the Fed


From War Finance to Catastrophe


Noncommercial Credit in Depression and War



The Age of Management


Monetary Policy and the Employment Act


Listening to the Academics


Monetary Walrasianism


A Dissenting View



The Art of the Swap


Currency Swaps and the UIP Norm


Brave New World


From Modern Finance to Modern Macroeconomics



What Do Dealers Do?


Inside the Money Market


Funding Liquidity and Market Liquidity


Anatomy of a Crisis


Monetary Policy



Learning from the Crisis


The Long Shadow of Jimmy Stewart


A Stress Test of Moulton-Martin


Dealer of Last Resort


Conclusion


Notes


References


Index