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

ISBN-10: 0691143986

ISBN-13: 9780691143989

Edition: 2011

Authors: Perry Mehrling

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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 institutions in the American banking system since the establishment of the Federal Reserve in 1913. He explains how the Fed took classic central banking wisdom from Britain and Europe and adapted it to America's unique and considerably more volatile financial conditions. Mehrling demonstrates how the Fed increasingly found itself serving as the dealer of last resort to ensure the liquidity of securities markets--most dramatically amid the recent financial crisis. Now, as fallout from the crisis forces the Fed to adapt in unprecedented ways, new principles are needed to guide it. InThe New Lombard Street, Mehrling persuasively argues for a return to the classic central bankers' "money view," which looks to the money market to assess risk and restore faith in our financial system.
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Book details

List price: $37.95
Copyright year: 2011
Publisher: Princeton University Press
Publication date: 11/28/2010
Binding: Hardcover
Pages: 192
Size: 5.75" wide x 8.75" long x 1.00" tall
Weight: 0.946
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
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