Intro -- Contents -- Preface -- Acknowledgments -- Introduction -- I ALLYN ABBOTT YOUNG -- 1 Intellectual Formation -- 2 Early Monetary Ideas -- 3 War and Reconstruction -- 4 Monetary Management in the Twenties -- II ALVIN HARVEY HANSEN -- 5 Intellectual Formation -- 6 Depression -- 7 Stagnation...

The financial crisis that began in 2007 took place in the context of a secular shift from a bank-loan financial system to a capital-markets financial system — that is, from one based on nontradable financial assets, with banks playing the key intermediary role, to one based on tradable...

At the heart of both the modern shadow banking system and the 19th century banking system described by Walter Bagehot is the wholesale money market, with the central bank providing a liquidity backstop. We characterize shadow banking as “money market funding of capital market lending” and...

The analytical tension in post-Keynesian thought between the theory of endogenous (credit) money and the theory of liquidity preference, brought to our attention by Dow and Dow (1989), can be viewed through the lens of the money view (Mehrling 2013) as a particular case of the balance between...

This paper sketches the outlines of the new international monetary system that has emerged in the aftermath of the global financial crisis. At the center of the system, a network of central bank swaps between the six major central banks serves as an elastic backstop for private foreign exchange...

This paper discusses why and how central banking should be re-imagined, focusing on three dimensions: lender of last resort, regulation and supervision, and monetary policy for macroeconomic stabilisation.Full publication: "http://ssrn.com/abstract=2504682" target="_blank" Re-Thinking the Lender...

The Treasury-Fed Accord of 1951 and the subsequent rebuilding of private capital markets, first domestically and then globally, provided the shifting institutional background against which thinking about money and monetary policy evolved within the MIT economics department. Throughout that...