The New Lombard Street How the Fed Became the Dealer of Last Resort 1st Edition by Perry Mehrling ISBN 0691143986 9780691143989 by Perry Mehrling instant download after payment.

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Product details:

ISBN 10: 0691143986 
ISBN 13: 9780691143989
Author: Perry Mehrling

Walter Bagehot's Lombard 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 Street lays 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. In The 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.

The New Lombard Street How the Fed Became the Dealer of Last Resort 1st Table of contents:

1. A Money View Perspective
2. Lessons from the Crisis
3. One - Lombard Street, Old and New
4. The Inherent Instability of Credit
5. The Old Lombard Street
6. The New Lombard Street
7. Two - Origins of the Present System
8. From National Banking to the Fed
9. From War Finance to Catastrophe
10. Noncommercial Credit in Depression and War
11. Three - The Age of Management
12. Monetary Policy and the Employment Act
13. Listening to the Academics
14. Monetary Walrasianism
15. A Dissenting View
16. Four - The Art of the Swap
17. Currency Swaps and the UIP Norm
18. Brave New World
19. From Modern Finance to Modern Macroeconomics
20. Five - What Do Dealers Do?
21. Inside the Money Market
22. Funding Liquidity and Market Liquidity
23. Anatomy of a Crisis
24. Monetary Policy
25. Six - Learning from the Crisis
26. The Long Shadow of Jimmy Stewart
27. A Stress Test of Moulton-Martin
28. Dealer of Last Resort

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