New Lombard Street (eBook)

How the Fed Became the Dealer of Last Resort

Perry Mehrling (Autor)

eBook Download: EPUB

2010
192 Seiten
Princeton University Press (Verlag)
978-1-4008-3626-0 (ISBN)

Infos

How the U.S. Federal Reserve began actively intervening in marketsWalter 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' "e;money view,"e; which looks to the money market to assess risk and restore faith in our financial system.

Autor

Perry Mehrling is professor of economics at Barnard College, Columbia University. He is the author of Fischer Black and the Revolutionary Idea of Finance and The Money Interest and the Public Interest: American Monetary Thought, 1920-1970.

Produkt-Details

• Erscheint lt. Verlag: 8.11.2010
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Sachbuch/Ratgeber ► Geschichte / Politik ► Politik / Gesellschaft
• Themenwelt: Geschichte ► Teilgebiete der Geschichte ► Wirtschaftsgeschichte
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
• Schlagworte: aggregate demand • Arbitrage • asset • Availability • balance sheet • Bank • Bank for International Settlements • Bank of England • Bank Rate • bank run • basis risk • Ben Bernanke • Book entry • Calculation • Capital asset • Capital Asset Pricing Model • Capital Base • Capital Buffer • Capitalism • Capital Market • Cash • Cash Flow • Central Bank • Classroom • Commercial Paper • counterparty • Credit Channel • Credit Default Swap • Credit Derivative • Credit Enhancement • Credit (finance) • Credit Insurance • Creditor • credit risk • Currency • debt • de facto • Deposit account • Discounts and allowances • Discount window • Economic Policy • economist • economy • Eurodollar • Excess reserves • Expectations hypothesis • Fannie Mae • federal funds • federal funds rate • federal reserve bank of new york • Finance • Financial asset • Financial Crisis • Financial innovation • First Book • Forward exchange rate • Forward Rate • Full employment • Funding • funding liquidity • General Equilibrium Theory • Government bond • Government Debt • Guarantee • Haircut (finance) • Hedge (finance) • Hyman Minsky • Ideal World • income • Inflation • Inflation Targeting • Initiative for Policy Dialogue • Institutional memory • insurance • Interest • Interest Rate • Interest Rate Swap • Investment • Investor • Irving Fisher • issuer • James Tobin • John Maynard Keynes • Joseph Schumpeter • Joseph Stiglitz • Keynesian Economics • Knut Wicksell • Lehman Brothers • Lender of last resort • Leverage (finance) • Liability (financial accounting) • Libor • line of credit • Liquidity Premium • liquidity risk • Long run and short run • Lucas critique • Macroeconomics • Market Development • market liquidity • Market Price • Market Value • Milton Friedman • Monetarism • monetary policy • Monetary Theory • MONEY • money market • Money Supply • Net Worth • New Keynesian Economics • Open market operation • Operation Twist • organization • Ownership • Payment • Phillips Curve • Policy • price level • Primary Dealer Credit Facility • Profit (economics) • Provision (contracting) • Real Goods • receipt • Regulation Q • Reproduction Cost • Repurchase Agreement • Reserve requirement • Return on Capital • Revaluation of fixed assets • saving • Seasonal Credit • Securitization • Shadow Banking System • solvency • Speculation • Supply and Demand • Supply (economics) • Swap (finance) • Synthetic CDO • Taylor Rule • Term auction facility • Term Securities Lending Facility • Term To Maturity • The Public Interest • Trade-off • tranche • treasury bill • United States Treasury security • Valuation (finance) • Value and Capital • Value (economics) • Yield Curve • Yield to maturity
• ISBN-10: 1-4008-3626-3 / 1400836263
• ISBN-13: 978-1-4008-3626-0 / 9781400836260