To many young economists who are unfamiliar with the history of macro, the thought of doing
macro without representative agent micro foundations is almost heretical. How can one …

Always and everywhere, monetary systems are hierarchical. One way that economists have
tried to get an analytical grip on this empirical fact is to distinguish money (the means of final …

… The closest thing we have to the institution of “acceptance” is the credit default swap (Mehrling
2010), but that does not so much guarantee eventual par payment as current par valuation…

… expand, it is possible that government purchases become relatively small as a percentage
of total GDP, but this changes none of our conclusions" (p. 168). Actually it does change one …

… The Fed did this by catching collapsing markets on its own balance sheet, first the
wholesale money market and then the mortgagebacked security market (Mehrling 2011, ch …

… Revealing how we arrived at the current crisis, Perry Mehrling … Mehrling demonstrates how
the Fed increasingly found itself … In The New Lombard Street, Mehrling persuasively argues …

… Ten years later, I was given this book by Professor Mehrling to review for Publisher's
Weekly… I went to see Professor Mehrling to ask him why he wrote what he did. He answered by …

… Against this background of change, Perry Mehrling tells a story of continuity around the
crucial question of the role of money in American democracy, a question associated generally …

Economics and finance typically analyze the exchange rate as the relative price of goods
and assets, respectively. By contrast, this paper explores a “money view” which understands …

This article 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 …