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 NEW YORK TIMES" Mehrling's book is essential reading … Perry Mehrling has captured
both sides of the picture: the … BOB LITTERMAN, Partner, Kepos Capital" Perry Mehrling has …

… 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 …

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 …

Finance is not something separate from society. It is neither a Marxian superstructure nor a
monetarist veil, but rather the very substance of modern social relations, a web of time-dated …

On the mezzanine of Littauer, Schumpeter instructed about the primacy of vision: in particular
that we—the young who engaged him in conversation—should develop our vision, we …

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 …

Even today, textbooks on Money, Currency, and Banking are more likely than not to begin
with an analysis of a state of things in which legal tender" money" is the only means of paying …