{"product_id":"the-new-lombard-street-9780691143989","title":"The New Lombard Street","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003ePresents the innovative principles needed to address the instability of the markets and to rebuild our financial system. This book traces the evolution of ideas and institutions in the American banking system since the establishment of the Federal Reserve in 1913. It explains how the Fed took classic central banking wisdom from Britain and Europe.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"A well-written, scholarly dissection that should be required reading for all graduate courses (and perhaps some advanced undergraduate) in macroeconomics or monetary economics.\"--Choice \"With lucid precision, Mehrling traces the history of how Fed policy makers became biased toward 'excessive elasticity'... Mehrling saves the best for the end, where he describes the Fed's battle to save the system with an alphabet soup of lending programs.\"--James Pressley, Bloomberg News \"I continue to ponder Mehrling's main claims, but in any case this is an important book about the new Fed.\"--Tyler Cowen, Marginal Revolution \"In The New Lombard Street, Perry Mehrling ... provides a lucid account of how the system worked when it was working--and of the growing role assumed by the Fed in an era of global economic volatility and 'credit-fueled bubbles.'\"--Glenn C. Altschuler, Tulsa World \"[A] fantastic book.\"--Rortybomb, Mike Konczal blog \"[I]mportant... Mehrling's new book tries to do just what Bagehot did: to give an account both of how and why the Fed acted when it reinvented the rules in the middle of a financial crisis, and of what the implications for future monetary policy will be.\"--Harold James, Central Banking Journal \"This is an excellent and accessible analysis for anyone wishing to understand the origins of the financial crisis and how the Fed came to respond as it did.\"--Larry Hatheway, Business Economist \"[T]he book can be read as an important contribution in the ongoing debate on the future of central banks. In terms of monetary policy thinking, this book is another contribution to the increasing awareness that central banks, perhaps lured by seeming success of inflation targeting, in the years before 2008 did not manage to strike the right balance between monetary and financial stability.\"--Lars Fredrik Oksendal, Enterprise \u0026amp; Society\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eAcknowledgments xi  Introduction 1 A Money View Perspective 2  Lessons from the Crisis 6      Chapter One: Lombard Street, Old and New 11  The Inherent Instability of Credit 12  The Old Lombard Street 18  The New Lombard Street 23      Chapter Two: Origins of the Present System 30  From National Banking to the Fed 30  From War Finance to Catastrophe 37  Noncommercial Credit in Depression and War 43      Chapter Three: The Age of Management 48  Monetary Policy and the Employment Act 52  Listening to the Academics 57  Monetary Walrasianism 60  A Dissenting View 65      Chapter Four: The Art of the Swap 71  Currency Swaps and the UIP Norm 72  Brave New World 79  From Modern Finance to Modern Macroeconomics 85      Chapter Five: What Do Dealers Do? 92  Inside the Money Market 93  Funding Liquidity and Market Liquidity 98  Anatomy of a Crisis 103  Monetary Policy 107      Chapter Six: Learning from the Crisis 113  The Long Shadow of Jimmy Stewart 116  A Stress Test of Moulton-Martin 123  Dealer of Last Resort 132      Conclusion 136  Notes 141  References 149  Index 159","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":49403771322711,"sku":"9780691143989","price":37.8,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780691143989.jpg?v=1730484495","url":"https:\/\/bookcurl.com\/products\/the-new-lombard-street-9780691143989","provider":"Book Curl","version":"1.0","type":"link"}