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Money and Banking 2024

Perry Mehrling's Money and Banking MOOC

Start time:

October 16 @ 2:00 pm - 3:00 pm

Virtual Project Virtual Project
project Series Event Series (See All)

EDT

Location:

Online

Type:

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project Series Event Series (See All)
Virtual Project Virtual Project

How to attend

Mark yourself as attending to receive the zoom link via email

Description

We are working through Perry Mehrling’s iconic Money and Banking MOOC. Running from May to August, we will cover two lectures and one reading per week. Many of us have taken the course before and would like to refresh our knowledge or gain a deeper understanding of the material.

Mehrling’s money view framework connects money to banking and finance by emphasizing cashflows, liquidity, hierarchical money, dealer-based markets, and market-based credit. This approach, though becoming more widely accepted, represents a departure from how money and banking had previously been taught.

Each lecture is about an hour and 15 minutes long and broken into several video segments. We meet for an hour via Zoom at 2pm EDT on Mondays to discuss the week’s lectures and on Wednesdays to discuss the reading. Further questions and discussion happen via the r/moneyview subreddit. Each lecture and reading has its own thread.

– Lecture Video Playlist
– Reddit Master Post

Schedule

* Note: We are reading a revised version of the shadow banking paper from 2014. The earlier version from the MOOC is here.

As an enhancement to the material, we are incorporating color coding for Borja Clavero’s four payment types into the balance sheets from the lectures.

Clavero Notation

– Yellow — Payment by assignment (Passing an asset to another balance sheet)
– Green — Payment by issuance (Issuing a new liability)
– Red — Payment by set-off (Canceling a liability that is owed)
– Blue — Payment by novation (Receiving a liability from another balance sheet)

We can use color-coded arrows as a shorthand.  The notation below is adapted from a similar notation used by Chris Rimmer.

Payment Arrows

We are also using Daniel Neilson’s Quadruple Entry Accounting terminology to classify different types of transaction structures.

Quadruple Entry

* Note: We’ve renamed Neilson’s Secured Loan and Repayment to Mutual Obligation and Mutual Release, respectively.

Below is a sample color-coded balance sheet based on the John Hicks Market Theory of Money reading in which Hicks divides the purchase and sale of goods into three steps.

Hicks Example

These lectures were recorded back in 2012. The landscape of money and banking is always changing, so we may also refer to more recent material from Mehrling (and others) when appropriate.

– Perry Mehrling Papers
– Perry Mehrling Videos
– Perry Mehrling Blog
– Soon Parted Substack by Daniel Neilson
– Elham’s Money View Blog by Elham Saeidinezad

Though less recent, also of interest may be the original Money View blog by Perry Mehrling and Daniel Neilson, which ran from November 2010 to October 2012. This blog overlapped with the recording of the MOOC lectures.

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