The Money View Reading Group reads and discusses writings on money, banking, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings, join us for discussions, or suggest future readings.We meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York).
Current Book
After the Accord: A History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to 1979
by Kenneth D. Garbade (2021)
https://www.amazon.com/dp/1108839894/
From the description
In this book Garbade, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York, traces the evolution of open market operations, Treasury debt management, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved, responding both to external forces and to one another. Utilising a vast scope of primary material, the work provides insight into how officials fashioned the instruments, facilities, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities.
This is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer, we are discussing this book in five back-to-back weekly sessions.
During the off week, we discuss 2012 IMF working paper “The Chicago Plan Revisited” by Jaromir Benes and Michael Kumoff.
https://www.imf.org/external/pubs/ft/wp/2012/wp12202.PDF
From the abstract
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher’s claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
We will focus mainly on the history, the theoretical arguments, and the various assumptions and conclusions, rather than working through the math of the model. It is likely that the model is internally consistent and predicts what it claims to predict. But how good of a fit is the model for explaining the real world and informing real-world policy?
In our first of five sessions, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade.
- Chapter 1: Introduction
- Open Market Operations After the Accord
- Bills Preferably
- Repurchase Agreements
- Open Market Operations in Coupon-Bearing Debt
- Treasury Debt Management After the Accord
- Part I: The System and the Market in the 1940s
- Chapter 2: The Government Securities Market
- Wartime Interest Rate Ceilings
- From the End of the War to the End of 1949
- Bill Auctions
- Cash Subscription Offerings
- Exchange Offerings
- An Example
- The Secondary Market
- The Postwar Secondary Market
- The Role of Dealers in Primary Market Offerings
- Chapter 3: Reserves, Reserve Requirements, and Reserves Management
- Reserve Requirements
- Reserves in Aggregate
- The Inter-Bank Market for Federal Funds
- Reserves Management
- Appendix: Treasury Cash Management
- Appendix: Identifying the Sources and Uses of Reserves
- Chapter 4: The Institutional Framework of Open Market Operations
- The Recognized Dealer Program
- Formalization of the Recognized Dealer Program
- Advent of the Qualified Dealer Program
- Revising the Institutional Framework of Open Market Operations
- Implementing the Revised Framework
- The Qualified Dealer Program at the End of the 1940s
- Appendix: Orderly Markets
- Part II: The Accord and Its Aftermath
- Chapter 5: The Accord
- Run-Up to the Accord
- The Accord
- The Nomarketable Bond Offering
- After the Accord
- Chapter 6: Taking Stock
- The New York Reserve Bank Study
- The Existing Framework
- Prospects for Fundamental Change
- An Exchange Market
- Direct Trading by Federal Reserve Banks
- Reliance on Nonmarketable Long-Term Debt
- Prospects for More Modest Changes
- Expanding the Number of Qualified Dealers
- Relations between the System and the Treasury
- Summing Up
- The Ad Hoc Subcommittee Study
- System Intervention
- Bills Preferably
- Treasury Financings
- Dealer Qualification Requirements
- Market Intelligence
- Chapter 7: New Directions
- Market Intervention
- Dealer Relations
- Subsequent Actions
- The End of the Qualified Dealer Program
- Publicizing the New Restrictions on Market Intervention
- Chapter 8: Challenging the New Restrictions
- The April 1953 Bond Offering
- The Mid-May Executive Committee Meetings
- The May 6 Meeting
- The May 13 Meeting
- System Open Market Account Activity and Reserve Availability in May
- Breakdown and Intervention
- Revisiting the Restrictions on Intervention
- The Controversy Becomes Public
- Chapter 9: An Additional Limitation on the Conduct of Open Market Operations
- A Swap Authorization
- Pushback
- Round Two
In our second of five sessions, we discuss Part 3 of After the Accord by Kenneth Garbade.
- Part III: The New Regime
- Chapter 10: Monetary Policy in 1954
- Monitoring Economic Activity
- Monetary Policy
- The Directives
- The Minutes
- Caveats
- Chapter 11: Policy Instruments for Reserves Management
- Outright Purchases and Sales of Treasury Bills
- Repurchase Agreements on Short-Term Treasury Securities
- Repurchase Agreements before the Accord
- Postwar Reinstatement
- Linking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate
- Consequences of the Accord
- Repurchase Agreements in 1954
- Robertson’s Resistance to System Repurchase Agreements
- The Opening Round
- Robertson’s Critique
- A Proposal
- Reconciliation
- Subsequent Events
- Chapter 12: Monetary Policy in 1955
- FOMC Directives
- Money Market Indicators
- Treasury Offerings of Coupon-Bearing Debt
- Attrition on Exchange Offerings
- Maintaining an Even Keel
- Defensive Operations
- When Reserves Needed to Be Drained
- Two Work-Arounds
- Chapter 13: Pragmatism in the Accommodation of Treasury Offerings
- Repurchase Agreements on Rights
- Intervention
- Intervention by Another Name
- Chapter 14: 1956 and 1957
- Defensive Operations
- Currency
- Float
- Treasury Balances at Federal Reserve Banks
- Forecasting Errors
- Accommodating Treasury Offerings
- The May 1957 Refunding
- Subsequent Offerings in 1957
- The Continuing Importance of Repurchase Agreements
In our third of five sessions, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade.
- Part IV: Summer 1958 and Its Consequences
- Chapter 15: The Summer 1958 Treasury Financings
- An Overview of 1958
- Run-Up to the June Financing
- The June Financing
- The Aftermath of the June Financing
- The Treasury Enters the Market
- Trading on July 8
- Treasury Reveals Its Purchases
- Iraq and Lebanon
- The July Refunding
- Friday, July 18
- The Subscription Period (Monday, July 21 to Wednesday, July 23)
- Denouement
- Aftermath to the July Refunding
- Chapter 16: Innovations in Treasury Debt Management
- A Need for Change
- Treasury Issuance of Coupon-Bearing Debt from 1953 to 1958
- Gaines’s Critique
- Treasury Bills – A Bright Spot
- Friedman’s Recommendations
- Treasury’s Innovations
- Issuing and Redeeming Coupon-Bearing Debt on a Regular Schedule
- Twenty-Six-Week Bills
- Cash Refundings
- The Problem of SOMA Reinvestments
- Advance Refundings
- Why the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities
- Chapter 17: The Treasury-Federal Reserve Study of the Government Securities Market
- Market Statistics
- Advent of the Reporting Dealer Program
- Initial Discussions
- A Joint Staff Proposal
- Implementation
- Dealer Finance
- Prospects for a Dealer Association
- Part V: The End of Bills Preferably
- Chapter 18: The 1958-1960 Gold Drain
- Gold in the International Payments System
- The London Gold Market
- The Place of Gold in FOMC Deliberations
- The Break-out of London Gold Prices
- The Place of Gold in FOMC Deliberations After the Break-out
- Contemplating the Future
- Chapter 19: Operation Twist
- How Economists Viewed the Term Structure of Interest Rates
- The February 7 Executive Session of the Federal Open Market Committee
- Conducting Open Market Operations in Longer-Term Securities
- What, Exactly, Were the Objectives of the New Program?
- Disengagement?
- The Scale of Open Market Operations in Longer-Term Securities
- Abandoning the 1953 Operating Principles
- Operation Twist After 1961
- New Policy Instruments
- New Empirical Evidence
- The End of $35 Gold
In our fourth of five sessions, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade.
- Part VI: The 1960s
- Chapter 20: Treasury Debt Management in the 1960s
- Secular Variation of Marketable Debt
- Treasury Bills
- Regular Bills
- Bill Strips
- Tax Anticipation Bills
- Certificates, Notes, and Bonds
- Mid-Quarter Refundings
- Stand-Alone Offerings for New Money
- Advance Refundings
- Advance Refundings after Mid-1965
- The Two Worlds of Treasury Finance
- An Experiment in Auctioning Bonds
- Chapter 21: Monetary Policy in the 1960s
- Chapter 22: Repurchase Agreements in the 1960s
- System Access to Repo Collateral
- Relaxing the Two-Year Maturity Limit
- Eliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos
- System Repos on Agency Collateral
- Matched Sale-Purchase Agreements
- An Unsuccessful Effort to Introduce More Flexible Repo Pricing
- Part VII: Updating Market Infrastructures: The Joint Study
- Chapter 23: The Association of Primary Dealers
- Arrivals and Departures
- Federal Reserve and Treasury Thinking About a Dealer Association
- Precipitating Events
- Formation of the Association of Primary Dealers
- Chapter 24: Dealer Finance
- Dealer Finance and the Role of Money Market Banks as Residual Lenders
- Recommendations of the Joint Study Steering Committee
- Response of the Federal Open Market Committee
- Chapter 25: The Government Securities Clearing Arrangement
- Settling Transactions in Treasury Securities Before 1965
- Intracity Settlements
- CPD Settlement
- Origins of the Clearing Arrangement
- The Pilot Program
- Intracity Transfers
- Balancing the Demands of Competing Settlement Systems
- Remarks
- Chapter 26: Securities Lending
- The Impetus for a Federal Reserve Securities Lending Program
- The Joint Study Proposal
- The Staff Study
- Discussion by the Steering Committee
- The FOMC Response
- The 1969 Fails Crisis
- The FOMC Revisits Securities Lending
- Whether to Lend Against Short Sales
- Chapter 27: The Book-Entry System, Part I
- Origins of the Book-Entry System
- Issues in Creating a Book-Entry System
- The First Implementation
- The Second Implementation
- What Remained to be Done
In our last of five sessions, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade.
- Part VIII: The 1970s
- Chapter 28: Treasury Debt Management in the 1970s
- Marketable Treasury Debt in the 1970s
- Regular Bills
- Thirteen- and Twenty-Six-Week Bills
- Nine-Month Bills and One-Year Bills
- Bill Strips
- Irregular Bills
- Notes and Bonds
- Average Maturity
- The Introduction of Treasury Note and Bond Auctions
- The May 1970 Refunding
- The First Auction
- Subsequent Auction Offerings of Notes and Bonds
- Consequences of Bond Auctions for Advance Refundings
- Fine-Tuning the Auction Process
- A Failed Auction and the Advent of Yield Auctions
- The End of Single-Price Auctions
- A Last Harrah for Fixed-Price Offerings
- The Advent of Regular and Predictable Note and Bond Offerings
- The Introduction of Two-Year Cycle Notes
- Extending Regular and Predictable Issuance to Intermediate-Term Notes
- Mid-Quarter Refundings and Fifteen-Year Bonds
- A Recapitulation of Treasury Debt Management Innovations in the 1970s
- Chapter 29: Monetary Policy in the 1970s
- 1970-1971
- 1972-1973
- 1974-1979
- Fluctuations in Autonomous Factors
- Treasury Deposits at Federal Reserve Banks
- Float
- Bank Borrowing at the Discount Window
- The End (Sort of) of Even Keel
- Chapter 30: Open Market Operations in the 1970s
- The Operating Environment
- The Continuing Problem with Liquidity
- Competitive Repo Pricing
- System Repos with Bank Dealers
- Another Way Around the Barn
- Outright Transactions in Federal Agency Debt
- Reconsideration
- Subsequent Events
- Part IX: Infrastructure in the 1970s
- Chapter 31: The Secondary Market in the 1970s
- Primary Dealers
- The Interdealer Broker Market
- Managing the Risks of Blind Brokerage
- Separating Reporting Dealer Status from Primary Dealer Status
- The Rise of Screen Brokers
- Chapter 32: The Book-Entry System, Part II
- The Insurance Crisis
- Expansion of the Book-Entry System
- Confronting the Limits of Technology
- The End of the GSCA and the End of Definitive Securities
- Chapter 33: Coda
- Initial Actions
- The 1953 Operating Principles
- Even Keeling
- A Metaphor for Change
- Treasury Debt Management
- Auctions of Coupon-Bearing Debt
- Open Market Operations
- Failed and Supplanted Initiatives
- Inter-Agency Accommodations
- Operation Twist
- Treasury Cash Management
- Cash Management Bills
- Market Infrastructure
- Government Securities Clearing Arrangement
- Book-Entry II
- Securities Lending
- The Association of Primary Dealers in US Government Securities
- Recapitulation
- Chapter 34: After 1979
- Treasury Debt Management
- New Securities
- Auction Innovations
- Market Infrastructure
- Drysdale
- ESM and Bevill, Bresler
- The Government Securities Clearing Corporation
- Access to the Interdealer Broker Market
Future Suggested Readings
- How a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)
- The Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)
- Well Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback, Rose, and Snowden (2013)
- Slapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)
- The House of Morgan by Ron Chernow (1990)
- A Study of Money Flows in the United States by Morris Copeland (1952)
- A History of the Greenbacks by Wesley Clair Mitchell (1903)
- Calming the Storms: The Carry Trade, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)
- Benjamin Strong: Central Banker by Lester V. Chandler (1958)
- An Engine, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)
- Currency and Credit (4e) by Ralph Hawtrey (1950)
- The Golden Age of the Quantity Theory by David Laidler (1991)
- Capitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)
- The Federal Reserve System by Paul Warburg (1930)
- Central Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)
- Introduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)
- The Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)
- Manias, Panics, and Crashes (8e) by Robert McCauley (2023)
- The Bailout State: Why Governments Rescue Banks, Not People by Martijn Konings (2025)
Past Readings with Discussion Recordings
- Minsky by Daniel H. Neilson (2019)
2021-03-24 — Discussion Session 1
2021-03-31 — Discussion Session 2
2021-04-07 — Discussion with Daniel Neilson
- The Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)
2021-04-21 — Discussion Session 1
2021-05-05 — Discussion Session 2
2021-05-26 — Discussion with David Glasner
- Making Money: Coin, Currency, and the Coming of Capitalism by Christine Desan (2014)
2021-06-02 — Discussion Session 1
2021-06-16 — Discussion Session 2
2021-06-30 — Discussion Session 3
2021-07-14 — Discussion with Christine Desan
- Money in a Theory of Finance by John G. Gurley, Edward S. Shaw (1960)
2021-07-21 — Discussion Session 1
2021-08-04 — Discussion Session 2
2021-08-18 — Discussion Session 3
- The World in Depression, 1929-1939 by Charles P. Kindleberger (1973)
2021-09-01 — Discussion Session 1
2021-09-15 — Discussion Session 2
2021-09-29 — Discussion Session 3
- The Rise of Carry by Jamie Lee et al (2019)
2021-10-13 — Discussion Session 1
2021-10-27 — Discussion Session 2
- The Money Interest and the Public Interest by Perry Mehrling (1998)
2021-11-10 — Discussion Session 1 | Allyn Young
2021-11-24 — Discussion Session 2 | Alvin Hanson
2021-12-08 — Discussion Session 3 | Edward Shaw
- Controlling Credit by Eric Monnet (2018)
2022-01-05 — Discussion Session 1
2022-01-19 — Discussion Session 2
- The Menace of Fiscal QE by George Selgin (2020)
2022-02-02 — Discussion Session
- The New Lombard Street by Perry Mehrling (2011)
2022-02-23 — Discussion Session 1
2022-03-09 — Discussion Session 2
2022-03-23 — Discussion Session 3
- Fighting Financial Crises: Learning from the Past by Gary Gorton, Ellis Tallman (2021)
2022-04-20 — Discussion Session 1
2022-05-11 — Discussion Session 2
- Money and empire: The international gold standard, 1890-1914 by Marcello De Cecco (1974)
2022-05-25 — Discussion Session 1
2022-06-15 — Discussion Session 2
- Central Bank Cooperation 1924-31 by Stephen Clarke (1967)
2022-06-22 — Discussion Session 1
2022-07-06 — Discussion Session 2
- The Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)
2022-07-27 — Discussion Session 1
2022-08-10 — Discussion Session 2
2022-08-17 — Discussion with Morgan Ricks
- The Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)
2022-08-24 — Discussion Session 1
2022-09-07 — Discussion Session 2
2022-09-21 — Discussion Session 3
2022-10-05 — Discussion with Stefano Ugolini
- A Financial History of Western Europe by Charles P. Kindleberger (1984, 1993)
2022-10-19 — Discussion Session 1 | Part 1: Money
2022-11-02 — Discussion Session 2 | Part 2: Banking
2022-11-16 — Discussion Session 3 | Part 3: Finance
2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period
2023-01-18 — Discussion Session 5 | Part 5: After World War II
- Money and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)
2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation, 1910–1948
2022-12-14 — Discussion Session 2 | Part 2: International Economist, 1948–1976
2022-12-21 — Discussion Session 3 | Part 3: Historical Economist, 1976–2003
2022-12-21 — Discussion #1 with Perry Mehrling
2023-01-04 — Discussion #2 with Perry Mehrling
- Bonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)
2023-02-15 — Discussion Session 1
2023-03-01 — Discussion Session 2
- Monetary Policy Operations and the Financial System by Ulrich Bindseil (2014)
2023-03-15 — Discussion Session 1 (Ch 1-8)
2023-03-29 — Discussion Session 2 (Ch 9-12)
2023-04-12 — Discussion Session 3 (Ch 13-18)
- Capital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)
2023-04-26 — Discussion Session 1 (Ch 1-7)
2023-05-10 — Discussion Session 2 (Ch 8-14)
- A Market Theory of Money by John Hicks (1989)
2023-05-24 — Discussion Session 1 (Ch 1-7)
2023-06-07 — Discussion Session 2 (Ch 8-15)
- The Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)
2023-06-28 — Discussion Session 1 (Ch 1 & 2)
2023-07-19 — Discussion Session 2 (Ch 3 & 4)
2023-08-02 — Discussion Session 3 (Ch 5 & 6)
2023-08-14 — Discussion with Stefan Eich
- Fischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)
2023-08-22 — Discussion Session 1 (Ch 1–5)
2023-09-05 — Discussion Session 2 (Ch 6–8)
2023-09-19 — Discussion Session 3 (Ch 9–11)
2023-09-26 — Discussion with Perry Mehrling
- The Evolution of Central Banks by Charles Goodhart (1988)
2023-10-03 — Discussion Session 1 (Ch 1–6)
2023-10-17 — Discussion Session 2 (Ch 7–8, Appendix)
- The Repo Market: Shorts, Shortages, and Squeezes by Scott Skyrm (2023)
2023-11-07 — Discussion Session 1 (pages 1–92)
2023-11-21 — Discussion Session 2 (pages 93–186)
2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2
2023-12-12 — Discussion with Scott Skyrm From 39:20
- The Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)
2023-12-19 — Discussion Session 1 (Ch 1–5)
2024-01-02 — Discussion Session 2 (Ch 6–10)
2024-01-09 — Discussion with Michael Pettis
- International Capital Movements by Charles P. Kindleberger (1987)
2024-01-16 — Discussion Session 1 (Ch 1 & 2)
2024-01-30 — Discussion Session 2 (Ch 3 & 4)
- A Political Theory of Money by Anush Kapadia (2024)
2024-02-20 — Discussion Session 1 (Ch 1–4)
2024-03-05 — Discussion Session 2 (Ch 5–7)
2024-03-19 — Discussion Session 3 (Ch 8–12)
2024-03-26 — Discussion with Anush Kapadia
- The Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)
2024-04-02 — Discussion Session 1 (Ch 1–3)
2024-04-23 — Discussion Session 2 (Ch 4–6)
2024-05-07 — Discussion with Leon Wansleben
- The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy by Scott Sumner (2021)
2024-05-14 — Discussion Session 1 (Parts 1 & 2)
2024-05-28 — Discussion Session 2 (Parts 3 & 4)
2024-06-18 — Discussion Session 3 (Parts 5 & 6)
2024-06-25 — Discussion with Scott Sumner
- Private Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu, Deleplace, and Gillard (1994)
2024-07-02 — Discussion Session 1 (Ch 1–3)
2024-07-16 — Discussion Session 2 (Ch 4 & 5)
2024-07-30 — Discussion Session 3 (Ch 6, 7 & Conclusion)
- The Arena of International Finance by Charles A. Coombs (1976)
2024-08-13 — Discussion Session 1 (Ch 1ー6)
2024-08-27 — Discussion Session 2 (Ch 7–12)
- The Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)
2024-09-17 — Discussion Session
- Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)
2024-10-01 — Discussion Session 1 (Ch 1–10)
2024-10-15 — Discussion Session 2 (Ch 11–15)
2024-10-29 — Discussion Session 3 (Ch 16–24)
- A Monetary and Fiscal History of the United States, 1961–2021 by Alan S. Blinder (2022)
2024-11-12 — Discussion Session 1 (Ch 1–7)
2024-11-26 — Discussion Session 2 (Ch 8–13)
2024-12-10 — Discussion Session 3 (Ch 14–19)
- Building a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)
2025-01-07 — Discussion Session 1 (Ch 1–3)
2025-01-21 — Discussion Session 2 (Ch 4–6)
2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)
- A Crash Course on Crises: Macroeconomic Concepts for Run-Ups, Collapses, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)
2025-02-25 — Discussion Session 1 (Parts 1 and 2)
2025-03-11 — Discussion Session 2 (Parts 3 and 4)
- The Empire of Value: A New Foundation for Economics by Andre Orlean (2014)
2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2
2025-04-08 — Discussion Session 2 (Parts 2 and 3)
2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)
- The Wheels of Commerce by Fernand Braudel (1979/1982)
2025-05-06 — Discussion Session 1 (Chapter 1)
2025-05-13 — Discussion Session 2 (Chapter 2)
2025-05-20 — Discussion Session 3 (Chapter 3)
2025-05-27 — Discussion Session 4 (Chapter 4)
2025-06-03 — Discussion Session 5 (Chapter 5)
- Beyond Banks: Technology, Regulation, and the Future of Money by Dan Awrey (2024)
2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)
2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)
2025-07-08 — Discussion with Dan Awrey
- Our Dollar, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)
2025-08-19— Discussion Session 1 (Parts 1-3)
2025-08-26 — Discussion Session 2 (Parts 4-6)
- Central Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)
2025-09-01 — Discussion Session 1 (Ch 1&2)
2025-09-15 — Discussion Session 2 (Ch 3–5)
2025-09-29 — Discussion Session 3 (Ch 6&7)
2025-10-13 — Discussion with Ulrich Bindseil
- The Long Twentieth Century: Money, Power and the Origins of Our Times by Giovanni Arrighi (2010)
2025-10-20 — Discussion Session 1 (Ch 1&2)
2025-11-03 — Discussion Session 2 (Ch 3)
2025-11-10 — Discussion Session 3 (Ch 4)
- Fragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)
2025-11-17 — Discussion Session 1 (Ch 1–5)
2025-12-01 — Discussion Session 2 (Ch 6-9)
2025-12-15 — Discussion Session 3 (Ch 10–15)
2026-01-05 — Discussion with Charles Calomiris
- Treatise on Money by Joseph Schumpeter (1970/2014)
2026-01-12 — Discussion Session 1 (Ch 1–3)
2026-01-27 — Discussion Session 2 (Ch 4–7)
2026-02-10 — Discussion Session 3 (Ch 8–10)
2026-02-24 — Discussion Session 4 (Ch 11–12)
- Between Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)
2026-03-10 — Discussion Session 1 (Ch 1–5)
2026-03-24 — Discussion Session 2 (Ch 6–10)
2026-04-07 — Discussion Session 3 (Ch 11–13)
2026-04-14 — Discussion with George Pantelopoulos
- Against Money by J. W. Mason and Arjun Jayadev (2026)
2026-05-05 — Discussion Session 1 (ch 1–4)
2026-05-12 — Discussion Session 2 (ch 5–7)
2026-06-12 — Discussion with J.W. Mason
- Our Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)
2026-06-02 — Discussion Session 1 (Ch 1–3)
2026-06-16 — Discussion Session 2 (Ch 4–8)
- The History of Money: A Story of Humanity by David McWilliams (2024)
2026-06-23 — Discussion Session 1 (Parts 1 & 2)
2026-07-07 — Discussion Session 2 (Parts 3–5)
2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)
2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion
2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies
2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion
2023-04-05 Discussion of Silicon Valley Bank
2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)
2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3, 2023)
2023-07-05 The Credit–Money Hierarchy: a Republican , Egalitarian Appraisal by Aaron James (2023)
2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1
2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2
2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)
2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)
2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)
2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)
2024-02-27 BIS: Buy now, pay later: a cross-country analysis by Cornelli et al. (2023)
2024-03-12 The non-use of money in the Middle Ages by Bell, Brooks, and Moore (2017)
2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)
2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)
2024-04-30 The Rise and Risks of Private Credit — GFSR (April, 2024)
2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May, 2023)
2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May, 2024)
2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)
2024-08-07 A Safe Haven for Hidden Risks (May 30, 2024) and Rate Transformation (November 4, 2023) by Elham Saeidinezhad
2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)
2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23, 2024)
2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27, 2024)
2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)
2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr, Pape, and Murau (2022)
2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy, Farnham, & Rajan (2008/1997)
2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)
2025-02-11 Failing Banks by Sergio Correia, Stephen Luck, and Emil Verner (2024)
2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)
2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)
2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)
2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion
2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)
2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)
2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19, 2025)
2025-06-24 International Regimes, Transactions, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)
2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)
2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)
2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)
2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)
2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)
2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)
2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)
2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius, Wooldridge and Xia (October 13, 2025)
2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12, 2025)
2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending
2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)
2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)
2026-02-17 Bank Runs With and Without Bank Failures by Correia, Luck, and Verner (2026)
2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)
2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes
2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)
2026-04-28 Decoupling Dollar and Treasury Privilege by Du, Keerati, and Schreger (2025)
2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22, 2026)
