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Money View Reading Group

Money View Reading Group

Start time:

March 3, 2026 @ 12:00 pm - 1:30 pm

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

EST

Location:

Online

Type:

Reading group

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

The Money View Reading Group reads and discusses writings (mostly books) 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 usually meet via Zoom every other Tuesday at 12 pm Eastern Time US (New York).

Current Readings

The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy by Scott Sumner (2021)

https://www.amazon.com/Money-Illusion-Monetarism-Recession-Monetary/dp/0226826562/

From the description:

Forgoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays the groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.

Private Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu, Deleplace, and Gillard (1994)

https://www.amazon.com/Private-Money-Public-Currencies-Sixteenth/dp/1563245086/

From the Foreword by Charles P. Kindleberger:

[A] fascinating account of the development of means of payment at the end of the Renaissance and the beginning of the modern period. The account is limited for the most part to what they call “Latin Christianity”―primarily France, Italy, and Spain. It describes both the development of an integrated circuit of intra-European payments by means of bills of exchange negotiated at trade and payment fairs and the emergence of national systems of money of account and metallic coins at the hands of the monarchs of the emerging state system.

Upcoming Sessions

2024-06-25 — 12:00pm EDT

Scott Sumner joins us to discuss The Money Illusion.

2024-07-02 — 12:00pm EDT

We discuss Chapters 1–3 of Private Money and Public Currencies: The Sixteenth Century Challenge.

Chapter 1: Introduction: Money and Society in Sixteenth-Century Europe
Chapter 2: The Italian Exchange Bankers and the World of Fairs
Chapter 3: French Moneyers and the World of Coins

2024-07-09 – 12:00pm EDT

During the off week, we discuss the 2016 paper “The (impossible) repo trinity: the political economy of repo markets” by Daniela Gabor.

https://www.tandfonline.com/doi/abs/10.1080/09692290.2016.1207699

From the abstract:

In its capacity as debt issuer, the state has played a growing role in financial life over the last 30 years. To examine this role and connect it to shadow banking, the paper develops the concept of the ‘repo trinity’, which captures a set of policy objectives that central banks outlined after the 1998 Russian crisis, the first systemic crisis of collateral-based finance. The repo trinity connected financial stability with liquid government bond markets and free repo markets. It further reinforced the dominance of the US government bond market as institutional template for states adjusting to a world of independent central banks, market-based financing and global competition for liquidity. Central banks and the Financial Stability Board recognized the impossible nature of the trinity after 2008, attributing cyclical leverage (financial instability) and elusive liquidity in collateral markets to deregulated repo markets, markets systemic to shadow banking. The new approach triggered radical changes in crisis central banking but has not powered significant regulatory interventions in the absence of an alternative mode of organizing government bond markets.

2024-07-16 — 12:00pm EDT

We discuss Chapters 4 and 5 of Private Money and Public Currencies: The Sixteenth Century Challenge.

Chapter 4: The European Area of Exchange by Bills
Chapter 5: National Areas of Monetization

2024-07-30 — 12:00pm EDT

We discuss Chapters 6–7 and the conclusion of Private Money and Public Currencies: The Sixteenth Century Challenge.

Chapter 6: Private Monetization by Exchange Bankers and Public Monetization by Princes
Chapter 7: The International Monetary Crisis of the 1570s
Conclusion

Future Suggested Readings

  • An Engine, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)
  • Capitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)
  • The Wheels of Commerce by Fernand Braudel (selected chapters) (1979/1982)
  • Introduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)
  • The Arena of International Finance by Charles Coombs (1976)
  • Central Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)
  • The Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)

Past Readings with Discussion Recordings

“Off-Week” Sessions

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)
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)

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