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 usually meet via Zoom every other Tuesday at 4 pm Eastern Time US (New York).

https://www.amazon.com/Monetary-Fiscal-History-United-1961-2021/dp/0691238405/

From the description:

Focusing on the most significant developments and long-term changes, Blinder traces the highs and lows of monetary and fiscal policy, which have by turns cooperated and clashed through many recessions and several long booms over the past six decades. From the fiscal policy of Kennedy’s New Frontier to Biden’s responses to the pandemic, the book takes readers through the stagflation of the 1970s, the conquest of inflation under Jimmy Carter and Paul Volcker, the rise of Reaganomics, and the bubbles of the 2000s before bringing the story up through recent events―including the financial crisis, the Great Recession, and monetary policy during COVID-19.

• 2024-11-12 — Discussion Session 1 (Ch 1–7) (Recording)
• 2024-11-26 — Discussion Session 2 (Ch 8–13) (Recording Pending)

During the off week, we discuss the 2022 INET working paper “After the Allocation: What Role for the Special Drawing Rights System?” by Tobias Pforr, Fabian Pape, and Steffen Murau.

https://www.ineteconomics.org/uploads/papers/WP_180-Murau-et-al.pdf

From the Abstract

Though widely perceived as a solution in search of a problem in the post-Bretton Woods era, we find that the SDR system provides three mechanisms through which IMF members borrow and lend usable currency to each other, with different strings attached: first, transactions by agreement; second, the IMF’s core lending facilities for which the SDR system offers additional resources; and third, IMF-sponsored Trusts which seek to harness the SDR system for development purposes and are the basis for the current idea of ‘voluntary channeling’.

We discuss A Monetary and Financial History of the United States, 1961–2021 Chapters 14–19.

• 14 All Together Now: The Fed and the Treasury Join Hands
• 15 The Aftermath and the Backlash
• 16 The Record Expansion of the 2010s
• 17 Trumponomics before the Pandemic
• 18 Responding to the Great Pandemic
• 19 Sixty Years of Monetary and Fiscal Policy: What’s Changed?

• *Calming the Storms: The Carry Trade, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)
• Building a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)
• An Engine, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)
• The Wheels of Commerce by Fernand Braudel (selected chapters) (1979/1982)
• Comparing Financial Systems by Franklin Allen and Douglas Gale (2000)
• Capitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)
• 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)
• Central Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)

• 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
• BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)
  2021-05-19 — Discussion Session
• 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
• Global Domain of the Dollar: 8 Questions by Robert McCauley
  2021-07-07 — Discussion with Robert McCauley
• 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
• BIS and Bank of England reports on Central Bank Digital Currencies
  2021-07-28 — Discussion Session
• 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 Crypto Banking System by Sébastien Derivaux (2022)
  2022-09-28 — Discussion with Sébastien Derivaux
• 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)

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)
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)