Loading Projects

« All Projects

Virtual Project Virtual Project

Money View Reading Group

Money View Reading Group

Start time:

May 1, 2029 @ 4:00 pm - 5:30 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 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).

Current Readings

Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)

From the description:

Garbade focuses on Treasury debt management policies, describing the origins of several pillars of modern Treasury practice, including regular and predictable auction offerings and the integration of debt and cash management. He recounts the actions of Secretaries of the Treasury, from William McAdoo in the Wilson administration to Henry Morgenthau in the Roosevelt administration, and their responses to economic conditions. Garbade’s account covers the Treasury market in the two decades before World War I, how the Treasury financed the Great War, how it managed the postwar refinancing and paydowns, and how it financed the chronic deficits of the Great Depression. He concludes with an examination of aspects of modern Treasury debt management that grew out of developments from 1917 to 1939.

A Monetary and Fiscal History of the United States, 1961–2021 by Alan S. Blinder (2022)

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.

Upcoming Sessions

2024-10-29 — 4:00pm EDT

We discuss Birth Of a Market Chapters 16–24.

  • Part IV THE GREAT DEPRESSION
    Chapter 16 Treasury Finance during the Great Depression 221
    Chapter 17 Nonmarketable Treasury Debt 247
    Chapter 18 Treasury Debt Management during the Great Contraction 261
    Chapter 19 Treasury Debt Management during the New Deal 279
    Chapter 20 The Primary Market during the Great Depression 303
    Chapter 21 Statutory Control of Treasury Indebtedness 313
    Chapter 22 The Brief Revival and Subsequent Extinction of National Bank Notes 319
    Chapter 23 Coda on Treasury Debt Management during the Great Depression 333
  • Part V L ’ ENVOI
    Chapter 24 Treasury Debt Management since 1939 337

2024-11-12 — 4:00pm EST

We discuss the Introduction and Chapters 1–7 of A Monetary and Financial History of the United States, 1961–2021

  • Introduction
  • 1 Fiscal Policy on the New Frontier
  • 2 Inflation and the Rise of Monetarism
  • 3 The Phillips Curve Becomes Vertical
  • 4 Nixon, Burns, and the Political Business Cycle
  • 5 Stagflation and Its Aftermath
  • 6 Inflation and the Rational Expectations Revolution
  • 7 Carter, Volcker, and the Conquest of Inflation

2024-11-26 — 4:00pm EST

We discuss A Monetary and Financial History of the United States, 1961–2021 Chapters 8–13.

  • 8 Reaganomics and the Clash between Monetary and Fiscal Policy
  • 9 The Long Expansion of the 1980s
  • 10 Deficits Crowd Out Fiscal Policy, 1982–1998
  • 11 The Long Boom of the 1990s
  • 12 The 2000s: The Job-Loss Recovery and the Bubbles
  • 13 The Financial Crisis and the Great Recession

2024-12-10 — 4:00pm EST

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?

Future Suggested Readings

  • *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)

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)
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)

Hosted by Working Group(s):