Money View Reading Group

Reading Group

February 2021 - December 2021

Join the Money View Reading Group to explore various works from the money view perspective.

Webinar Series

Description

Money View Reading Group

Join the Money View Reading Group to explore various works from the money view perspective. The standing meeting time is Wednesdays at 12:00pm EDT / 4:00pm GMT / 6:00 pm CET.

Current readings

Money in a Theory of Finance by by John G. Gurley, Edward S. Shaw
The World in Depression, 1929-1939 by Charles P. Kindleberger

Past readings

The Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)
Minsky by Daniel H. Neilson (2019)
Making Money: Coin, Currency, and the Coming of Capitalism by Christine Desane (2015)
BIS Working Paper: Breaking free of the triple coincidence in international finance

Future suggested readings

The New Lombard Street by Perry Mehrling
The Art of Central Banking by Ralph Hawtrey
The World in Depression by Charles Kindleberger
Controlling Credit by Eric Monnet
Money Interest and Public Interest by Perry Mehrling
Fischer Black and the Revolutionary Theory of Finance by Perry Mehrling
The Wheels of Commerce by Fernand Braudel (selected chapters)
Bonds without Borders by Chris O’Malley
The Rise of Carry by Jamie Lee et al

UPCOMING EVENTS

Online

29 Sep 2021

Webinar

The World in Depression, 1929-1939 by Charles P. Kindleberger | Session 3

From the book description:"In this magisterial account of the Great Depression, MIT economist Charles Kindleberger emphasizes three factors that continue to shape global financial markets: panic, the power of contagion, and importance of hegemony." This week's reading: Chapter 10 - The Beginnings of RecoveryChapter 11 - The Gold Bloc YieldsChapter 12 - The 1937 RecessionChapter 13 - Rearmament in a Disintigrating World EconomyChapter 14 - An Explanation of the 1929 Depression

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PAST EVENTS

Online

24 Mar 2021

Webinar

Minsky | Session 1

Minsky by Daniel H. Neilson --Flyer and discount code for book-- March, 24th March, 1:00pm ET / 5:00pm GMT / 6:00 pm CET (attention: switch to daylight savings time) Chapters discussedCh 1 - IntroductionCh 2 - Financial capitalismCh 3 - A payments theory of financeCh 4 - The inadequacy of economics

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Online

31 Mar 2021

Webinar

Minsky | Session 2

Minsky by Daniel H. Neilson --Flyer and discount code for book-- March 31st, 1:00pm ET / 5:00pm GMT / 7:00 pm CET Chapters discussedCh 5 - Making the marketCh 6 - Last resortCh 7 - The resilience of economicsCh 8 - Minsky for all moments

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Online

7 Apr 2021

Webinar

Minsky | Session 3

Join us for a discussion with Dan Neilson, the author of 'Minsky'.

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Online

21 Apr 2021

Webinar

The Art of Central Banking - Ralph Hawtrey (1933) | Session 1

Welcome to our discussion of Chapter IV - The Art of Central Banking (from Ralph Hawtrey's book with the same title). For this session, we will be focusing on the following sub-chapters (pages 116 - 174): The Lender of Last ResortThe London Discount MarketThe Bank of England Before 1844The Bank of England, 1844-73Eligible Bills and SecuritiesThe Bank of England and the Note IssueBank Rate and Foreign ExchangesBank Rate After 1844Attracting Foreign MoneyThe Cunliffe CommitteeRelease and Absorption of CashThe International System.The Central Bank's Power Over Credit.The Response of the Borrowers.Credit For Fixed Capital and the Stock Exchange.The Inherent Instability of Credit.

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Online

5 May 2021

Webinar

The Art of Central Banking - Ralph Hawtrey (1933) | Session 2

Welcome to our discussion of Chapter IV - The Art of Central Banking (from Ralph Hawtrey's book with the same title). For this session, we will be focusing on the following sub-chapters (pages 174 - 302): The Gold StandardExternal InvestmentInternational Short-term InvestmentThe Financing of International TradeThe Value of GoldGold ReservesLondon and the Trade CycleStabilisation in the United States, 1922-28Gold and Money since 1914The Depression of 1929-1931The Crisis of 1931Mutual Support of Central BanksSpecial Responsibilities of LondonThe American PositionThe Responsibility for the Depression and CrisisThe Conditions of Future StabilityGold ReservesStabilisation without GoldCentral Banks and InflationAn International Central Bank

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Online

19 May 2021

Webinar

BIS Working Paper: Breaking free of the triple coincidence in int. finance

This week we will discuss the 2015 BIS Working Paper 'Breaking free of the triple coincidence in international finance'. Abstract The traditional approach to international finance is to view capital flows as the financial counterpart to savings and investment decisions, assuming further that the GDP boundary defines both the decision-making unit and the currency area. This "triple coincidence" of GDP area, decision-making unit and currency area is an elegant simplification but misleads when financial flows are important in their own right. First, the neglect of gross flows, when only net flows are considered, can lead to misdiagnoses of financial vulnerability. Second, inattention to the effects of international currencies may lead to erroneous conclusions on exchange rate adjustment. Third, sectoral differences between corporate and official sector positions can distort welfare conclusions on the consequences of currency depreciation, as macroeconomic risks may be underestimated. This paper illustrates the pitfalls of the triple coincidence through a series of examples from the global financial system in recent years and examines alternative analytical frameworks based on balance sheets as the unit of analysis. Robert McCauley has recently conducted follow-up work https://www.bis.org/publ/work524.htm Robert McCauley has recently conducted follow-up work, which we will also discuss. Find the full paper here. The Global Domain of the Dollar: Eight QuestionsRobert N. McCauleySince the late 1950s, the rest of the world has come to use the dollar to an extent that justifes speaking of the dollar’s global domain. The rest of the worlddenominates much debt in U.S. dollars, extending U.S. monetary policy’s sway. In addition, in outstanding foreign exchange deals, the rest of the world has undertaken to pay still more in U.S. dollars: of-balance-sheet dollar debts buried in footnotes. Consistent with the scale of dollar debt, most of the world economic activity takes place in countries with currencies tied to or relatively stable against the dollar, forming a dollar zone much larger than the euro zone. Even though the dollar assets of the world (minus the United States) exceed dollar liabilities, corporate sector dollar debts seem to make dollar appreciation akin to a global tightening of credit. Since the 1960s, claims that the dollar’s global role sufers from instability and confers great benefts on the U.S. economy have attracted muchsupport. However, evidence that demand for dollars from official reserve managers forces unsustainable U.S. current account or fscal defcits is not strong. The so-called exorbitant privilege is small or shared. In 2008 and again in 2020, the Federal Reserve demonstrated a willingness and capacity to backstop the global domain of the dollar. Politics could constrain the Fed’s ability to backstop the growing share of the domain of the dollar accounted for by countries that are not on such friendly terms with the U.S.

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Online

26 May 2021

Webinar

Ralph G. Hawtrey Discussion with David Glasner

Welcome to our discussion of Ralph G. Hawtrey with David Glasner. After our reading of Art of Central Banking, we'd like to dedicate this discussion to deepening our understanding of Hawtrey's ideas and how they apply to our modern context. David Glasner, economist at Federal Trade Commission, is the creator of Uneasy Money, a blog dedicated to 'Commentary on monetary policy in the spirit of R. G. Hawtrey'.

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Online

2 Jun 2021

Webinar

Christine Desan - Making Money | Session 1

This is the first of three sessions to discuss Christine Desan's book Making Money: Coin, Currency, and the Coming of Capitalism. For this session, we will begin by discussing the introduction and chapters 1-3. Book Description: "Money travels the modern world in disguise. It looks like a convention of human exchange - a commodity like gold or a medium like language. But its history reveals that money is a very different matter. It is an institution engineered by political communities to mark and mobilize resources. Associeties change the way they create money, they change the market itself - along with the rules that structure it, the politics and ideas that shape it, and the benefits that flow from it."

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Online

16 Jun 2021

Webinar

Christine Desan - Making Money | Session 2

This is the second of three sessions to discuss Christine Desan's book Making Money: Coin, Currency, and the Coming of Capitalism. For this session, we will discuss chapters 4-7. Book Description: "Money travels the modern world in disguise. It looks like a convention of human exchange - a commodity like gold or a medium like language. But its history reveals that money is a very different matter. It is an institution engineered by political communities to mark and mobilize resources. Associeties change the way they create money, they change the market itself - along with the rules that structure it, the politics and ideas that shape it, and the benefits that flow from it."

Learn more

Online

30 Jun 2021

Webinar

Christine Desan - Making Money | Session 3

This is the third of three sessions to discuss Christine Desan's book Making Money: Coin, Currency, and the Coming of Capitalism. For this session, we will discuss chapters 8-11 and the conclusion. Book Description: "Money travels the modern world in disguise. It looks like a convention of human exchange - a commodity like gold or a medium like language. But its history reveals that money is a very different matter. It is an institution engineered by political communities to mark and mobilize resources. Associeties change the way they create money, they change the market itself - along with the rules that structure it, the politics and ideas that shape it, and the benefits that flow from it."

Learn more

Online

7 Jul 2021

Webinar

Robert McCauley "Global domain of the dollar: 8 questions"

In this session we will discuss Bob McCauley's recent paper "Global domain of the dollar: 8 questions". AbstractSince the late 1950s, the rest of the world has come to use the dollar to an extent that justifes speaking of the dollar’s global domain. The rest of the world denominates much debt in U.S. dollars, extending U.S. monetary policy’s sway. In addition, in outstanding foreign exchange deals, the rest of the world has undertaken to pay still more in U.S. dollars: of-balance-sheet dollar debts buried in footnotes. Consistent with the scale of dollar debt, most of the world economic activity takes place in countries with currencies tied to or relatively stable against the dollar, forming a dollar zone much larger than the euro zone. Even though the dollar assets of the world (minus the United States) exceed dollar liabilities, corporate sector dollar debts seem to make dollar appreciation akin to a global tightening of credit. Since the 1960s, claims that the dollar’s global role sufers from instability and confers great benefits on the U.S. economy have attracted much support. However, evidence that demand for dollars from ofcial reserve managers forces unsustainable U.S. current account or fiscal defcits is not strong. The so-called exorbitant privilege is small or shared. In 2008 and again in 2020, the Federal Reserve demonstrated a willingness and capacity to backstop the global domain of the dollar. Politics could constrain the Fed’s ability to backstop the growing share of the domain of the dollar accounted for by countries that are not on such friendly terms with the U.S.

Learn more

Online

14 Jul 2021

Webinar

Making Money Book Discussion with Christine Desan

Professor Desan joins us for a discussion about her book Making Money: Coin, Currency, and the Coming of Capitalism. After reading Making Money, we look forward to discussing some of the themes and questions raised by the book and how they can help us understand money and the monetary system today. Christine Desan is the Leo Gottlieb Professor of Law at Harvard Law School where she teaches about the international monetary system, the constitutional law of money, constitutional history, political economy, and legal theory. She is the co-founder of Harvard’s Program on the Study of Capitalism, an interdisciplinary project that brings together classes, resources, research funds, and advising aimed at exploring that topic. She is also the founder and managing editor of JustMoney.org, a website that explores money as a critical site of governance. Desan’s research explores money as a legal and political project, one that configures the market it sets out to measure.

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Online

1 Sep 2021

Webinar

The World in Depression, 1929-1939 by Charles P. Kindleberger | Session 1

From the book description:"In this magisterial account of the Great Depression, MIT economist Charles Kindleberger emphasizes three factors that continue to shape global financial markets: panic, the power of contagion, and importance of hegemony." This week's reading: Chapter 1 - IntroductionChapter 2 - Recovery from the First World WarChapter 3 - The BoomChapter 4 - The Agricultural DepressionChapter 5 - The 1929 Stock-Market Crash

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Online

15 Sep 2021

Webinar

The World in Depression, 1929-1939 by Charles P. Kindleberger | Session 2

From the book description:"In this magisterial account of the Great Depression, MIT economist Charles Kindleberger emphasizes three factors that continue to shape global financial markets: panic, the power of contagion, and importance of hegemony." This week's reading: Chapter 6 - The Slide to the AbyssChapter 7 - 1931Chapter 8 - More DeflationChapter 9 - The World Economic Conference

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Online

21 Jul 2021

Webinar

Money in a Theory of Finance | Session 1

This is the first of two sessions to discuss the 1960 book Money in a Theory of Finance by John Gurley and Edward Shaw. For this session, we will begin by discussing chapters 1-4. Book Description from Perry Mehrling's Money & Banking MOOC: This is the first of two sessions to discuss the 1960 book Money in a Theory of Finance by John Gurley and Edward Shaw. For this session, we will begin by discussing chapters 1-4. Book Description from Perry Mehrling's Money & Banking MOOC: "This book was significant for bringing money back into economics in 1960, and emphasizing the importance of financial intermediation for economic growth. The language "inside" and "outside" money comes from G&S, as also "gross money view" versus "net money view". Their opponents are the monetary Walrasians, mainly Don Patinkin. But they don't really take a payments or market-making view, do they? Instead they emphasize the role of banks as financial intermediaries between savers and investors."

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Online

4 Aug 2021

Webinar

Money in a Theory of Finance | Session 2

This is the second of three sessions to discuss the 1960 book Money in a Theory of Finance by John Gurley and Edward Shaw. For this session, we will discuss chapters 4 and 5. Book Description from Perry Mehrling's Money & Banking MOOC: "This book was significant for bringing money back into economics in 1960, and emphasizing the importance of financial intermediation for economic growth. The language 'inside' and 'outside' money comes from G&S, as also 'gross money view' versus 'net money view'. Their opponents are the monetary Walrasians, mainly Don Patinkin. But they don't really take a payments or market-making view, do they? Instead they emphasize the role of banks as financial intermediaries between savers and investors."

Learn more

Online

28 Jul 2021

Webinar

A Money View Discussion on Central Bank Digital Currencies

Central banks are increasingly exploring central bank digital currencies (CBDC) and the topic often comes up in other discussions on money and banking. For this session we want to take some time to more directly discuss CBDC and some of the main questions around the topic, such as: What is a money view read on the impact to the private banking sector? How do CBDCs impact liquidity provision in money markets? How will parity between CBDCs and deposits be maintained? What new IOUs may emerge (e.g., promises to pay CBDCs)? What new dealers may be required? What institutions will likely play this role? For this session there is no specific required reading, but for those interested in an introduction to the topic or learning more, there are recent major reports from the BIS and Bank of England:https://www.bis.org/publ/arpdf/ar2021e3.htmhttps://www.bankofengland.co.uk/paper/2021/new-forms-of-digital-money

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Online

18 Aug 2021

Webinar

Money in a Theory of Finance | Session 3

This is the third of three sessions to discuss the 1960 book Money in a Theory of Finance by John Gurley and Edward Shaw. For this session, we will discuss chapters 4 and 5. Book Description from Perry Mehrling's Money & Banking MOOC: "This book was significant for bringing money back into economics in 1960, and emphasizing the importance of financial intermediation for economic growth. The language 'inside' and 'outside' money comes from G&S, as also 'gross money view' versus 'net money view'. Their opponents are the monetary Walrasians, mainly Don Patinkin. But they don't really take a payments or market-making view, do they? Instead they emphasize the role of banks as financial intermediaries between savers and investors."

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Working groups
  • Financial Stability
  • History of Economic Thought
  • Economic History
  • Finance, Law, and Economics
Project Organizers
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Jay Pocklington

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Larissa de Lima

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Alex Howlett

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Win Monroe

For questions, the Project Organizers.

YSI Webinar

Ralph G. Hawtrey Discussion with David Glasner

May 26 2021, 16:00

Welcome to our discussion of Ralph G. Hawtrey with David Glasner. After our reading of Art of Central Banking, we'd like to dedicate this discussion to deepening our understanding of Hawtrey's ideas and how they apply to our modern context.

David Glasner, economist at Federal Trade Commission, is the creator of Uneasy Money, a blog dedicated to 'Commentary on monetary policy in the spirit of R. G. Hawtrey'.

Recording

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Time & Date

Start: May 26 2021, 16:00*

Duration: 60 minutes

*Time is displayed in your local time zone (Africa/Abidjan).

Presenters
External Presenter

David Glasner

Economist at Federal Trade Commission and creator of Uneasy Money

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Join us for a Webinar!

Topic: Ralph G. Hawtrey Discussion with David Glasner

Time: May 26 2021, 16:00 (Timezone: Africa/Abidjan)

Join from PC, Mac, Linux, iOS or Android: https://ysi.ineteconomics.org/project/604881fb252c4204141e3cc6/event/6093a20329656b20521eaf18