Об этом курсе
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Рецензии: 156

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Английский

Субтитры: Английский

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Английский

Субтитры: Английский

Программа курса: что вы изучите

Неделя
1
2 ч. на завершение

Introduction

The first two lectures paint a picture of the monetary system as the essential infrastructure of a decentralized market economy. The second lecture, "The Natural Hierarchy of Money", is a kind of high-level overview of the entire course, so don't expect to fully understand it until you look back after completing the rest of the course. Nevertheless it provides essential orientation for what comes after. Lectures notes for these and subsequent lectures may be found in the very first segment of this module. ...
12 видео ((всего 124 мин.)), 2 материалов для самостоятельного изучения
12 видео
Prerequisites?7мин
What is a Bank, a Shadow Bank, a Central Bank?12мин
Central Themes13мин
Reading: Allyn Young3мин
FT: The Eurocrisis, Liquidity vs. Solvency10мин
Hierarchy of Financial Instruments9мин
Hierarchy of Financial Institutions6мин
Dynamics of the Hierarchy6мин
Discipline and Elasticity, Currency Principle and Banking Principle8мин
Hierarchy of Market Makers9мин
Managing the Hierarchy18мин
2 материала для самостоятельного изучения
Lecture Notes (for download)10мин
Allyn Young10мин
Неделя
2
3 ч. на завершение

Introduction, continued

The next two lectures are meant to introduce a key analytical tool, the balance sheet approach to monetary economics, that we will be using repeatedly throughout the course. As inspiration, first I provide a concrete example of how the approach works by "translating" the Allyn Young reading into the balance sheet language. I follow that with a more systematic introduction to this essential tool....
20 видео ((всего 130 мин.)), 1 материал для самостоятельного изучения, 1 тест
20 видео
Allyn Young: Money and Economic Orthodoxy9мин
National Banking System Before the Fed3мин
Civil War Finance, Bonds, and Loans8мин
Civil War Finance, Legal Tenders7мин
National Banking System, Origins6мин
National Banking System, Instability5мин
Federal Reserve System, Plan6мин
Federal Reserve System, Actual6мин
FT: Dealer of Last Resort5мин
Reading: Hyman Minsky3мин
Sources and Uses Accounts6мин
Payments: Money and Credit5мин
Payments: Discipline and Elasticity4мин
The Survival Constraint3мин
Payment Example: Money and Credit10мин
Flow of Funds Accounts10мин
The Survival Constraint, Redux2мин
Liquidity, Long and Short9мин
Financial Fragility, Flows and Stocks6мин
1 материал для самостоятельного изучения
Hyman Minsky10мин
1 практическое упражнение
Introduction12мин
Неделя
3
2 ч. на завершение

Banking as a Clearing System

In the next four lectures, we build intuition by viewing banking as a payments system, in which every participant faces a daily settlement constraint (a survival constraint). From this point of view, the wholesale money market plays a key role by allowing banks to relax the discipline of a binding settlement constraint, delaying final payment by putting settlement off until a later date. The relative importance of the various money markets has changed since the 2008 crisis--Fed Funds is now less important--but the conceptual framework remains valid, indeed not only for dollar money markets but also for non-dollar money markets....
20 видео ((всего 125 мин.)), 1 материал для самостоятельного изучения, 1 тест
20 видео
One Big Bank8мин
Multiple Banks, A Challenge3мин
Reading: Charles F. Dunbar2мин
Correspondent Banking, Bilateral Balances10мин
Correspondent Banking, System Network3мин
Clearinghouse, Normal Operations8мин
Clearinghouse, Private Lender of Last Resort10мин
Central Bank Clearing4мин
Central Bank Cooperation5мин
FT: European Bank Deleveraging5мин
What are Fed Funds?5мин
Payment Settlement versus Required Reserves1мин
Payment Elasticity/Discipline, Public and Private9мин
The Function of the Fed Funds Market9мин
Payment versus Funding: An Example11мин
Brokers versus Dealers2мин
Payments Imbalances and the Fed Funds Rate7мин
Secured versus Unsecured Interbank Credit5мин
Required Reserves, Redux7мин
1 материал для самостоятельного изучения
Dunbar10мин
1 практическое упражнение
Banking as a Clearing System12мин
Неделя
4
3 ч. на завершение

Banking as a Clearing System, continued

The next two lectures extend the payments system frame to non-banks by bringing in repo markets, and to the international monetary system by bringing in Eurodollar markets. Here, as in the previous two lectures, the emphasis is on settlement, and so implicitly on so-called "funding liquidity". The last three segments of the Eurodollar lecture, on the failure of two seemingly obvious arbitrage conditions, are meant to motivate the shift to market-making and "market liquidity" in the next module. ...
20 видео ((всего 131 мин.)), 1 материал для самостоятельного изучения, 1 тест
20 видео
Money Market Interest Rate Patterns3мин
What is Repo?3мин
Repo in Balance Sheets7мин
Comparison with Fed Funds5мин
Legal Construction of Repo9мин
Security Dealers Balance Sheet11мин
Repo, Modern Finance, and the Fed8мин
Interest Rate Spreads: Before the Crisis5мин
Interest Rate Spreads: After the Crisis8мин
FT: Ring-fencing and the Volcker Rule9мин
The Eurodollar Market in Crisis4мин
What are Eurodollars?7мин
Why is There a Eurodollar Market?4мин
Eurodollar as Global Funding Market11мин
Liquidity Challenge of Eurodollar Banks10мин
FRA as Implicit Swap of IOUs4мин
Forward Parity, Interest Rates, EH3мин
Forward Parity, Exchange Rates, UIP5мин
Forward Rates are NOT Expected Spot Rates2мин
1 материал для самостоятельного изучения
Bagehot10мин
1 практическое упражнение
Banking as a Clearing System, continued12мин
Неделя
5
2 ч. на завершение

Banking as Market Making

"Market liquidity" is supplied by dealers who stand ready to absorb temporary imbalances in supply and demand by taking the imbalance onto their own balance sheets, for a price. From this point of view, banks can be considered a special kind of dealer, since they absorb imbalances in payment flows. The first lecture is meant to build intuition by using our familiar balance sheet method to make sense of how this all worked in a system much simpler than our own. The second lecture introduces a formal model of the economics of the dealer function, which we will be using throughout the rest of the course. ...
16 видео ((всего 114 мин.)), 1 материал для самостоятельного изучения, 1 тест
16 видео
Reading: John Hicks3мин
Bagehot's World, Wholesale Money Market7мин
Economizing on Notes: Deposits, Acceptances8мин
Managing Cash Flow: Discount, Rediscount7мин
Market Rate of Interest2мин
Central Bank and Bank Rate8мин
The Bagehot Rule, Origin of Monetary Policy4мин
Limits on Central Banking: Internal vs. External Drain10мин
FT: Asymmetric Credit Growth in Europe6мин
Market Liquidity, Dealers, and Inventories7мин
Two-Sided Dealer Basics6мин
Economics of the Dealer Function: the Treynor Model11мин
Leveraged Dealer Basics7мин
Real World Dealers7мин
Arbitrage and the Assumption of Perfect Liquidity9мин
1 материал для самостоятельного изучения
Hicks10мин
1 практическое упражнение
Banking as Market Making12мин
Неделя
6
2 ч. на завершение

Banking as Market Making, continued

Here we adapt the Treynor model to banks, which we conceptualize as dealers in money, specifically term funding. Like Treynor's security dealers, banks supply market liquidity for a price. But sometimes, in a financial crisis, demand for market liquidity overwhelms supply, and that's where the central bank comes in, as dealer of last resort in money markets. And if the crisis is big enough, as 2007-2009, the central bank comes in as dealer of last resort in capital markets as well....
16 видео ((всего 126 мин.)), 1 материал для самостоятельного изучения, 1 тест
16 видео
Banks as Money Dealers, a Puzzle4мин
Security Dealers as Money Dealers, Matched and Speculative Book11мин
Adapting Treynor to Liquidity Risk6мин
Digression: Evolution of American Banking11мин
The Fed in the Fed Funds Market12мин
Return to the Initial Puzzle2мин
FT: Citibank and the SIVs5мин
The Art of Central Banking3мин
Evolution of Monetary Policy: 1951-19877мин
The Taylor Rule: 1987-20077мин
Monetary Transmission Mechanism10мин
Anatomy of a Normal Crisis8мин
Anatomy of a Serious Crisis4мин
Should the Fed Intervene or Not?8мин
The Fed as Dealer of Last Resort: 2007-200915мин
1 материал для самостоятельного изучения
Treynor10мин
1 практическое упражнение
Banking as Market Making, continued12мин
Неделя
7
1 ч. на завершение

Midterm review and exam

The first twelve lectures have introduced all of the main concepts of the course. The midterm exam gives you a chance to test whether you have mastered these concepts before extending them into new areas in the second part of the course. But before you try the exam, first use the review lecture, and the questions from students, to review the main concepts....
10 видео ((всего 64 мин.)), 1 тест
10 видео
Inspiration: The Origin of the Fed3мин
Central Bank Operations, Normal Times7мин
Central Bank Operations, Crisis Times4мин
Settlement Risk, Payments, and Market-making4мин
Q: Standard and Subordinate Coin2мин
Q: War Finance as Financial Crisis4мин
Q: Forward Parity7мин
Q: Payments, CHIPS and Fedwire12мин
Q: Fed Balance Sheet Operations10мин
1 практическое упражнение
Midterm20мин
Неделя
8
3 ч. на завершение

International Money and Banking

The next four lectures extend the "money view" perspective to the larger world of multiple national monies by thinking about the international monetary system as a payment system, and by thinking of banks as market makers in foreign exchange. The first lecture is introductory and conceptual, while the second builds intuition by "translating" Mundell's account of the development of the international monetary system into money view language (similar to what we did at the beginning of the course for Allyn Young's account of the development of the US monetary system)....
18 видео ((всего 136 мин.)), 1 материал для самостоятельного изучения, 1 тест
18 видео
Key Currencies as a Hierarchical System8мин
What is Money? Chartalism versus Metallism8мин
Chartalism as a Theory of Money2мин
Quantity Theory of Money4мин
Purchasing Power Parity3мин
Metallism as a theory of money5мин
A Money View of International Payments, FX Dealers11мин
Chartallism, Metallism, and the Money View Compared4мин
Private and Public Money: A Hybrid System7мин
Hybridity in FX Market-making5мин
FT: Costs of Japan's Monetary Policy2мин
Reading: Robert Mundell10мин
Act 1 (1900-1933): Confrontation of the Fed with the Gold Standard11мин
Act 2 (1934-1971): Contradiction Between Keynesian National Management and the Bretton Woods Fixed Rate System14мин
The Dollar System7мин
Act 3 (1972-1999): Flexible exchange, Learning from Experience8мин
Act 4: Global Financial Crisis, Limits of Central Bank Cooperation17мин
1 материал для самостоятельного изучения
Mundell10мин
1 практическое упражнение
International Money and Banking12мин
Неделя
9
2 ч. на завершение

International Money and Banking, continued

The next two lectures use the Treynor model to understand how exchange rates are determined in dealer markets. In the second, we confront directly the puzzle we observed earlier in the course, namely why uncovered interest parity (UIP) fails to hold in real world markets....
15 видео ((всего 126 мин.)), 1 материал для самостоятельного изучения, 1 тест
15 видео
International Transactions under the Gold Standard11мин
Dealer Model for Foreign Exchange10мин
Central Banking, Defense of Domestic Exchange8мин
Bank of England, Defense Against External Drain12мин
Toward a Theory of Exchange, Without the Gold Standard9мин
FT: High Frequency Trading4мин
Uncovered Interest Parity (UIP) and the Expectations Hypothesis of the Term Structure (EH)2мин
FX Dealers Under the Gold Standard, Redux5мин
Private FX Dealing System10мин
Economics of the Dealer Function, Speculative Dealer5мин
Economics of the Dealer Function, Matched-book Dealer6мин
Digression: Why do UIP and EH Fail?9мин
Central Bank as FX Dealer of Last Resort16мин
Reading: McCauley on Internationalization of Renminbi10мин
1 материал для самостоятельного изучения
Kindleberger10мин
1 практическое упражнение
International Money and Banking, continued12мин
Неделя
10
3 ч. на завершение

Banking as Advance Clearing

The next four lectures extend the money view to the larger financial world of capital markets, where the price of risk is determined in dealer markets for swaps of various kinds. The first lecture is a kind of conceptual introduction, while the second translates the standard finance account of forwards and futures into money view terms, as key building block for what comes after....
19 видео ((всего 135 мин.)), 1 материал для самостоятельного изучения, 1 тест
19 видео
Bagehot's World: Separation of Money Markets and Capital Markets8мин
The New World: Integration of Money Markets and Capital Markets10мин
Funding Liquidity Versus Market Liquidity2мин
Digression: Schumpeter on Banking and Economic Development4мин
Payment Versus Funding5мин
Reading: Gurley and Shaw2мин
Financial Evolution: Indirect Finance to Direct Finance13мин
Banking Evolution: Loan-based Credit to Market-based Credit11мин
Preview: Central Banking and Shadow Banking8мин
FT: Argentina in Court to Fight Debt Ruling4мин
Banking as Advance Clearing5мин
Forwards versus Futures13мин
Forward Contracts, Fluctuations in Value and Final Cash Flow14мин
Futures Contracts, Fluctuations in Value and Daily Cash Flows6мин
Cash and Carry Arbitrage, Defined7мин
Cash and Carry Arbitrage, Explained as Liquidity Risk5мин
Cash and Carry Arbitrage, Explained as Counterparty Risk2мин
Cash and Carry Arbitrage, as a Natural Banking Business3мин
1 материал для самостоятельного изучения
Gurley and Shaw10мин
1 практическое упражнение
Banking as Advance Clearing12мин
Неделя
11
3 ч. на завершение

Banking as Advance Clearing, continued

In the modern economy, the price of risk is determined in swap markets that distinguish specific forms of risk, most importantly interest rate swaps and credit default swaps. The Treynor model can be adapted to understand how the price of risk is formed in dealer markets....
19 видео ((всего 131 мин.)), 1 материал для самостоятельного изучения, 1 тест
19 видео
Reading: FOMC Report (1952)7мин
Treasury-swap Spread, a Puzzle11мин
What is a Swap?2мин
Why swap? An Example from Stigum10мин
Market Making in Swaps8мин
Money Market Swaps, Example5мин
Life in Arbitrage Land5мин
Treasury-swap Spread, Liquidity Risk or Counterparty Risk?7мин
FT: Internationalization of the Euro5мин
Credit Indices3мин
Fischer Black (1970), Risk-free Security2мин
What is a Credit Default Swap (CDS)?6мин
Corporate Bonds3мин
CDS Pricing11мин
Market Making in CDS4мин
Example: Negative Basis Trade and Liquidity Risk10мин
Example: Private backstop of Marketmaking in CDS15мин
Example: Synthetic CDO as Collateral Prepayment6мин
1 материал для самостоятельного изучения
FOMC10мин
1 практическое упражнение
Banking as Advance Clearing, continued12мин
Неделя
12
3 ч. на завершение

Money in the Real World

In this final module, we bring the entire course together. These two lectures build on everything that came before, and show how all the pieces fit together into a unified whole. Specifically, the first lecture uses the conceptual apparatus of the money view to make sense of shadow banking as the quintessential form of banking for the modern financially globalized world. And the second lecture shows how the conceptual apparatus of the money view fits with standard economics view and finance view, by drawing attention to dimensions of the world from which the standard views abstract....
17 видео ((всего 134 мин.)), 1 материал для самостоятельного изучения, 1 тест
17 видео
Shadow Banking vs Traditional Banking6мин
Liquidity and Solvency Backstops7мин
Global Dimension5мин
Evolution of Modern Finance3мин
What is Shadow Banking?12мин
Backstopping the Market Makers7мин
Regulation of Systemic Risk6мин
Regulation of Collateral and Payment Flows10мин
Private Backstop and Public8мин
FT: Future of Banking4мин
Three World Views15мин
Economics View: Commodity Exchange8мин
Finance View: Risk15мин
The Education of Fischer Black4мин
Steps From the Finance View to the Money View7мин
A Money View of Economics and Finance5мин
1 материал для самостоятельного изучения
Shadow Banking10мин
1 практическое упражнение
Money in the Real World12мин
Неделя
13
20 минуты на завершение

Final Exam

The previous module operated in effect as a review of the entire course, so if you were able to make sense of those lectures, you are ready for the final. But maybe you first want to have a look back at the second lecture, "The Natural Hierarchy of Money", for a high-level summary of the essential concepts of the money view. For almost everybody, the money view is a new and unfamiliar way of thinking about the world, and it takes a while to get used to it. The purpose of this course is to plant the seed, by demonstrating the value of this way of thinking for making sense of real world problems. Once you are done with the final exam, the real work begins, of using the money view to make sense of whatever real world problems confront you in your own daily life....
1 тест
1 практическое упражнение
Final Exam20мин
4.9
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Лучшие рецензии

автор: BGJul 17th 2017

An intellectually engaging course opening a debate about how we think about markets and how we should tackle the current challenges. Accessible to non-economists. I warmly recommend it to everyone.

автор: AKNov 18th 2017

This course is really useful to me ... I was always interested on monetary and fiscal policies and associate mechanism in Macroeconomics and this course covers the Monetary part in good details.

Преподаватели

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Perry G Mehrling

Professor
Economics, Barnard College

О Колумбийский университет

For more than 250 years, Columbia has been a leader in higher education in the nation and around the world. At the core of our wide range of academic inquiry is the commitment to attract and engage the best minds in pursuit of greater human understanding, pioneering new discoveries and service to society....

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