课程信息
4.9
518 个评分
139 个审阅
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完成时间(小时)

完成时间大约为46 小时

建议:13 weeks of study, 5 hours/week...
可选语言

英语(English)

字幕:英语(English)
100% 在线

100% 在线

立即开始,按照自己的计划学习。
可灵活调整截止日期

可灵活调整截止日期

根据您的日程表重置截止日期。
完成时间(小时)

完成时间大约为46 小时

建议:13 weeks of study, 5 hours/week...
可选语言

英语(English)

字幕:英语(English)

教学大纲 - 您将从这门课程中学到什么

1
完成时间(小时)
完成时间为 2 小时

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. ...
Reading
12 个视频 (总计 124 分钟), 2 个阅读材料
Video12 个视频
Prerequisites?7分钟
What is a Bank, a Shadow Bank, a Central Bank?12分钟
Central Themes13分钟
Reading: Allyn Young3分钟
FT: The Eurocrisis, Liquidity vs. Solvency10分钟
Hierarchy of Financial Instruments9分钟
Hierarchy of Financial Institutions6分钟
Dynamics of the Hierarchy6分钟
Discipline and Elasticity, Currency Principle and Banking Principle8分钟
Hierarchy of Market Makers9分钟
Managing the Hierarchy18分钟
Reading2 个阅读材料
Lecture Notes (for download)10分钟
Allyn Young10分钟
2
完成时间(小时)
完成时间为 3 小时

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....
Reading
20 个视频 (总计 130 分钟), 1 个阅读材料, 1 个测验
Video20 个视频
Allyn Young: Money and Economic Orthodoxy9分钟
National Banking System Before the Fed3分钟
Civil War Finance, Bonds, and Loans8分钟
Civil War Finance, Legal Tenders7分钟
National Banking System, Origins6分钟
National Banking System, Instability5分钟
Federal Reserve System, Plan6分钟
Federal Reserve System, Actual6分钟
FT: Dealer of Last Resort5分钟
Reading: Hyman Minsky3分钟
Sources and Uses Accounts6分钟
Payments: Money and Credit5分钟
Payments: Discipline and Elasticity4分钟
The Survival Constraint3分钟
Payment Example: Money and Credit10分钟
Flow of Funds Accounts10分钟
The Survival Constraint, Redux2分钟
Liquidity, Long and Short9分钟
Financial Fragility, Flows and Stocks6分钟
Reading1 个阅读材料
Hyman Minsky10分钟
Quiz1 个练习
Introduction12分钟
3
完成时间(小时)
完成时间为 2 小时

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....
Reading
20 个视频 (总计 125 分钟), 1 个阅读材料, 1 个测验
Video20 个视频
One Big Bank8分钟
Multiple Banks, A Challenge3分钟
Reading: Charles F. Dunbar2分钟
Correspondent Banking, Bilateral Balances10分钟
Correspondent Banking, System Network3分钟
Clearinghouse, Normal Operations8分钟
Clearinghouse, Private Lender of Last Resort10分钟
Central Bank Clearing4分钟
Central Bank Cooperation5分钟
FT: European Bank Deleveraging5分钟
What are Fed Funds?5分钟
Payment Settlement versus Required Reserves1分钟
Payment Elasticity/Discipline, Public and Private9分钟
The Function of the Fed Funds Market9分钟
Payment versus Funding: An Example11分钟
Brokers versus Dealers2分钟
Payments Imbalances and the Fed Funds Rate7分钟
Secured versus Unsecured Interbank Credit5分钟
Required Reserves, Redux7分钟
Reading1 个阅读材料
Dunbar10分钟
Quiz1 个练习
Banking as a Clearing System12分钟
4
完成时间(小时)
完成时间为 3 小时

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. ...
Reading
20 个视频 (总计 131 分钟), 1 个阅读材料, 1 个测验
Video20 个视频
Money Market Interest Rate Patterns3分钟
What is Repo?3分钟
Repo in Balance Sheets7分钟
Comparison with Fed Funds5分钟
Legal Construction of Repo9分钟
Security Dealers Balance Sheet11分钟
Repo, Modern Finance, and the Fed8分钟
Interest Rate Spreads: Before the Crisis5分钟
Interest Rate Spreads: After the Crisis8分钟
FT: Ring-fencing and the Volcker Rule9分钟
The Eurodollar Market in Crisis4分钟
What are Eurodollars?7分钟
Why is There a Eurodollar Market?4分钟
Eurodollar as Global Funding Market11分钟
Liquidity Challenge of Eurodollar Banks10分钟
FRA as Implicit Swap of IOUs4分钟
Forward Parity, Interest Rates, EH3分钟
Forward Parity, Exchange Rates, UIP5分钟
Forward Rates are NOT Expected Spot Rates2分钟
Reading1 个阅读材料
Bagehot10分钟
Quiz1 个练习
Banking as a Clearing System, continued12分钟

讲师

Avatar

Perry G Mehrling

Professor
Economics, Barnard College

关于 Columbia University

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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