Acerca de este Curso
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520 calificaciones
140 revisiones
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Horas para completar

Aprox. 46 horas para completar

Sugerido: 13 weeks of study, 5 hours/week...
Idiomas disponibles

Inglés (English)

Subtítulos: Inglés (English)
100 % en línea

100 % en línea

Comienza de inmediato y aprende a tu propio ritmo.
Fechas límite flexibles

Fechas límite flexibles

Restablece las fechas límite en función de tus horarios.
Horas para completar

Aprox. 46 horas para completar

Sugerido: 13 weeks of study, 5 hours/week...
Idiomas disponibles

Inglés (English)

Subtítulos: Inglés (English)

Programa - Qué aprenderás en este curso

Semana
1
Horas para completar
2 horas para completar

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 videos (Total 124 minutos), 2 readings
Video12 videos
Prerequisites?7m
What is a Bank, a Shadow Bank, a Central Bank?12m
Central Themes13m
Reading: Allyn Young3m
FT: The Eurocrisis, Liquidity vs. Solvency10m
Hierarchy of Financial Instruments9m
Hierarchy of Financial Institutions6m
Dynamics of the Hierarchy6m
Discipline and Elasticity, Currency Principle and Banking Principle8m
Hierarchy of Market Makers9m
Managing the Hierarchy18m
Reading2 lecturas
Lecture Notes (for download)10m
Allyn Young10m
Semana
2
Horas para completar
3 horas para completar

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 videos (Total 130 minutos), 1 reading, 1 quiz
Video20 videos
Allyn Young: Money and Economic Orthodoxy9m
National Banking System Before the Fed3m
Civil War Finance, Bonds, and Loans8m
Civil War Finance, Legal Tenders7m
National Banking System, Origins6m
National Banking System, Instability5m
Federal Reserve System, Plan6m
Federal Reserve System, Actual6m
FT: Dealer of Last Resort5m
Reading: Hyman Minsky3m
Sources and Uses Accounts6m
Payments: Money and Credit5m
Payments: Discipline and Elasticity4m
The Survival Constraint3m
Payment Example: Money and Credit10m
Flow of Funds Accounts10m
The Survival Constraint, Redux2m
Liquidity, Long and Short9m
Financial Fragility, Flows and Stocks6m
Reading1 lectura
Hyman Minsky10m
Quiz1 ejercicio de práctica
Introduction12m
Semana
3
Horas para completar
2 horas para completar

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 videos (Total 125 minutos), 1 reading, 1 quiz
Video20 videos
One Big Bank8m
Multiple Banks, A Challenge3m
Reading: Charles F. Dunbar2m
Correspondent Banking, Bilateral Balances10m
Correspondent Banking, System Network3m
Clearinghouse, Normal Operations8m
Clearinghouse, Private Lender of Last Resort10m
Central Bank Clearing4m
Central Bank Cooperation5m
FT: European Bank Deleveraging5m
What are Fed Funds?5m
Payment Settlement versus Required Reserves1m
Payment Elasticity/Discipline, Public and Private9m
The Function of the Fed Funds Market9m
Payment versus Funding: An Example11m
Brokers versus Dealers2m
Payments Imbalances and the Fed Funds Rate7m
Secured versus Unsecured Interbank Credit5m
Required Reserves, Redux7m
Reading1 lectura
Dunbar10m
Quiz1 ejercicio de práctica
Banking as a Clearing System12m
Semana
4
Horas para completar
3 horas para completar

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 videos (Total 131 minutos), 1 reading, 1 quiz
Video20 videos
Money Market Interest Rate Patterns3m
What is Repo?3m
Repo in Balance Sheets7m
Comparison with Fed Funds5m
Legal Construction of Repo9m
Security Dealers Balance Sheet11m
Repo, Modern Finance, and the Fed8m
Interest Rate Spreads: Before the Crisis5m
Interest Rate Spreads: After the Crisis8m
FT: Ring-fencing and the Volcker Rule9m
The Eurodollar Market in Crisis4m
What are Eurodollars?7m
Why is There a Eurodollar Market?4m
Eurodollar as Global Funding Market11m
Liquidity Challenge of Eurodollar Banks10m
FRA as Implicit Swap of IOUs4m
Forward Parity, Interest Rates, EH3m
Forward Parity, Exchange Rates, UIP5m
Forward Rates are NOT Expected Spot Rates2m
Reading1 lectura
Bagehot10m
Quiz1 ejercicio de práctica
Banking as a Clearing System, continued12m

Instructor

Avatar

Perry G Mehrling

Professor
Economics, Barnard College

Acerca de 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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