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156 個審閱

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完成時間大約為45 小時

建議:13 weeks of study, 5 hours/week...

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立即開始,按照自己的計劃學習。

可靈活調整截止日期

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完成時間大約為45 小時

建議:13 weeks of study, 5 hours/week...

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教學大綱 - 您將從這門課程中學到什麼

1
完成時間為 2 小時

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 個視頻 (總計 124 分鐘), 2 個閱讀材料
12 個視頻
Prerequisites?7分鐘
What is a Bank, a Shadow Bank, a Central Bank?12分鐘
Central Themes13分鐘
Reading: Allyn Young3分鐘
FT: The Eurocrisis, Liquidity vs. Solvency10分鐘
Hierarchy of Financial Instruments9分鐘
Hierarchy of Financial Institutions6分鐘
Dynamics of the Hierarchy6分鐘
Discipline and Elasticity, Currency Principle and Banking Principle8分鐘
Hierarchy of Market Makers9分鐘
Managing the Hierarchy18分鐘
2 個閱讀材料
Lecture Notes (for download)10分鐘
Allyn Young10分鐘
2
完成時間為 3 小時

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 個視頻 (總計 130 分鐘), 1 個閱讀材料, 1 個測驗
20 個視頻
Allyn Young: Money and Economic Orthodoxy9分鐘
National Banking System Before the Fed3分鐘
Civil War Finance, Bonds, and Loans8分鐘
Civil War Finance, Legal Tenders7分鐘
National Banking System, Origins6分鐘
National Banking System, Instability5分鐘
Federal Reserve System, Plan6分鐘
Federal Reserve System, Actual6分鐘
FT: Dealer of Last Resort5分鐘
Reading: Hyman Minsky3分鐘
Sources and Uses Accounts6分鐘
Payments: Money and Credit5分鐘
Payments: Discipline and Elasticity4分鐘
The Survival Constraint3分鐘
Payment Example: Money and Credit10分鐘
Flow of Funds Accounts10分鐘
The Survival Constraint, Redux2分鐘
Liquidity, Long and Short9分鐘
Financial Fragility, Flows and Stocks6分鐘
1 個閱讀材料
Hyman Minsky10分鐘
1 個練習
Introduction12分鐘
3
完成時間為 2 小時

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 個視頻 (總計 125 分鐘), 1 個閱讀材料, 1 個測驗
20 個視頻
One Big Bank8分鐘
Multiple Banks, A Challenge3分鐘
Reading: Charles F. Dunbar2分鐘
Correspondent Banking, Bilateral Balances10分鐘
Correspondent Banking, System Network3分鐘
Clearinghouse, Normal Operations8分鐘
Clearinghouse, Private Lender of Last Resort10分鐘
Central Bank Clearing4分鐘
Central Bank Cooperation5分鐘
FT: European Bank Deleveraging5分鐘
What are Fed Funds?5分鐘
Payment Settlement versus Required Reserves1分鐘
Payment Elasticity/Discipline, Public and Private9分鐘
The Function of the Fed Funds Market9分鐘
Payment versus Funding: An Example11分鐘
Brokers versus Dealers2分鐘
Payments Imbalances and the Fed Funds Rate7分鐘
Secured versus Unsecured Interbank Credit5分鐘
Required Reserves, Redux7分鐘
1 個閱讀材料
Dunbar10分鐘
1 個練習
Banking as a Clearing System12分鐘
4
完成時間為 3 小時

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 個視頻 (總計 131 分鐘), 1 個閱讀材料, 1 個測驗
20 個視頻
Money Market Interest Rate Patterns3分鐘
What is Repo?3分鐘
Repo in Balance Sheets7分鐘
Comparison with Fed Funds5分鐘
Legal Construction of Repo9分鐘
Security Dealers Balance Sheet11分鐘
Repo, Modern Finance, and the Fed8分鐘
Interest Rate Spreads: Before the Crisis5分鐘
Interest Rate Spreads: After the Crisis8分鐘
FT: Ring-fencing and the Volcker Rule9分鐘
The Eurodollar Market in Crisis4分鐘
What are Eurodollars?7分鐘
Why is There a Eurodollar Market?4分鐘
Eurodollar as Global Funding Market11分鐘
Liquidity Challenge of Eurodollar Banks10分鐘
FRA as Implicit Swap of IOUs4分鐘
Forward Parity, Interest Rates, EH3分鐘
Forward Parity, Exchange Rates, UIP5分鐘
Forward Rates are NOT Expected Spot Rates2分鐘
1 個閱讀材料
Bagehot10分鐘
1 個練習
Banking as a Clearing System, continued12分鐘
5
完成時間為 2 小時

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 個視頻 (總計 114 分鐘), 1 個閱讀材料, 1 個測驗
16 個視頻
Reading: John Hicks3分鐘
Bagehot's World, Wholesale Money Market7分鐘
Economizing on Notes: Deposits, Acceptances8分鐘
Managing Cash Flow: Discount, Rediscount7分鐘
Market Rate of Interest2分鐘
Central Bank and Bank Rate8分鐘
The Bagehot Rule, Origin of Monetary Policy4分鐘
Limits on Central Banking: Internal vs. External Drain10分鐘
FT: Asymmetric Credit Growth in Europe6分鐘
Market Liquidity, Dealers, and Inventories7分鐘
Two-Sided Dealer Basics6分鐘
Economics of the Dealer Function: the Treynor Model11分鐘
Leveraged Dealer Basics7分鐘
Real World Dealers7分鐘
Arbitrage and the Assumption of Perfect Liquidity9分鐘
1 個閱讀材料
Hicks10分鐘
1 個練習
Banking as Market Making12分鐘
6
完成時間為 2 小時

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 個視頻 (總計 126 分鐘), 1 個閱讀材料, 1 個測驗
16 個視頻
Banks as Money Dealers, a Puzzle4分鐘
Security Dealers as Money Dealers, Matched and Speculative Book11分鐘
Adapting Treynor to Liquidity Risk6分鐘
Digression: Evolution of American Banking11分鐘
The Fed in the Fed Funds Market12分鐘
Return to the Initial Puzzle2分鐘
FT: Citibank and the SIVs5分鐘
The Art of Central Banking3分鐘
Evolution of Monetary Policy: 1951-19877分鐘
The Taylor Rule: 1987-20077分鐘
Monetary Transmission Mechanism10分鐘
Anatomy of a Normal Crisis8分鐘
Anatomy of a Serious Crisis4分鐘
Should the Fed Intervene or Not?8分鐘
The Fed as Dealer of Last Resort: 2007-200915分鐘
1 個閱讀材料
Treynor10分鐘
1 個練習
Banking as Market Making, continued12分鐘
7
完成時間為 1 小時

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 個視頻 (總計 64 分鐘), 1 個測驗
10 個視頻
Inspiration: The Origin of the Fed3分鐘
Central Bank Operations, Normal Times7分鐘
Central Bank Operations, Crisis Times4分鐘
Settlement Risk, Payments, and Market-making4分鐘
Q: Standard and Subordinate Coin2分鐘
Q: War Finance as Financial Crisis4分鐘
Q: Forward Parity7分鐘
Q: Payments, CHIPS and Fedwire12分鐘
Q: Fed Balance Sheet Operations10分鐘
1 個練習
Midterm20分鐘
8
完成時間為 3 小時

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 個視頻 (總計 136 分鐘), 1 個閱讀材料, 1 個測驗
18 個視頻
Key Currencies as a Hierarchical System8分鐘
What is Money? Chartalism versus Metallism8分鐘
Chartalism as a Theory of Money2分鐘
Quantity Theory of Money4分鐘
Purchasing Power Parity3分鐘
Metallism as a theory of money5分鐘
A Money View of International Payments, FX Dealers11分鐘
Chartallism, Metallism, and the Money View Compared4分鐘
Private and Public Money: A Hybrid System7分鐘
Hybridity in FX Market-making5分鐘
FT: Costs of Japan's Monetary Policy2分鐘
Reading: Robert Mundell10分鐘
Act 1 (1900-1933): Confrontation of the Fed with the Gold Standard11分鐘
Act 2 (1934-1971): Contradiction Between Keynesian National Management and the Bretton Woods Fixed Rate System14分鐘
The Dollar System7分鐘
Act 3 (1972-1999): Flexible exchange, Learning from Experience8分鐘
Act 4: Global Financial Crisis, Limits of Central Bank Cooperation17分鐘
1 個閱讀材料
Mundell10分鐘
1 個練習
International Money and Banking12分鐘
9
完成時間為 2 小時

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 個視頻 (總計 126 分鐘), 1 個閱讀材料, 1 個測驗
15 個視頻
International Transactions under the Gold Standard11分鐘
Dealer Model for Foreign Exchange10分鐘
Central Banking, Defense of Domestic Exchange8分鐘
Bank of England, Defense Against External Drain12分鐘
Toward a Theory of Exchange, Without the Gold Standard9分鐘
FT: High Frequency Trading4分鐘
Uncovered Interest Parity (UIP) and the Expectations Hypothesis of the Term Structure (EH)2分鐘
FX Dealers Under the Gold Standard, Redux5分鐘
Private FX Dealing System10分鐘
Economics of the Dealer Function, Speculative Dealer5分鐘
Economics of the Dealer Function, Matched-book Dealer6分鐘
Digression: Why do UIP and EH Fail?9分鐘
Central Bank as FX Dealer of Last Resort16分鐘
Reading: McCauley on Internationalization of Renminbi10分鐘
1 個閱讀材料
Kindleberger10分鐘
1 個練習
International Money and Banking, continued12分鐘
10
完成時間為 3 小時

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 個視頻 (總計 135 分鐘), 1 個閱讀材料, 1 個測驗
19 個視頻
Bagehot's World: Separation of Money Markets and Capital Markets8分鐘
The New World: Integration of Money Markets and Capital Markets10分鐘
Funding Liquidity Versus Market Liquidity2分鐘
Digression: Schumpeter on Banking and Economic Development4分鐘
Payment Versus Funding5分鐘
Reading: Gurley and Shaw2分鐘
Financial Evolution: Indirect Finance to Direct Finance13分鐘
Banking Evolution: Loan-based Credit to Market-based Credit11分鐘
Preview: Central Banking and Shadow Banking8分鐘
FT: Argentina in Court to Fight Debt Ruling4分鐘
Banking as Advance Clearing5分鐘
Forwards versus Futures13分鐘
Forward Contracts, Fluctuations in Value and Final Cash Flow14分鐘
Futures Contracts, Fluctuations in Value and Daily Cash Flows6分鐘
Cash and Carry Arbitrage, Defined7分鐘
Cash and Carry Arbitrage, Explained as Liquidity Risk5分鐘
Cash and Carry Arbitrage, Explained as Counterparty Risk2分鐘
Cash and Carry Arbitrage, as a Natural Banking Business3分鐘
1 個閱讀材料
Gurley and Shaw10分鐘
1 個練習
Banking as Advance Clearing12分鐘
11
完成時間為 3 小時

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 個視頻 (總計 131 分鐘), 1 個閱讀材料, 1 個測驗
19 個視頻
Reading: FOMC Report (1952)7分鐘
Treasury-swap Spread, a Puzzle11分鐘
What is a Swap?2分鐘
Why swap? An Example from Stigum10分鐘
Market Making in Swaps8分鐘
Money Market Swaps, Example5分鐘
Life in Arbitrage Land5分鐘
Treasury-swap Spread, Liquidity Risk or Counterparty Risk?7分鐘
FT: Internationalization of the Euro5分鐘
Credit Indices3分鐘
Fischer Black (1970), Risk-free Security2分鐘
What is a Credit Default Swap (CDS)?6分鐘
Corporate Bonds3分鐘
CDS Pricing11分鐘
Market Making in CDS4分鐘
Example: Negative Basis Trade and Liquidity Risk10分鐘
Example: Private backstop of Marketmaking in CDS15分鐘
Example: Synthetic CDO as Collateral Prepayment6分鐘
1 個閱讀材料
FOMC10分鐘
1 個練習
Banking as Advance Clearing, continued12分鐘
12
完成時間為 3 小時

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 個視頻 (總計 134 分鐘), 1 個閱讀材料, 1 個測驗
17 個視頻
Shadow Banking vs Traditional Banking6分鐘
Liquidity and Solvency Backstops7分鐘
Global Dimension5分鐘
Evolution of Modern Finance3分鐘
What is Shadow Banking?12分鐘
Backstopping the Market Makers7分鐘
Regulation of Systemic Risk6分鐘
Regulation of Collateral and Payment Flows10分鐘
Private Backstop and Public8分鐘
FT: Future of Banking4分鐘
Three World Views15分鐘
Economics View: Commodity Exchange8分鐘
Finance View: Risk15分鐘
The Education of Fischer Black4分鐘
Steps From the Finance View to the Money View7分鐘
A Money View of Economics and Finance5分鐘
1 個閱讀材料
Shadow Banking10分鐘
1 個練習
Money in the Real World12分鐘
13
完成時間為 20 分鐘

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 個測驗
1 個練習
Final Exam20分鐘
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創建者 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.

創建者 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.

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Perry G Mehrling

Professor
Economics, Barnard College

關於 哥伦比亚大学

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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