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142 個審閱
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完成時間(小時)

完成時間大約為46 小時

建議:13 weeks of study, 5 hours/week...
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英語(English)

字幕:英語(English)
100% 在線

100% 在線

立即開始,按照自己的計劃學習。
可靈活調整截止日期

可靈活調整截止日期

根據您的日程表重置截止日期。
完成時間(小時)

完成時間大約為46 小時

建議:13 weeks of study, 5 hours/week...
可選語言

英語(English)

字幕:英語(English)

教學大綱 - 您將從這門課程中學到什麼

1
完成時間(小時)
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. ...
Reading
12 個視頻 (總計 124 分鐘), 2 個閱讀材料
Video12 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
Reading2 個閱讀材料
Lecture Notes (for download)10分鐘
Allyn Young10分鐘
2
完成時間(小時)
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....
Reading
20 個視頻 (總計 130 分鐘), 1 個閱讀材料, 1 個測驗
Video20 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
Reading1 個閱讀材料
Hyman Minsky10分鐘
Quiz1 個練習
Introduction12分鐘
3
完成時間(小時)
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....
Reading
20 個視頻 (總計 125 分鐘), 1 個閱讀材料, 1 個測驗
Video20 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
Reading1 個閱讀材料
Dunbar10分鐘
Quiz1 個練習
Banking as a Clearing System12分鐘
4
完成時間(小時)
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. ...
Reading
20 個視頻 (總計 131 分鐘), 1 個閱讀材料, 1 個測驗
Video20 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
Reading1 個閱讀材料
Bagehot10分鐘
Quiz1 個練習
Banking as a Clearing System, continued12分鐘

講師

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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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