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Discussion — Lecture 4: The Money View, Micro and Macro
Perry Mehrling's Money and Banking MOOC
Location:
Online
Type:
Other
YSI Presenters
Description
This session covers Lecture 4: The Money View, Micro and Macro
This lecture connects up the money view with Hyman Minsky's cashflow-oriented view of the economy. The payments system is a credit system. The expansion of credit makes ordinary payments possible. But sometimes the expansion of credit has to come from above in the hierarchy. Everybody is constrained by a reserve constraint (survival constraint). If your cash inflows are insufficient to cover your cash commitments at any given moment, then you're dead. "Liquidity kills you quick."
We disaggregate assets into time-patterns of future cash inflows, and liabilities into time patterns of future cash outflows. We also cover flow-of-funds accounting with sources and uses of funds. Every use of funds has a corresponding source on its own balance sheet (micro) and on someone else's (macro).
Hosted by Working Group(s):
Organizers
Attendees
Alex Howlett
Ádám Kerényi
Ehsan Mousavi
Jim Bramlett
Özge Özay
zeliha sayar
Marta Mizsak
Chris Rimmer
Christopher Clacio
Francesco Ruggeri
alison touhey
Philip Jackson
Laurent B
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