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UID:10008201-1789480800-1789486200@heske.wisdmlabs.net
SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-09-15/
CATEGORIES:A series of zooms
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LOCATION:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-09-15/
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DTSTART;TZID=Europe/Budapest:20260916T130000
DTEND;TZID=Europe/Budapest:20260916T170000
DTSTAMP:20260523T092829Z
CREATED:20260520T121212Z
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SUMMARY:YSI pre conference @ 15th Young Economists Conference @ Vienna
DESCRIPTION:Pre-Conference\nYSI is preparing an exciting pre-conference program which will take place on September 16th\, with workshops dedicated to scientific publishing\, research methods and challenges in the era of AGI and the intellectual journey of PhD and the job market. \nYSI is generously supporting selected ( via the main conference submission process ) young researchers with travel stipends. \nKeynote speakers: \n\nProf. Cecila Rikap (University College London)\nIzaskun Zuazu PhD (University Duisburg-Essen and International Labor Organization)\n\nThematic Scope of the Conference: \nThe explosive technological change in the past years that spans from personal devices to production facilities\, dominates media and expert discussions. While many European governments hope to lift their economies out of recession or near-recession through productivity strategies\, the US economy was only kept out of recession by Artificial Intelligence and AI infrastructure investment with most other sectors contracting. \nAt the same time\, the newspaper headline-technologies – AI\, blockchains and industrial robots – carry substantial risks of ecological destruction\, accelerated resource depletion\, deepening inequalities\, but also of financial bubbles. Experts also debate their role in undermining democracy by enabling new qualities of misinformation\, power concentration and job displacement. \nNow is the time to discuss the possibilities and risks of current technological trends for the life of working people and the unemployed\, for growth and the ecology\, and for inequalities or discrimination.
URL:https://heske.wisdmlabs.net/event/ysi-pre-conference-15th-young-economists-conference-vienna/
LOCATION:TBA\, Marondera Campus\, 3km Peg Bridge Road P.O. BOX 35 Marondera\, Marondera\, Mashonaland East\, 00263\, Zimbabwe
CATEGORIES:An in-person event
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DTSTART;VALUE=DATE:20260917
DTEND;VALUE=DATE:20260919
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SUMMARY:Research\, Reflexivity\, and the Making of a PhD
DESCRIPTION:Embarking on a PhD is not only a process of producing new knowledge\, it is also a journey of becoming. This two-day workshop invites doctoral researchers at all stages to examine the central role reflexivity plays in shaping research pathways\, scholarly identities\, and the intellectual\, emotional\, and ethical dimensions of doctoral study. Through interactive discussions\, reflective exercises\, and guided activities\, participants will critically examine how their positionalities\, values\, assumptions\, and lived experiences shape the questions they ask\, the methods they choose\, and the knowledge they ultimately co-produce  \nThrough interactive discussions\, reflective exercises\, and guided activities\, participants will engage with three broad themes:  \n\nReflexivity in research practice — Participants will explore how personal histories\, social identities\, and disciplinary cultures shape academic practice; examine entanglements between self\, subject\, and fieldwork; and consider the politics of knowledge production in international development and related fields. \n\n\nIntegrating reflexivity into design and writing — Guided activities will help participants develop concrete strategies for embedding reflexivity into research design\, methodology\, and scholarly writing\, moving beyond gesture towards sustained\, intentional practice. \n\n\nThe relational dimensions of doctoral life — The workshop addresses what often goes unspoken in PhD programmes: the navigating of complex supervisor–student relationships\, the experience of being misunderstood or misaligned\, and the question of whether reflexivity must begin with the self. Participants will share experiences of uncertainty\, vulnerability\, and transformation\, and explore how these relational challenges can be negotiated constructively — towards a place where both researcher and mentor find their footing. \n\n  \n  \nBy the end of the workshop\, participants will have articulated a clearer sense of their scholarly voice\, developed a more intentional reflexive practice\, and gained tools to position themselves confidently within their research. Research\, Reflexivity\, and the Making of a PhD invites doctoral researchers to see their work not simply as a technical exercise\, but as an evolving and deeply human process of inquiry. 
URL:https://heske.wisdmlabs.net/event/research-reflexivity-and-the-making-of-a-phd/
LOCATION:FinEst Centre for Smart Cities\, TalTech\, Ehitajate tee 5\, Tallinn\, 19086\, Estonia
CATEGORIES:An in-person event
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BEGIN:VEVENT
DTSTART;VALUE=DATE:20260921
DTEND;VALUE=DATE:20260926
DTSTAMP:20260422T183310Z
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SUMMARY:Keynes hoy: incertidumbre\, política económica y dinero
DESCRIPTION:Keynes Year 2026: Relevance\, Crisis\, and Transformations of Keynesian Thought\n???? Mexico City???? 21–25 September 2026???? Universidad Autónoma Metropolitana – Universidad Nacional Autónoma de México \n???? Website: www.keynes2026.com \n???? About the Project\nThis project is part of the international academic initiative Keynes Year 2026\, led by the Universidad Autónoma Metropolitana (UAM) in collaboration with the Universidad Nacional Autónoma de México (UNAM)\, with the support of the Young Scholars Initiative (YSI) of the Institute for New Economic Thinking. \nThe initiative marks two major anniversaries in the history of economic thought: the 90th anniversary of the publication of The General Theory of Employment\, Interest and Money (1936) and the 80th anniversary of the death of John Maynard Keynes (1946). \nThe project aims to critically revisit the legacy of Keynesian thought and its relevance to contemporary global challenges. Rather than a purely commemorative event\, it seeks to reactivate Keynesian debates from a plural and international perspective\, engaging with issues such as persistent inequality\, economic stagnation\, financial fragility\, ecological crisis\, and the transformations of the State and democracy in the twenty-first century. \nThis event will culminate in major academic publications\, including: \n\na monographic volume edited by the Universidad Autónoma Metropolitana\,\nspecial issue in El Trimestre Económico \nspecial issue in Investigación Económica\n\nKEYNOTE SPEAKERS: \nJosé Antonio Ocampo (Columbia University) \nJan Toporowski (King’s college London) \nMaria Eugenia Romero Sotelo (Facultad de Economía-UNAM) \nFederico Novelo (Universidad Autónoma Metropolitana-Xochimilco) \nHa Joon Chang (SOAS University) \nEsteban Pérez Caldentey (ECLAC) \nNoemi Levy (Facultad de Economía -UNAM) \n???? Event Structure\n\n\nInternational Conference (main event) \n\n\nYSI Workshop for young scholars \n\n\nThematic panels and academic discussions \n\n\nCollective discussion spaces and networking \n\n\n???? Thematic Tracks\n\n\nKeynes and the General Theory at 90 \n\n\nKeynes and economic crises: past and present \n\n\nEffective demand\, stagnation\, and inequality \n\n\nUncertainty and expectations in contemporary capitalism \n\n\nKeynes\, the State\, and economic policy \n\n\nTensions between market\, democracy\, and equality \n\n\nKeynes and neoliberalism: limits and transformations \n\n\nPost-Keynesian\, structuralist\, and critical political economy approaches \n\n\nKeynesian thought in the Global South \n\n\nGlobal challenges: finance\, inequality\, and climate crisis \n\n\n???? Call for Papers\nWe invite submissions from graduate students\, early-career researchers\, and scholars working on Keynesian and Post-Keynesian economics\, political economy\, development\, and macroeconomic policy. \nSubmissions may include: \n\n\nFull papers \n\n\nExtended abstracts (300–500 words) \n\n\nWorking languages: \n\n\nEnglish \n\n\nSpanish \n\n\nParticipation format: \n\n\nIn-person (Mexico City) \n\n\nOnline participation \n\n\n???? Submission Requirements\n\n\nTitle of the paper \n\n\nAbstract (300–500 words) \n\n\nFull name \n\n\nInstitutional affiliation \n\n\nCountry \n\n\nEmail address \n\n\nPreferred language and participation format \n\n\n???? Important Dates\n\n\nSubmission deadline: 31 May 2026 \n\n\nNotification of acceptance: 30 June 2026 \n\n\nEvent dates: 21–25 September 2026 \n\n\n???? Contact\n???? callforkeynes2026@gmail.com???? Website: www.keynes2026.com \nNOTE: Partial reimbursement support is not guaranteed. The event will also include virtual sessions\, so these preferences must be duly indicated in the registration form. Acceptance of a paper does not imply the allocation of reimbursement or partial funding\, as these resources remain subject to consideration. \nAño Keynes 2026: Vigencia\, crisis y transformaciones del pensamiento keynesiano\n???? Ciudad de México???? 21–25 de septiembre de 2026???? Universidad Autónoma Metropolitana – Universidad Nacional Autónoma de México \n???? Sitio web: www.keynes2026.com \n???? Sobre el proyecto\nEste proyecto forma parte de la iniciativa académica internacional Año Keynes 2026\, liderada por la Universidad Autónoma Metropolitana (UAM) en colaboración con la Universidad Nacional Autónoma de México (UNAM)\, con el apoyo de la Young Scholars Initiative (YSI) del Institute for New Economic Thinking. \nLa iniciativa conmemora dos aniversarios fundamentales en la historia del pensamiento económico: el 90 aniversario de la publicación de The General Theory of Employment\, Interest and Money (1936) y el 80 aniversario del fallecimiento de John Maynard Keynes (1946). \nEl objetivo es revisitar críticamente el legado del pensamiento keynesiano y su relevancia frente a los desafíos contemporáneos. Más que un evento conmemorativo\, se busca reactivar los debates keynesianos desde una perspectiva plural e internacional\, abordando problemáticas como la desigualdad persistente\, el estancamiento económico\, la fragilidad financiera\, la crisis ecológica y las transformaciones del Estado y la democracia en el siglo XXI. \nKEYNOTE SPEAKERS: \nJosé Antonio Ocampo (Columbia University) \nJan Toporowski (King’s college London) \nMaria Eugenia Romero Sotelo (Facultad de Economía-UNAM) \nFederico Novelo (Universidad Autónoma Metropolitana-Xochimilco) \nHa Joon Chang (SOAS University) \nEsteban Pérez Caldentey (ECLAC) \nNoemi Levy (Facultad de Economía -UNAM) \n???? Estructura del evento\n\n\nConferencia internacional (evento principal) \n\n\nTaller (Workshop) YSI para jóvenes investigadores \n\n\nMesas temáticas con ponencias seleccionadas \n\n\nEspacios de discusión colectiva e intercambio académico \n\n\n???? Ejes temáticos\n\n\nLa Teoría General a 90 años: balances\, debates y controversias \n\n\nKeynes y las crisis económicas: paralelismos entre los años treinta y el presente \n\n\nDemanda efectiva\, estancamiento y desigualdad \n\n\nIncertidumbre y expectativas en el capitalismo contemporáneo \n\n\nKeynes\, el Estado y la política económica \n\n\nTensiones entre mercado\, democracia e igualdad \n\n\nKeynes frente al neoliberalismo y su agotamiento \n\n\nPoskeynesianismo\, estructuralismo y economía política crítica \n\n\nEl pensamiento keynesiano en el Sur Global \n\n\nDesafíos globales: finanzas\, desigualdad y crisis climática \n\n\n???? Convocatoria\nSe invita a estudiantes de posgrado\, investigadores jóvenes y académicos que trabajen en economía keynesiana y poskeynesiana\, economía política\, desarrollo y política macroeconómica. \nSe aceptan: \n\n\nArtículos completos \n\n\nResúmenes extendidos (300–500 palabras) \n\n\nIdiomas de trabajo: \n\n\nInglés \n\n\nEspañol \n\n\nModalidad de participación: \n\n\nPresencial (Ciudad de México) \n\n\nParticipación en línea \n\n\n???? Requisitos de envío\n\n\nTítulo de la ponencia \n\n\nResumen (300–500 palabras) \n\n\nNombre completo \n\n\nInstitución de adscripción \n\n\nPaís \n\n\nCorreo electrónico \n\n\nIdioma y modalidad preferente \n\n\n???? Fechas importantes\n\n\nFecha límite de envío: 31 de mayo de 2026 \n\n\nNotificación de aceptación: 30 de junio de 2026 \n\n\nFechas del evento: 21–25 de septiembre de 2026 \n\n\n???? Contacto\n???? callforkeynes2026@gmail.com???? Sitio web: www.keynes2026.com \nNOTA: El otorgamiento de apoyos para reembolso parcial no está garantizado. El evento contará también con sesiones en modalidad virtual\, por lo que estas preferencias deberán indicarse debidamente en el formulario de registro. Asimismo\, la aceptación de la ponencia no implica la asignación automática de reembolso o financiamiento parcial\, ya que estos recursos se encuentran sujetos a consideración.
URL:https://heske.wisdmlabs.net/event/keynes-hoy-incertidumbre-politica-economica-y-dinero/2026-09-21/1/
LOCATION:Periferico Sur\, UAM-UNAM\, Ciudad de México\, Ciudad de México\, 10100\, Mexico
CATEGORIES:A series of in-person events
ATTACH;FMTTYPE=image/png:https://heske.wisdmlabs.net/wp-content/uploads/2026/03/Keynes2026.png
GEO:19.332795;-99.1876103
X-APPLE-STRUCTURED-LOCATION;VALUE=URI;X-ADDRESS=Periferico Sur UAM-UNAM Ciudad de México Ciudad de México 10100 Mexico;X-APPLE-RADIUS=500;X-TITLE=UAM-UNAM:geo:-99.1876103,19.332795
END:VEVENT
BEGIN:VEVENT
DTSTART;VALUE=DATE:20260921
DTEND;VALUE=DATE:20260922
DTSTAMP:20260422T183310Z
CREATED:20260323T145935Z
LAST-MODIFIED:20260422T183310Z
UID:10008486-1789977600-1790010000@heske.wisdmlabs.net
SUMMARY:Keynes hoy: incertidumbre\, política económica y dinero
DESCRIPTION:Keynes Year 2026: Relevance\, Crisis\, and Transformations of Keynesian Thought\n???? Mexico City???? 21–25 September 2026???? Universidad Autónoma Metropolitana – Universidad Nacional Autónoma de México \n???? Website: www.keynes2026.com \n???? About the Project\nThis project is part of the international academic initiative Keynes Year 2026\, led by the Universidad Autónoma Metropolitana (UAM) in collaboration with the Universidad Nacional Autónoma de México (UNAM)\, with the support of the Young Scholars Initiative (YSI) of the Institute for New Economic Thinking. \nThe initiative marks two major anniversaries in the history of economic thought: the 90th anniversary of the publication of The General Theory of Employment\, Interest and Money (1936) and the 80th anniversary of the death of John Maynard Keynes (1946). \nThe project aims to critically revisit the legacy of Keynesian thought and its relevance to contemporary global challenges. Rather than a purely commemorative event\, it seeks to reactivate Keynesian debates from a plural and international perspective\, engaging with issues such as persistent inequality\, economic stagnation\, financial fragility\, ecological crisis\, and the transformations of the State and democracy in the twenty-first century. \nThis event will culminate in major academic publications\, including: \n\na monographic volume edited by the Universidad Autónoma Metropolitana\,\nspecial issue in El Trimestre Económico \nspecial issue in Investigación Económica\n\nKEYNOTE SPEAKERS: \nJosé Antonio Ocampo (Columbia University) \nJan Toporowski (King’s college London) \nMaria Eugenia Romero Sotelo (Facultad de Economía-UNAM) \nFederico Novelo (Universidad Autónoma Metropolitana-Xochimilco) \nHa Joon Chang (SOAS University) \nEsteban Pérez Caldentey (ECLAC) \nNoemi Levy (Facultad de Economía -UNAM) \n???? Event Structure\n\n\nInternational Conference (main event) \n\n\nYSI Workshop for young scholars \n\n\nThematic panels and academic discussions \n\n\nCollective discussion spaces and networking \n\n\n???? Thematic Tracks\n\n\nKeynes and the General Theory at 90 \n\n\nKeynes and economic crises: past and present \n\n\nEffective demand\, stagnation\, and inequality \n\n\nUncertainty and expectations in contemporary capitalism \n\n\nKeynes\, the State\, and economic policy \n\n\nTensions between market\, democracy\, and equality \n\n\nKeynes and neoliberalism: limits and transformations \n\n\nPost-Keynesian\, structuralist\, and critical political economy approaches \n\n\nKeynesian thought in the Global South \n\n\nGlobal challenges: finance\, inequality\, and climate crisis \n\n\n???? Call for Papers\nWe invite submissions from graduate students\, early-career researchers\, and scholars working on Keynesian and Post-Keynesian economics\, political economy\, development\, and macroeconomic policy. \nSubmissions may include: \n\n\nFull papers \n\n\nExtended abstracts (300–500 words) \n\n\nWorking languages: \n\n\nEnglish \n\n\nSpanish \n\n\nParticipation format: \n\n\nIn-person (Mexico City) \n\n\nOnline participation \n\n\n???? Submission Requirements\n\n\nTitle of the paper \n\n\nAbstract (300–500 words) \n\n\nFull name \n\n\nInstitutional affiliation \n\n\nCountry \n\n\nEmail address \n\n\nPreferred language and participation format \n\n\n???? Important Dates\n\n\nSubmission deadline: 31 May 2026 \n\n\nNotification of acceptance: 30 June 2026 \n\n\nEvent dates: 21–25 September 2026 \n\n\n???? Contact\n???? callforkeynes2026@gmail.com???? Website: www.keynes2026.com \nNOTE: Partial reimbursement support is not guaranteed. The event will also include virtual sessions\, so these preferences must be duly indicated in the registration form. Acceptance of a paper does not imply the allocation of reimbursement or partial funding\, as these resources remain subject to consideration. \nAño Keynes 2026: Vigencia\, crisis y transformaciones del pensamiento keynesiano\n???? Ciudad de México???? 21–25 de septiembre de 2026???? Universidad Autónoma Metropolitana – Universidad Nacional Autónoma de México \n???? Sitio web: www.keynes2026.com \n???? Sobre el proyecto\nEste proyecto forma parte de la iniciativa académica internacional Año Keynes 2026\, liderada por la Universidad Autónoma Metropolitana (UAM) en colaboración con la Universidad Nacional Autónoma de México (UNAM)\, con el apoyo de la Young Scholars Initiative (YSI) del Institute for New Economic Thinking. \nLa iniciativa conmemora dos aniversarios fundamentales en la historia del pensamiento económico: el 90 aniversario de la publicación de The General Theory of Employment\, Interest and Money (1936) y el 80 aniversario del fallecimiento de John Maynard Keynes (1946). \nEl objetivo es revisitar críticamente el legado del pensamiento keynesiano y su relevancia frente a los desafíos contemporáneos. Más que un evento conmemorativo\, se busca reactivar los debates keynesianos desde una perspectiva plural e internacional\, abordando problemáticas como la desigualdad persistente\, el estancamiento económico\, la fragilidad financiera\, la crisis ecológica y las transformaciones del Estado y la democracia en el siglo XXI. \nKEYNOTE SPEAKERS: \nJosé Antonio Ocampo (Columbia University) \nJan Toporowski (King’s college London) \nMaria Eugenia Romero Sotelo (Facultad de Economía-UNAM) \nFederico Novelo (Universidad Autónoma Metropolitana-Xochimilco) \nHa Joon Chang (SOAS University) \nEsteban Pérez Caldentey (ECLAC) \nNoemi Levy (Facultad de Economía -UNAM) \n???? Estructura del evento\n\n\nConferencia internacional (evento principal) \n\n\nTaller (Workshop) YSI para jóvenes investigadores \n\n\nMesas temáticas con ponencias seleccionadas \n\n\nEspacios de discusión colectiva e intercambio académico \n\n\n???? Ejes temáticos\n\n\nLa Teoría General a 90 años: balances\, debates y controversias \n\n\nKeynes y las crisis económicas: paralelismos entre los años treinta y el presente \n\n\nDemanda efectiva\, estancamiento y desigualdad \n\n\nIncertidumbre y expectativas en el capitalismo contemporáneo \n\n\nKeynes\, el Estado y la política económica \n\n\nTensiones entre mercado\, democracia e igualdad \n\n\nKeynes frente al neoliberalismo y su agotamiento \n\n\nPoskeynesianismo\, estructuralismo y economía política crítica \n\n\nEl pensamiento keynesiano en el Sur Global \n\n\nDesafíos globales: finanzas\, desigualdad y crisis climática \n\n\n???? Convocatoria\nSe invita a estudiantes de posgrado\, investigadores jóvenes y académicos que trabajen en economía keynesiana y poskeynesiana\, economía política\, desarrollo y política macroeconómica. \nSe aceptan: \n\n\nArtículos completos \n\n\nResúmenes extendidos (300–500 palabras) \n\n\nIdiomas de trabajo: \n\n\nInglés \n\n\nEspañol \n\n\nModalidad de participación: \n\n\nPresencial (Ciudad de México) \n\n\nParticipación en línea \n\n\n???? Requisitos de envío\n\n\nTítulo de la ponencia \n\n\nResumen (300–500 palabras) \n\n\nNombre completo \n\n\nInstitución de adscripción \n\n\nPaís \n\n\nCorreo electrónico \n\n\nIdioma y modalidad preferente \n\n\n???? Fechas importantes\n\n\nFecha límite de envío: 31 de mayo de 2026 \n\n\nNotificación de aceptación: 30 de junio de 2026 \n\n\nFechas del evento: 21–25 de septiembre de 2026 \n\n\n???? Contacto\n???? callforkeynes2026@gmail.com???? Sitio web: www.keynes2026.com \nNOTA: El otorgamiento de apoyos para reembolso parcial no está garantizado. El evento contará también con sesiones en modalidad virtual\, por lo que estas preferencias deberán indicarse debidamente en el formulario de registro. Asimismo\, la aceptación de la ponencia no implica la asignación automática de reembolso o financiamiento parcial\, ya que estos recursos se encuentran sujetos a consideración.
URL:https://heske.wisdmlabs.net/event/keynes-hoy-incertidumbre-politica-economica-y-dinero/2026-09-21/2/
LOCATION:Periferico Sur\, UAM-UNAM\, Ciudad de México\, Ciudad de México\, 10100\, Mexico
CATEGORIES:A series of in-person events
ATTACH;FMTTYPE=image/png:https://heske.wisdmlabs.net/wp-content/uploads/2026/03/Keynes2026.png
GEO:19.332795;-99.1876103
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END:VEVENT
BEGIN:VEVENT
DTSTART;VALUE=DATE:20260922
DTEND;VALUE=DATE:20260923
DTSTAMP:20260422T183310Z
CREATED:20260323T145935Z
LAST-MODIFIED:20260422T183310Z
UID:10008487-1790064000-1790096400@heske.wisdmlabs.net
SUMMARY:Keynes hoy: incertidumbre\, política económica y dinero
DESCRIPTION:Keynes Year 2026: Relevance\, Crisis\, and Transformations of Keynesian Thought\n???? Mexico City???? 21–25 September 2026???? Universidad Autónoma Metropolitana – Universidad Nacional Autónoma de México \n???? Website: www.keynes2026.com \n???? About the Project\nThis project is part of the international academic initiative Keynes Year 2026\, led by the Universidad Autónoma Metropolitana (UAM) in collaboration with the Universidad Nacional Autónoma de México (UNAM)\, with the support of the Young Scholars Initiative (YSI) of the Institute for New Economic Thinking. \nThe initiative marks two major anniversaries in the history of economic thought: the 90th anniversary of the publication of The General Theory of Employment\, Interest and Money (1936) and the 80th anniversary of the death of John Maynard Keynes (1946). \nThe project aims to critically revisit the legacy of Keynesian thought and its relevance to contemporary global challenges. Rather than a purely commemorative event\, it seeks to reactivate Keynesian debates from a plural and international perspective\, engaging with issues such as persistent inequality\, economic stagnation\, financial fragility\, ecological crisis\, and the transformations of the State and democracy in the twenty-first century. \nThis event will culminate in major academic publications\, including: \n\na monographic volume edited by the Universidad Autónoma Metropolitana\,\nspecial issue in El Trimestre Económico \nspecial issue in Investigación Económica\n\nKEYNOTE SPEAKERS: \nJosé Antonio Ocampo (Columbia University) \nJan Toporowski (King’s college London) \nMaria Eugenia Romero Sotelo (Facultad de Economía-UNAM) \nFederico Novelo (Universidad Autónoma Metropolitana-Xochimilco) \nHa Joon Chang (SOAS University) \nEsteban Pérez Caldentey (ECLAC) \nNoemi Levy (Facultad de Economía -UNAM) \n???? Event Structure\n\n\nInternational Conference (main event) \n\n\nYSI Workshop for young scholars \n\n\nThematic panels and academic discussions \n\n\nCollective discussion spaces and networking \n\n\n???? Thematic Tracks\n\n\nKeynes and the General Theory at 90 \n\n\nKeynes and economic crises: past and present \n\n\nEffective demand\, stagnation\, and inequality \n\n\nUncertainty and expectations in contemporary capitalism \n\n\nKeynes\, the State\, and economic policy \n\n\nTensions between market\, democracy\, and equality \n\n\nKeynes and neoliberalism: limits and transformations \n\n\nPost-Keynesian\, structuralist\, and critical political economy approaches \n\n\nKeynesian thought in the Global South \n\n\nGlobal challenges: finance\, inequality\, and climate crisis \n\n\n???? Call for Papers\nWe invite submissions from graduate students\, early-career researchers\, and scholars working on Keynesian and Post-Keynesian economics\, political economy\, development\, and macroeconomic policy. \nSubmissions may include: \n\n\nFull papers \n\n\nExtended abstracts (300–500 words) \n\n\nWorking languages: \n\n\nEnglish \n\n\nSpanish \n\n\nParticipation format: \n\n\nIn-person (Mexico City) \n\n\nOnline participation \n\n\n???? Submission Requirements\n\n\nTitle of the paper \n\n\nAbstract (300–500 words) \n\n\nFull name \n\n\nInstitutional affiliation \n\n\nCountry \n\n\nEmail address \n\n\nPreferred language and participation format \n\n\n???? Important Dates\n\n\nSubmission deadline: 31 May 2026 \n\n\nNotification of acceptance: 30 June 2026 \n\n\nEvent dates: 21–25 September 2026 \n\n\n???? Contact\n???? callforkeynes2026@gmail.com???? Website: www.keynes2026.com \nNOTE: Partial reimbursement support is not guaranteed. The event will also include virtual sessions\, so these preferences must be duly indicated in the registration form. Acceptance of a paper does not imply the allocation of reimbursement or partial funding\, as these resources remain subject to consideration. \nAño Keynes 2026: Vigencia\, crisis y transformaciones del pensamiento keynesiano\n???? Ciudad de México???? 21–25 de septiembre de 2026???? Universidad Autónoma Metropolitana – Universidad Nacional Autónoma de México \n???? Sitio web: www.keynes2026.com \n???? Sobre el proyecto\nEste proyecto forma parte de la iniciativa académica internacional Año Keynes 2026\, liderada por la Universidad Autónoma Metropolitana (UAM) en colaboración con la Universidad Nacional Autónoma de México (UNAM)\, con el apoyo de la Young Scholars Initiative (YSI) del Institute for New Economic Thinking. \nLa iniciativa conmemora dos aniversarios fundamentales en la historia del pensamiento económico: el 90 aniversario de la publicación de The General Theory of Employment\, Interest and Money (1936) y el 80 aniversario del fallecimiento de John Maynard Keynes (1946). \nEl objetivo es revisitar críticamente el legado del pensamiento keynesiano y su relevancia frente a los desafíos contemporáneos. Más que un evento conmemorativo\, se busca reactivar los debates keynesianos desde una perspectiva plural e internacional\, abordando problemáticas como la desigualdad persistente\, el estancamiento económico\, la fragilidad financiera\, la crisis ecológica y las transformaciones del Estado y la democracia en el siglo XXI. \nKEYNOTE SPEAKERS: \nJosé Antonio Ocampo (Columbia University) \nJan Toporowski (King’s college London) \nMaria Eugenia Romero Sotelo (Facultad de Economía-UNAM) \nFederico Novelo (Universidad Autónoma Metropolitana-Xochimilco) \nHa Joon Chang (SOAS University) \nEsteban Pérez Caldentey (ECLAC) \nNoemi Levy (Facultad de Economía -UNAM) \n???? Estructura del evento\n\n\nConferencia internacional (evento principal) \n\n\nTaller (Workshop) YSI para jóvenes investigadores \n\n\nMesas temáticas con ponencias seleccionadas \n\n\nEspacios de discusión colectiva e intercambio académico \n\n\n???? Ejes temáticos\n\n\nLa Teoría General a 90 años: balances\, debates y controversias \n\n\nKeynes y las crisis económicas: paralelismos entre los años treinta y el presente \n\n\nDemanda efectiva\, estancamiento y desigualdad \n\n\nIncertidumbre y expectativas en el capitalismo contemporáneo \n\n\nKeynes\, el Estado y la política económica \n\n\nTensiones entre mercado\, democracia e igualdad \n\n\nKeynes frente al neoliberalismo y su agotamiento \n\n\nPoskeynesianismo\, estructuralismo y economía política crítica \n\n\nEl pensamiento keynesiano en el Sur Global \n\n\nDesafíos globales: finanzas\, desigualdad y crisis climática \n\n\n???? Convocatoria\nSe invita a estudiantes de posgrado\, investigadores jóvenes y académicos que trabajen en economía keynesiana y poskeynesiana\, economía política\, desarrollo y política macroeconómica. \nSe aceptan: \n\n\nArtículos completos \n\n\nResúmenes extendidos (300–500 palabras) \n\n\nIdiomas de trabajo: \n\n\nInglés \n\n\nEspañol \n\n\nModalidad de participación: \n\n\nPresencial (Ciudad de México) \n\n\nParticipación en línea \n\n\n???? Requisitos de envío\n\n\nTítulo de la ponencia \n\n\nResumen (300–500 palabras) \n\n\nNombre completo \n\n\nInstitución de adscripción \n\n\nPaís \n\n\nCorreo electrónico \n\n\nIdioma y modalidad preferente \n\n\n???? Fechas importantes\n\n\nFecha límite de envío: 31 de mayo de 2026 \n\n\nNotificación de aceptación: 30 de junio de 2026 \n\n\nFechas del evento: 21–25 de septiembre de 2026 \n\n\n???? Contacto\n???? callforkeynes2026@gmail.com???? Sitio web: www.keynes2026.com \nNOTA: El otorgamiento de apoyos para reembolso parcial no está garantizado. El evento contará también con sesiones en modalidad virtual\, por lo que estas preferencias deberán indicarse debidamente en el formulario de registro. Asimismo\, la aceptación de la ponencia no implica la asignación automática de reembolso o financiamiento parcial\, ya que estos recursos se encuentran sujetos a consideración.
URL:https://heske.wisdmlabs.net/event/keynes-hoy-incertidumbre-politica-economica-y-dinero/2026-09-22/
LOCATION:Periferico Sur\, UAM-UNAM\, Ciudad de México\, Ciudad de México\, 10100\, Mexico
CATEGORIES:A series of in-person events
ATTACH;FMTTYPE=image/png:https://heske.wisdmlabs.net/wp-content/uploads/2026/03/Keynes2026.png
GEO:19.332795;-99.1876103
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END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=America/New_York:20260922T140000
DTEND;TZID=America/New_York:20260922T153000
DTSTAMP:20260717T225613Z
CREATED:20231212T030110Z
LAST-MODIFIED:20260717T225613Z
UID:10008202-1790085600-1790091000@heske.wisdmlabs.net
SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-09-22/
CATEGORIES:A series of zooms
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LOCATION:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-09-22/
END:VEVENT
BEGIN:VEVENT
DTSTART;VALUE=DATE:20260923
DTEND;VALUE=DATE:20260924
DTSTAMP:20260422T183310Z
CREATED:20260323T145935Z
LAST-MODIFIED:20260422T183310Z
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SUMMARY:Keynes hoy: incertidumbre\, política económica y dinero
DESCRIPTION:Keynes Year 2026: Relevance\, Crisis\, and Transformations of Keynesian Thought\n???? Mexico City???? 21–25 September 2026???? Universidad Autónoma Metropolitana – Universidad Nacional Autónoma de México \n???? Website: www.keynes2026.com \n???? About the Project\nThis project is part of the international academic initiative Keynes Year 2026\, led by the Universidad Autónoma Metropolitana (UAM) in collaboration with the Universidad Nacional Autónoma de México (UNAM)\, with the support of the Young Scholars Initiative (YSI) of the Institute for New Economic Thinking. \nThe initiative marks two major anniversaries in the history of economic thought: the 90th anniversary of the publication of The General Theory of Employment\, Interest and Money (1936) and the 80th anniversary of the death of John Maynard Keynes (1946). \nThe project aims to critically revisit the legacy of Keynesian thought and its relevance to contemporary global challenges. Rather than a purely commemorative event\, it seeks to reactivate Keynesian debates from a plural and international perspective\, engaging with issues such as persistent inequality\, economic stagnation\, financial fragility\, ecological crisis\, and the transformations of the State and democracy in the twenty-first century. \nThis event will culminate in major academic publications\, including: \n\na monographic volume edited by the Universidad Autónoma Metropolitana\,\nspecial issue in El Trimestre Económico \nspecial issue in Investigación Económica\n\nKEYNOTE SPEAKERS: \nJosé Antonio Ocampo (Columbia University) \nJan Toporowski (King’s college London) \nMaria Eugenia Romero Sotelo (Facultad de Economía-UNAM) \nFederico Novelo (Universidad Autónoma Metropolitana-Xochimilco) \nHa Joon Chang (SOAS University) \nEsteban Pérez Caldentey (ECLAC) \nNoemi Levy (Facultad de Economía -UNAM) \n???? Event Structure\n\n\nInternational Conference (main event) \n\n\nYSI Workshop for young scholars \n\n\nThematic panels and academic discussions \n\n\nCollective discussion spaces and networking \n\n\n???? Thematic Tracks\n\n\nKeynes and the General Theory at 90 \n\n\nKeynes and economic crises: past and present \n\n\nEffective demand\, stagnation\, and inequality \n\n\nUncertainty and expectations in contemporary capitalism \n\n\nKeynes\, the State\, and economic policy \n\n\nTensions between market\, democracy\, and equality \n\n\nKeynes and neoliberalism: limits and transformations \n\n\nPost-Keynesian\, structuralist\, and critical political economy approaches \n\n\nKeynesian thought in the Global South \n\n\nGlobal challenges: finance\, inequality\, and climate crisis \n\n\n???? Call for Papers\nWe invite submissions from graduate students\, early-career researchers\, and scholars working on Keynesian and Post-Keynesian economics\, political economy\, development\, and macroeconomic policy. \nSubmissions may include: \n\n\nFull papers \n\n\nExtended abstracts (300–500 words) \n\n\nWorking languages: \n\n\nEnglish \n\n\nSpanish \n\n\nParticipation format: \n\n\nIn-person (Mexico City) \n\n\nOnline participation \n\n\n???? Submission Requirements\n\n\nTitle of the paper \n\n\nAbstract (300–500 words) \n\n\nFull name \n\n\nInstitutional affiliation \n\n\nCountry \n\n\nEmail address \n\n\nPreferred language and participation format \n\n\n???? Important Dates\n\n\nSubmission deadline: 31 May 2026 \n\n\nNotification of acceptance: 30 June 2026 \n\n\nEvent dates: 21–25 September 2026 \n\n\n???? Contact\n???? callforkeynes2026@gmail.com???? Website: www.keynes2026.com \nNOTE: Partial reimbursement support is not guaranteed. The event will also include virtual sessions\, so these preferences must be duly indicated in the registration form. Acceptance of a paper does not imply the allocation of reimbursement or partial funding\, as these resources remain subject to consideration. \nAño Keynes 2026: Vigencia\, crisis y transformaciones del pensamiento keynesiano\n???? Ciudad de México???? 21–25 de septiembre de 2026???? Universidad Autónoma Metropolitana – Universidad Nacional Autónoma de México \n???? Sitio web: www.keynes2026.com \n???? Sobre el proyecto\nEste proyecto forma parte de la iniciativa académica internacional Año Keynes 2026\, liderada por la Universidad Autónoma Metropolitana (UAM) en colaboración con la Universidad Nacional Autónoma de México (UNAM)\, con el apoyo de la Young Scholars Initiative (YSI) del Institute for New Economic Thinking. \nLa iniciativa conmemora dos aniversarios fundamentales en la historia del pensamiento económico: el 90 aniversario de la publicación de The General Theory of Employment\, Interest and Money (1936) y el 80 aniversario del fallecimiento de John Maynard Keynes (1946). \nEl objetivo es revisitar críticamente el legado del pensamiento keynesiano y su relevancia frente a los desafíos contemporáneos. Más que un evento conmemorativo\, se busca reactivar los debates keynesianos desde una perspectiva plural e internacional\, abordando problemáticas como la desigualdad persistente\, el estancamiento económico\, la fragilidad financiera\, la crisis ecológica y las transformaciones del Estado y la democracia en el siglo XXI. \nKEYNOTE SPEAKERS: \nJosé Antonio Ocampo (Columbia University) \nJan Toporowski (King’s college London) \nMaria Eugenia Romero Sotelo (Facultad de Economía-UNAM) \nFederico Novelo (Universidad Autónoma Metropolitana-Xochimilco) \nHa Joon Chang (SOAS University) \nEsteban Pérez Caldentey (ECLAC) \nNoemi Levy (Facultad de Economía -UNAM) \n???? Estructura del evento\n\n\nConferencia internacional (evento principal) \n\n\nTaller (Workshop) YSI para jóvenes investigadores \n\n\nMesas temáticas con ponencias seleccionadas \n\n\nEspacios de discusión colectiva e intercambio académico \n\n\n???? Ejes temáticos\n\n\nLa Teoría General a 90 años: balances\, debates y controversias \n\n\nKeynes y las crisis económicas: paralelismos entre los años treinta y el presente \n\n\nDemanda efectiva\, estancamiento y desigualdad \n\n\nIncertidumbre y expectativas en el capitalismo contemporáneo \n\n\nKeynes\, el Estado y la política económica \n\n\nTensiones entre mercado\, democracia e igualdad \n\n\nKeynes frente al neoliberalismo y su agotamiento \n\n\nPoskeynesianismo\, estructuralismo y economía política crítica \n\n\nEl pensamiento keynesiano en el Sur Global \n\n\nDesafíos globales: finanzas\, desigualdad y crisis climática \n\n\n???? Convocatoria\nSe invita a estudiantes de posgrado\, investigadores jóvenes y académicos que trabajen en economía keynesiana y poskeynesiana\, economía política\, desarrollo y política macroeconómica. \nSe aceptan: \n\n\nArtículos completos \n\n\nResúmenes extendidos (300–500 palabras) \n\n\nIdiomas de trabajo: \n\n\nInglés \n\n\nEspañol \n\n\nModalidad de participación: \n\n\nPresencial (Ciudad de México) \n\n\nParticipación en línea \n\n\n???? Requisitos de envío\n\n\nTítulo de la ponencia \n\n\nResumen (300–500 palabras) \n\n\nNombre completo \n\n\nInstitución de adscripción \n\n\nPaís \n\n\nCorreo electrónico \n\n\nIdioma y modalidad preferente \n\n\n???? Fechas importantes\n\n\nFecha límite de envío: 31 de mayo de 2026 \n\n\nNotificación de aceptación: 30 de junio de 2026 \n\n\nFechas del evento: 21–25 de septiembre de 2026 \n\n\n???? Contacto\n???? callforkeynes2026@gmail.com???? Sitio web: www.keynes2026.com \nNOTA: El otorgamiento de apoyos para reembolso parcial no está garantizado. El evento contará también con sesiones en modalidad virtual\, por lo que estas preferencias deberán indicarse debidamente en el formulario de registro. Asimismo\, la aceptación de la ponencia no implica la asignación automática de reembolso o financiamiento parcial\, ya que estos recursos se encuentran sujetos a consideración.
URL:https://heske.wisdmlabs.net/event/keynes-hoy-incertidumbre-politica-economica-y-dinero/2026-09-23/
LOCATION:Periferico Sur\, UAM-UNAM\, Ciudad de México\, Ciudad de México\, 10100\, Mexico
CATEGORIES:A series of in-person events
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END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Europe/Paris:20260924T180000
DTEND;TZID=Europe/Paris:20260924T193000
DTSTAMP:20260714T162704Z
CREATED:20240117T145948Z
LAST-MODIFIED:20260714T162704Z
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SUMMARY:Money and Finance Reading Group
DESCRIPTION:This reading group has been created to amplify and deep our knowledge on money and finance from a wide perspective that can embrace the complexity of money’s nature\, thus\, the complexity of the financial system and its dynamics. Moreover\, as it was cleverly unveiled by Émile Zola in his book L’Argent\, the first book discussed in this reading group\, money and finance are rooted in every sphere of human beings (social\, political\, religious\, personal\, etc.)\, therefore\, their inquiring and comprehension cannot neglect this this reality. \nThe reading group started with an initial selection of books proposed by Professor Jan Toporowski\, however\, the path we will walk together will be opened and determined by the interests and tastes of the group members. \nList of Readings: \nZola Émile\, L’Argent\, 1891      Discussed \nSchumpeter\, J.A.S. History of Economic Analysis\, Chapter 8 on ‘Money\, Credit and Cycles’.  This chapter will be divided in two sessions. The first session will be on 25/01/24 and include sections 1 – 5 (From page 1040 to page 1074)\, the second will be on 29/02/2024 and include sections 6 – 9 (From page 1074 to page 1101). Discussed \nDiscussion of Schumpeter’s Chapter with the contribution of Professor Jan Toporowski. Discussed \nChick\, V. ‘The Evolution of the Banking System and the Theory of Saving\, Investment and Interest’ Économies et Sociétés Série MP no. 3 1986 and Arestis and Dow (eds.) On Money\, Method and Keynes\, Selected Essays of Victoria Chick 1992. Discussed on 11/04/2024 \nFor the last session on Chick’s Paper we will have Sheila Dow. Discussed on 3 May 2023. \nToporowski\, J. Interest and Capital The Monetary Economics of Michał Kalecki Oxford 2022\, Part 1. Discussed on 30/05/2024 \nToporowski\, J. Interest and Capital The Monetary Economics of Michał Kalecki Oxford 2022. Discussed on 05/07/2024 \n\n\n\nToporowski\, J. ‘Marx’s Critical Notes on the Classical Theory of Interest’ in J. Dellheim and F.O. Wolf (eds.) The Unfinished System of Karl Marx Critically Reading Capital as a Challenge to our Times London: Palgrave Macmillan 2018. Discussed on 01/08/2024 \n\n\n\nMarx\, K.H. Grundrisse Chapter 1\, on Money . Discussed on Discussed on 24/10/2024 \nPaper presentation ““Kalecki-Levy Profit Equation and Money View Angles on Chinese Economy and Markets”\, by Shengbei Guo\, on 21/11/2024. \n\n\n\nMarx\, K.H. Capital Volume II Part 1\, Ch 1 and 2\, will be discussed on 26/12/2024. \n\nMarx\, K.H. Capital Volume II Part 1\, Ch 3 to 6\, discussed on 30/01/2025. \nOn Marx’s monetary theory talk given by Riccardo Bellofiore\, retired Professor of Economics at the University of Bergamo\, Italy\, who has authored and co-authored “Theory of Plus-Value”\, “Marx on Money”\, “Production\, Circulation and Money”\, within others. Discussed on 06/03/2025. \nBellofiore\, R.\, ‘The monetary aspects of the capitalist process in the Marxian system: an investigation from the point of view of the theory of the monetary circuit’ in Marx’s Theory of Money: Modern Appraisals 2005. Discussed on 27/03/2025 \nBellofiore\, R. ‘Money and development in Schumpeter’ 1985. Discussed on 24/04/2025 \n\nTalk with Riccardo Bellofiore about the monetary theories of Marx\, the Theory of the Monetary Circuit\, Schumpeter and a bit of Wicksell. To be discussed on 29/05/2025 \nHayek\, F.A. Monetary Theory and the Trade Cycle 1929 Ch 1 and 2. Discussed on 26/06/2025 \nHayek\, F.A. Monetary Theory and the Trade Cycle 1929 Ch 3\, 4 and 5. Discussed on 24/07/2025 \nHawtrey\, R. G. Good and Bad Trade or Currency and Credit 1919. From Ch 1 to  7\, inclusive. To be discussed on 04/09/2025 \nHawtrey\, R. G. Currency and Credit 1930. Ch 3 and 4. To be discussed on 25/09/2025 \nHawtrey\, R. G. Currency and Credit 1930. Ch 5\, 6\, 7 and 8. To be discussed on 30/10/2025 \nHawtrey\, R. G. Currency and Credit 1930. Ch 9\, 10\, 11. To be discussed on 04/12/2025 \nWicksell\, K. Interest and Prices 1936\, Introduction by Bertil Ohlin\, Preface and Introduction (Ch 1) \nWicksell\, K. Interest and Prices 1936\, Ch 2\, 3\, 4\, 5\, 6. \nWicksell\, K. Interest and Prices 1936\, Ch 7\, 8\, 9. \nFriedman\, M. Quantity Theory of Money A Restatement Discussed on 28/05/2026 \nWoodford\, M. Interest and Prices Introduction; Chapters 1 Discussed on 25/06/2026 \nWoodford\, M. Interest and Prices Introduction; Chapters 2-3 To be discussed on 23/07/2026 \nExtraordinary session – Paper Presentation “Equilibra and Steady States: How to Model Modern Monetary Systems” by Aleksandar Stojanovič to be Discussed on 13/08/2-26 \n\n\n  \n\n\n 
URL:https://heske.wisdmlabs.net/event/money-and-finance-reading-group/2026-09-24/
CATEGORIES:A series of zooms
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LOCATION:https://heske.wisdmlabs.net/event/money-and-finance-reading-group/2026-09-24/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=America/New_York:20260929T140000
DTEND;TZID=America/New_York:20260929T153000
DTSTAMP:20260717T225613Z
CREATED:20231212T030110Z
LAST-MODIFIED:20260717T225613Z
UID:10008203-1790690400-1790695800@heske.wisdmlabs.net
SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-09-29/
CATEGORIES:A series of zooms
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SUMMARY:XIX Jornadas de Economía Crítica y VIII Jornadas de Economía Feminista
DESCRIPTION:Las XIX Jornadas de Economía Crítica (JEC) y las VIII Jornadas de Economía Feminista (JEF) constituyen un evento académico integrado\, organizado por la Sociedad de Economía Crítica (SEC)\, una red conformada por docentes\, investigadores/as\, graduados/as y estudiantes de Argentina y Uruguay. El objetivo general es promover y consolidar una perspectiva plural en las ciencias económicas\, fomentando el diálogo interdisciplinario frente a las problemáticas socioeconómicas contemporáneas y fortaleciendo el enfoque de género en la disciplina. \nDesde hace más de 15 años\, las JEC se han consolidado como un espacio fundamental para el desarrollo de las ciencias económicas\, fomentando la reflexión crítica sobre los enfoques dominantes de la disciplina. Asimismo\, con la incorporación de las JEF en 2019\, el evento ha priorizado la integración de la perspectiva de género en la investigación económica. Cada año\, el encuentro propone a los y las participantes asistir a conferencias y mesas de debate sobre temas económicos de coyuntura\, construir conocimiento novedoso y crítico a partir de la presentación de trabajos\, analizar los problemas socioeconómicos contemporáneos desde enfoques teóricos alternativos a la economía ortodoxa.  \nTemas que se abordarán: El evento promoverá una diversidad de miradas sobre problemáticas socioeconómicas actuales y discusiones teóricas tanto de la disciplina económica como de otras ciencias sociales. Entre los principales ejes de debate se incluyen: \n\nEconomía feminista\, organización social del cuidado y diseño de políticas públicas.\nMercados laborales\, desigualdad y transformaciones en la división internacional del trabajo.\nTransición ecológica\, políticas industriales y modelos de desarrollo en América Latina.\nDesarrollo periférico\, financiarización y el rol de las plataformas digitales.\nHistoria del pensamiento económico y epistemología en las ciencias sociales.\n\n¿Quiénes están involucrados? El evento reúne a una amplia comunidad académica y social. Participarán investigadores/as\, docentes y estudiantes de diversos países. Además\, las jornadas contarán con la presencia de destacados/as conferencistas invitados/as\, tanto del ámbito nacional como del exterior\, especializados/as en economía política\, economía feminista y desarrollo crítico. \nEl evento se desarrollará de forma presencial del 1 al 3 de octubre de 2026 en la  Universidad Nacional de Rosario (UNR). Quienes asistan podrán participar en tres formatos principales: \n\nConferencias centrales: Exposiciones magistrales a cargo de invitados/as especiales\, seguidas de espacios de interacción.\nSimposios y mesas de trabajo: Espacios en simultáneo para la presentación de ponencias abocadas a debatir temáticas especializadas.\nTalleres: Espacios con una lógica participativa donde se plantearán consignas para promover el intercambio y el debate entre los/as asistentes.\n\nSerá\, además\, un punto de encuentro fundamental para promover la articulación\, las alianzas y la solidaridad entre jóvenes investigadores/as\, movimientos feministas y distintos grupos regionales. \nEn su última edición presencial (2025)\, realizada en la Universidad Nacional del Sur\, el evento evidenció su consolidación regional al contar con 200 participantes registrados de Argentina y países como Brasil\, Chile\, Colombia\, México y Uruguay\, entre otros. En dicha ocasión\, la estructura de trabajo permitió el desarrollo de 3 paneles centrales\, la presentación de más de 100 ponencias originales organizadas en 25 mesas temáticas\, complementadas con 6 espacios de talleres y conversatorios
URL:https://heske.wisdmlabs.net/event/xix-jornadas-de-economia-critica-y-viii-jornadas-de-economia-feminista/
LOCATION:Facultad de Ciencias Económicas y Estadística – Universidad Nacional de Rosario (UNR)\, Blvd. Oroño 1261\, Rosario\, Santa Fe\, S2000DSM\, Argentina
CATEGORIES:An in-person event
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SUMMARY:Summer School: Rethinking Development in Latin America III
DESCRIPTION:APPLY HERE OR CLICK THE BUTTOM “APPLY NOW” : https://fs8.formsite.com/CNZLjX/ma2ywbxrov/index \nSummer School: Rethinking Development in Latin America III is an intensive three-week summer school (October 5 to October 23\, 2026) devoted to critically reassessing development strategies in Latin America from a progressive\, heterodox\, and interdisciplinary perspective. The school is grounded in the Latin American structuralist tradition\, while engaging contemporary debates on macroeconomics\, inequality\, industrial policy\, democracy\, and environmental sustainability. The program will feature the participation of globally recognized scholars and leading voices in development debates\, including keynote contributions by internationally renowned academics. \nThe motivation of the school stems from both an intellectual conviction and a political urgency. Latin American development continues to be shaped by persistent technological\, territorial\, and distributive gaps that cannot be overcome through market forces alone. At the same time\, the limits and tensions of recent progressive government experiences call for an updated development agenda—one that combines analytical rigor\, empirical evidence\, and critical self-reflection to confront external constraints\, productivity challenges\, social inequality\, and ecological transitions. \nBuilding on two key antecedents: the international seminar “Rethinking Development in Latin America and the Caribbean from Mexico” (2024) and the first edition of the Summer School held in 2025. The 2026 edition will take place in Buenos Aires\, hosted by the Universidad Nacional de San Martín (UNSAM). The school is an in-person only program. The program will be structured around thematic axes including economic theory and macro-trends; growth\, macroeconomics\, and structural change; fiscal policy and tax justice; innovation\, industrial policy\, and international trade; environment and development; democracy and development; and the history of Latin American economic thought. \nAcademic activities will combine lectures and conference-debates by senior scholars and policymakers\, interactive classes\, applied workshops (including AI and machine learning tools for research\, and energy and sustainability indicators)\, and a field visit to observe territorial scientific and technological capabilities. The school deliberately promotes dialogue across disciplines and sectors\, bringing together economists\, social scientists\, policymakers\, public officials\, labor representatives\, business actors\, and civil society organizations. \nA strategic objective of the school is to function as a laboratory for 21st-century development policy in Latin America: training young researchers and technical cadres capable of connecting theory\, data\, and real-world policy challenges; incubating research projects and policy notes oriented toward action; and fostering an interdisciplinary and intergenerational community committed to rethinking development from the region. \nHow to Apply\nApplications to the Summer School: Rethinking Development in Latin America III will be open to graduate students (Master’s and PhD)\, early-career researchers\, and practitioners from economics and related social sciences\, with a strong interest in development\, political economy\, and public policy in Latin America. \nThe program will be conducted in Spanish and English. Applicants are expected to have working proficiency in both languages\, as lectures\, classes\, and discussions will take place in either language throughout the program. \nInterested applicants will be required to submit an online application including: \n\n\na letter of reference from an academic supervisor or institutional mentor (such as a thesis advisor\, fellowship supervisor\, or research director)\, \n\n\na brief CV\, \n\n\nand a short description of current or planned research projects. \n\n\nApplications will be evaluated on the basis of academic background\, relevance of research interests to the themes of the school\, and the potential contribution to a plural and interdisciplinary learning environment. The selection process aims to ensure diversity in terms of disciplinary backgrounds\, countries\, and institutional affiliations. \nSelected participants from outside the Buenos Aires metropolitan area will receive accommodation coverage and partial financial support for travel expenses\, subject to the availability of funds. \nExtended Deadline for Applications\nWe are pleased to announce that the application deadline for the Summer School: Rethinking Development in Latin America III has been extended to May 30\, 2026. We encourage graduate students and early-career researchers with an interest in development economics\, political economy\, and public policy in Latin America to take advantage of this additional time to submit their applications. Selected participants from outside the Buenos Aires metropolitan area will receive financial support to cover accommodation and travel expenses. \nThe program is structured around three thematic weeks taking place from October 5 to 23\, 2026\, in Buenos Aires. The first week explores geopolitics and the history of development\, covering comparative economic history\, the evolution of structuralist thought\, and data tools for academic research. The second week addresses macroeconomics\, growth\, distribution\, and sustainability\, examining the tensions between stabilization and structural transformation\, fiscal policy\, and green political economy. The third week focuses on reindustrialization\, financing\, and digitalization\, with sessions on comparative industrial policy experiences across Argentina\, Brazil\, Chile\, and Mexico\, as well as the role of artificial intelligence in development strategies\, including a special session hosted at the offices of CAF – Development Bank of Latin America and the Caribbean. The program also includes an industrial immersion day in Mar del Plata and a closing policy laboratory session. \nThe school will bring together a distinguished and diverse faculty\, including Mario Cimoli (Scuola Superiore Sant’Anna)\, Matías Kulfas (UNSAM)\, Christian Asinelli (CAF)\, Andrea Roventini\, Martín Rapetti (UBA/CONICET)\, Gabriel Porcile (Universidad de la República)\, Nelson Barbosa (former Minister of Finance\, Brazil)\, Wilson Peres\, Pablo Gerchunoff\, Joao Carlos Ferraz\, Marcelo Rougier\, Daniel Schteingart\, Valentina Arza\, Pablo Bello\, and many others. The school is jointly organized by YSI-INET\, CAF\, Open Society Foundations\, the Universidad Nacional de San Martín (Argentina)\, and the Universidad Autónoma Metropolitana (Mexico).
URL:https://heske.wisdmlabs.net/event/summer-school-rethinking-development-in-latin-america-iii/
LOCATION:UNSAM\, Avenida 25 de Mayo y Francia\, B1650 San Martín\, San Martín — Buenos Aires Province\, Buenos Aires\, Argentina
CATEGORIES:An in-person event
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SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-10-06/
CATEGORIES:A series of zooms
ATTACH;FMTTYPE=image/png:https://heske.wisdmlabs.net/wp-content/uploads/2023/12/lecture2-p4x2-hierarchy-pyramid-dynamics.png
LOCATION:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-10-06/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=America/New_York:20261013T140000
DTEND;TZID=America/New_York:20261013T153000
DTSTAMP:20260717T225613Z
CREATED:20231212T030110Z
LAST-MODIFIED:20260717T225613Z
UID:10008205-1791900000-1791905400@heske.wisdmlabs.net
SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-10-13/
CATEGORIES:A series of zooms
ATTACH;FMTTYPE=image/png:https://heske.wisdmlabs.net/wp-content/uploads/2023/12/lecture2-p4x2-hierarchy-pyramid-dynamics.png
LOCATION:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-10-13/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=America/New_York:20261020T140000
DTEND;TZID=America/New_York:20261020T153000
DTSTAMP:20260717T225613Z
CREATED:20231212T030110Z
LAST-MODIFIED:20260717T225613Z
UID:10008206-1792504800-1792510200@heske.wisdmlabs.net
SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-10-20/
CATEGORIES:A series of zooms
ATTACH;FMTTYPE=image/png:https://heske.wisdmlabs.net/wp-content/uploads/2023/12/lecture2-p4x2-hierarchy-pyramid-dynamics.png
LOCATION:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-10-20/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=America/New_York:20261027T140000
DTEND;TZID=America/New_York:20261027T153000
DTSTAMP:20260717T225613Z
CREATED:20231212T030110Z
LAST-MODIFIED:20260717T225613Z
UID:10008207-1793109600-1793115000@heske.wisdmlabs.net
SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-10-27/
CATEGORIES:A series of zooms
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END:VEVENT
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SUMMARY:Contours Of Conflict in Africa: Economics and the Contradictions of Liberation in Southern and Central Africa
DESCRIPTION:Conflict has been central in the long and chequered history of state-making in Africa. The creation of artificial borders\, new monetary regimes and trade patterns from the 1500s occurred not without conflict and resistance amongst and between various population groups. The colonial plunder of African resources and relegation of Africans to the margins of the capitalist economy\, as well as making Africans providers of menial\, indentured/slave/unpaid/underpaid labour\, also caused conflict. The ensuing liberation wars arising from such colonial domination and change ignited fierce resistance from colonial powers. To this day\, decolonisation has existed in name as Africans continue to contend with the enduring legacies of colonial rule. Roaring among such legacies are conflicts of scarcity and inequality manifest on two parallel planes. Neocolonialism has reared its head as African countries chase economic development\, and resource distribution in regional and international institutions remains uneven\, causing enduring silent conflicts. In the case of countries in West Africa\, for example\, neocolonialism has not been silent at all\, with the blatant involvement of countries of the North in violent resource conflicts and civil wars. On a second plane is an equally dangerous legacy borne of the othering by liberation movements. A legacy that alienates the masses to create room for the supposed liberation war heroes to eat from the feeding trough. It has manifested in ethnic tensions\, authoritarian regimes\, civil and transnational wars\, and conflicts over natural resources and land. The threat to global peace due to the cyclical pattern of varied forms of scarcity and inequality breeding conflict and conflict breeding lack\, societal and moral decay\, vulnerability of mainly women and children has caused widespread intervention from international [e.g. United Nations (UN) and European Union (EU)] and regional organisations [e.g. African Union(AU)\, Economic Community of West African States (ECOWAS)\, and Southern African Development Community (SADC)] aimed at conflict resolution\, with varying degrees of success. To decipher the contours of conflict that have influenced African history and reshaped historical narratives\, the International Studies group of the University of the Free State and the Young Scholars Initiative will host a history bootcamp in Bloemfontein\, South Africa\, from 28 to 30 October 2026. The boot camp proposes relooking at African conflicts as\, among other things\, extensions and manifestations of local and international dominance\, expressions of scarcity\, subaltern voices\, and quests for emancipation. \nWe therefore invite abstracts on the subjects listed below. However\, papers tackling interesting aspects of conflict with a particular focus on Southern and Central Africa will be welcomed.\n1. War and economic change\n2. Trade and conflict\n3. Natural resource conflict\,\n4. Conflicts arising from land and agrarian reform\n5. Regional and international organisations in African conflicts\n6. Transnational conflicts/Conflicts between states\n7. War and military technology in Africa\n8. Forced displacements\n9. Women and Children in Conflict Situations\n10. Peacekeeping\, peacebuilding and conflict resolution\n11. Personalities in African conflicts \nUpon selection of abstracts\, participants will be required to send complete draft papers following the style of the Southern Journal of Contemporary History. Final selection for attendance at the Bootcamp will be based on the quality of the draft papers. Successful papers will be published in a special issue of the Southern Journal of Contemporary History with Dr Mutale Tinamou Mazimba and Dr Geraldine Sibanda as guest editors. Successful articles and additional contributions will also be featured in an edited volume.\nEarly career scholars are PhD candidates and postdoctoral fellows with less than two publications in peer-reviewed academic journals. Participation in the Bootcamps is open to non-historians\, provided that the proposed paper addresses the general theme of the Bootcamp and reflects historical methods. Participants must be based in institutions on the African continent. Limited funding is available for travel and accommodation.\nDeadline for Abstract Submission: 15 May 2026\nSubmission of selected Draft papers: 30 June 2026\nFinal selection: 30 July 2026 \nFor questions\, contact isgbootcamp3@gmail.com. \n 
URL:https://heske.wisdmlabs.net/event/contours-of-conflict-in-africa-economics-and-the-contradictions-of-liberation-in-southern-and-central-africa/
LOCATION:University of the Free State\, Centenary Complex\, 201 Nelson Mandela Drive\, Bloemfontein\, Free State\, 9301\, South Africa
CATEGORIES:An in-person event
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END:VEVENT
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SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-11-03/
CATEGORIES:A series of zooms
ATTACH;FMTTYPE=image/png:https://heske.wisdmlabs.net/wp-content/uploads/2023/12/lecture2-p4x2-hierarchy-pyramid-dynamics.png
LOCATION:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-11-03/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=America/New_York:20261110T140000
DTEND;TZID=America/New_York:20261110T153000
DTSTAMP:20260717T225613Z
CREATED:20231212T030110Z
LAST-MODIFIED:20260717T225613Z
UID:10008209-1794319200-1794324600@heske.wisdmlabs.net
SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-11-10/
CATEGORIES:A series of zooms
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DTSTART;VALUE=DATE:20261112
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SUMMARY:YSI Pre-conference @ 49th Annual Conference of the Federation of ASEAN Economic Associations (FAEA)
DESCRIPTION:About the Project\nThe YSI East Asia Working Group invites graduate students\, Ph.D. candidates\, and early-career researchers to apply for our Pre-Conference Workshop in Manila. The pre-conference creates an interdisciplinary\, peer-to-peer environment to investigate the economic challenges and growth trajectories of the East and Southeast Asian region. \nIn line with YSI’s goals\, we are creating a support group for young scholars working on the topic and preparing them for advancing their research and work in pluralism and scientific communication. \nThe Pre-Conference Experience: Workshop Agenda\nWe have structured that November 12 pre-conference around two highly interactive training modules: \n1. Core Workshop: Pluralism in Economics & The ASEAN Reality Mainstream\, neoclassical economic models often struggle to capture the complex institutional\, political\, and ecological realities of developing Asia. This session introduces pluralistic frameworks—ranging from Institutional and Evolutionary Economics to Post-Keynesian and Ecological Economics. We will explore how these diverse schools of thought can be applied practically to analyze the “ASEAN path” of development\, the changing role of the state in industrial policy\, and regional economic transformation. \n2. Professional Skills Workshop: Demystifying Academic Publishing & Journal Submissions For early-career researchers\, navigating the peer-review process can feel like a black box. This hands-on session covers the nuts and bolts of getting your research published in regional and international economic journals. We will discuss how to select the right journal for pluralistic research\, frame your abstract to capture editors’ attention\, decode reviewer feedback\, and avoid common structural pitfalls that lead to early rejections. \nThe Cohort Experience & Shared Housing\nCommunity building is the primary driver of this project. To maximize our working group budget and spark genuine collaboration\, all of the selected young scholars and the 2 organizers will live and work together under one roof. \nYSI is fully funding a single\, large\, centrally located group Airbnb in Manila for the entire cohort. By applying to this project\, you agree to participate in this shared housing arrangement for the nights of November 12-14. This communal setup ensures that academic debates\, peer feedback\, and networking continue naturally beyond workshop hours\, laying the foundation for long-term regional research partnerships. \nFinancial Support & Inclusions\nPlease be informed that our total project budget is subject to a strict YSI funding cap. Because we want to support as many young scholars as possible\, travel support is strictly limited to participants traveling from within our defined region. \n\n\nDefinition of the Region: For this workshop in Manila\, “the region” is defined as Southeast Asia (ASEAN member states) and neighboring East Asian countries that are a short\, affordable flight away. We cannot offer travel stipends to scholars flying from outside this region (e.g.\, Europe\, the Americas\, or Africa)\, though you are still welcome to apply if you can self-fund your travel. \n\n\nImportant Note on Funding: While we strive to support our community\, demonstrating financial need does not guarantee selection for the workshop or the receipt of a travel stipend. All applications are evaluated primarily on the strength\, relevance\, and pluralistic approach of the submitted research. \n\n\nSelected young scholars will receive: \n\n\nTravel Support: A within-region travel stipend strictly capped at a maximum of USD 200 to help offset the cost of short-haul economy flights to Manila. \n\n\nAccommodation: Fully covered stay in the shared group Airbnb for 2 nights (Check-in: Nov 12\, Check-out: Nov 14). \n\n\nMeals: Full catering during the independent Pre-Conference Workshop on November 13\, including a working lunch\, coffee breaks\, and a dedicated peer-to-peer networking group dinner. \n\n\nCore Research Themes & Questions\nWe welcome submissions that offer fresh data\, localized case studies\, or pluralistic viewpoints directly addressing the East Asia Working Group mandate. \nSuggested Themes: \n\n\nEast and Southeast Asian economic philosophy and the history of economic thought. \n\n\nFiscal and monetary policies\, and institutional coordination to support marginalized groups. \n\n\nIncome\, wealth\, and gender inequality across the region. \n\n\nRegional\, urban\, rural\, and industrial development policies. \n\n\nFormal and informal labor markets in East Asia\, including migration. \n\n\nFinancial markets\, international trade\, governance\, and corruption. \n\n\nEcology\, climate challenges\, and sustainable development. \n\n\nImportant note\nThe YSI East Asia Pre-Conference Workshop is an independent\, YSI-organized event. We are not in charge of your official application to the main 49th FAEA Annual Conference which is due on June 30\, 2026\, nor are we allowed to endorse your participation to their organizing committee. If you wish to present at the main conference on November 14\, please visit https://economicsph.org/faea49 for their official rules and deadlines. \nEligibility\n\n\nCurrent Master’s students\, Ph.D. candidates\, university instructors\, or early-career researchers (within 5 years of graduation). \n\n\nResearchers who are based in or whose work focuses heavily on East and Southeast Asian economies. \n\n\nCandidates must commit to full\, on-site participation in the Pre-Conference Workshop and the shared housing experience in Manila. \n\n\nSubmission Requirements & Application Checklist\nPlease submit your application through the YSI portal by August 15\, 2026. Ensure you have the following ready to complete the form: \n\n\nYSI Involvement & Motivation: Be prepared to state your current YSI Working Group affiliations and write a short text (max 100 words) on your motivation for joining the cohort. \n\n\nPluralism Statement: A short text (max 100 words) explaining how your research challenges conventional economic models or utilizes a pluralistic framework. \n\n\nCV/Resume: Your current Academic CV (PDF format only).
URL:https://heske.wisdmlabs.net/event/ysi-pre-conference-49th-annual-conference-of-the-federation-of-asean-economic-associations-faea/
LOCATION:Novotel Manila Araneta City\, General Aguinaldo Avenue\, Araneta\, Quezon City\, National Capital Region\, 0810\, Philippines
CATEGORIES:An in-person event
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SUMMARY:AMHE Economic History Summer School
DESCRIPTION:Project Description: First AMHE Summer School \nThis project is the inaugural edition of the First Summer School of the Mexican Association of Economic History (AMHE)\, organized by the AMHE\, the UNAM (National Autonomous University of Mexico)\, and the Young Scholar Initiative (YSI). \nTheme and Scope \nThe main theme for this first edition will be “ECONOMIC HISTORY OF MEXICO”. The Summer School aims to gather postgraduate students and young researchers from anywhere in the world to present preliminary results from their research projects. Proposals must be on topics related to the Economic History of Mexico\, covering the period from the colonial era right up to the present. \nParticipants and Structure \n\nParticipants: The school is primarily aimed at postgraduate students (master’s and doctoral candidates) and young researchers (those who received their Ph.D. between 2024 and 2025). A Scientific Committee will select 24 proposals from all applications received. Participants are welcome to apply from any part of the world\, provided their research aligns with the thematic guidelines.\nSpecialists and Keynote Speakers: Experts dedicated to the study of Mexico’s economic history will be invited to review and comment on the papers presented by the participants.\nSessions: The program will include sessions dedicated to the presentation of participants’ research\, which will be commented on by topic specialists to promote in-depth discussion.\nWorkshops and Conferences: The event will feature hybrid thematic debate workshops focused on the research process. Furthermore\, at the end of each day\, there will be a lecture delivered by prominent economic historians on their research experience\, the challenges of historiography in their field\, and their broader intellectual and professional concerns.\n\nEvent Details \n\nEvent: First AMHE Summer School\nDates: November 17-19\, 2026\nLocation: Ciudad Universitaria\, UNAM\, Mexico City\nOrganizers: AMHE\, UNAM\, and Young Scholar Initiative\n\nWhat to Expect \nAttendees can expect to: \n\nPresent and receive feedback on their research from leading specialists in Mexican Economic History.\nEngage in deep discussion on their research topics.\nParticipate in thematic debate workshops focusing on the research process.\nAttend keynote lectures by distinguished economic historians.\nPotentially receive partial financial aid if they are postgraduate students or young researchers coming from outside Mexico City (CDMX).
URL:https://heske.wisdmlabs.net/event/amhe-economic-history-summer-school/
LOCATION:UNAM (Universidad Nacional Autónoma de México)\, Av. Universidad 3000\, Mexico City\, 04510\, Mexico
CATEGORIES:An in-person event
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SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-11-17/
CATEGORIES:A series of zooms
ATTACH;FMTTYPE=image/png:https://heske.wisdmlabs.net/wp-content/uploads/2023/12/lecture2-p4x2-hierarchy-pyramid-dynamics.png
LOCATION:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-11-17/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=America/New_York:20261124T140000
DTEND;TZID=America/New_York:20261124T153000
DTSTAMP:20260717T225613Z
CREATED:20231212T030110Z
LAST-MODIFIED:20260717T225613Z
UID:10008211-1795528800-1795534200@heske.wisdmlabs.net
SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-11-24/
CATEGORIES:A series of zooms
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SUMMARY:The Development of Economic Thought in Malawi (1964 – 2025)
DESCRIPTION:This workshop seeks to advance research on the development of economic thought in Malawi\, with a special focus on how economic thought as a distinct intellectual field has interacted with political-economic policies since the ushering in of independence to the present period. The workshop will be anchored on the following objectives: 1) Explore the evolution of economic thought in Malawi as a distinct intellectual field from Independence to the present period; 2) Assess the dominant methodologies that have been used in the development of economic thought as an intellectual enterprise in Malawi; 3) Explore the dissemination of economic thought in Malawi from Independence to the present period; 4) Critically evaluate the reception of economic thought in Malawian politics; and 5) Establish the relationship between economic thought and political-economic policies from Independence to the present period. The organisers will select 1o young scholars\, including Masters students\, PhD candidates\, and postdoctoral fellows whose research addresses the development of economic thought in Malawi\, the dissemination of economic thought as an intellectual enterprise in Malawi from Independence to the present period\, the reception of economic thought as an intellectual enterprise in Malawian politics\, and the relationship between economic thought and political-economic policies from Independence to the present period. The two-day workshop will start with established scholars presenting their completed or ongoing research on the development of economic thought in Malawi\, the dominant methodologies that have been used\, and how economic thought as an intellectual enterprise has been disseminated and received\, and how it has influence political-economic policies in Malawi. Young scholars will have a chance to engage with the senior scholars’ presentations and even interrogate the methodologies that have hitherto characterised the development of economic thought as an intellectual enterprise in Malawi. On the second day\, young scholars will present their completed or ongoing research on this topic\, highlighting the challenges with previous methodologies and methods of disseminations\, the gaps between economic thought and political-economic policies\, and how current and future research methodologies and dissemination practices can help bridge the gap between theory and praxis. The young scholars will have the chance of receiving critical feedback from the senior scholars and their peers. \nFor more information or inquiries\, get in touch with Dr Tanaka Chidora @ tchidora@unima.ac.mw or Dr Peter Uledi @ peteruledy@gmail.com \n  \n 
URL:https://heske.wisdmlabs.net/event/the-development-of-economic-thought-in-malawi-1964-2025/
LOCATION:University Seminar Room\, P.O. Box 280 Chancellor College\,\, Zomba\, Southern Region\, 305200\, Malawi
CATEGORIES:An in-person event
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DTSTART;TZID=America/New_York:20261201T140000
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SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-12-01/
CATEGORIES:A series of zooms
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LOCATION:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-12-01/
END:VEVENT
BEGIN:VEVENT
DTSTART;VALUE=DATE:20261202
DTEND;VALUE=DATE:20261203
DTSTAMP:20260630T163817Z
CREATED:20260601T135759Z
LAST-MODIFIED:20260630T163817Z
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SUMMARY:The Circulation of Economic Ideas in the Iberian World (18th–20th Centuries)
DESCRIPTION:The workshop will take place at the University of Seville in Seville\, Spain on December 2\, 2026\, the day before the XIII Meeting of the Iberian Association for the History of Economic Thought. In partnership with the Latin American Association of History of Economic Thought (ALAHPE) and the Iberian Association of History of Economic Thought (AIHPE)\, this project seeks to advance research on the production\, circulation\, and reception of economic ideas in the Iberian world\, with particular attention to the historical connections between the Iberian Peninsula and Latin America. To this end\, we propose a transdisciplinary approach centered on the relationship between the dissemination of economic knowledge and the exercise of political power. The aim of this proposal is to explore: (1) how certain ideas become consolidated as dominant approaches in the theoretical and political debates of different regions; (2) how they connect with economic policy\, institutions\, governments\, elites\, and power groups; (3) how they are disseminated; (4) how they are received\, reinterpreted\, adapted\, or imposed in territories with autochthonous social\, cultural\, and institutional characteristics\, and (5) how those ideas\, in turn\, reverberate within and reshape these contexts. The workshop will provide a unique opportunity for participants to engage with new topics\, perspectives\, methods\, and insights\, while fostering long-term intellectual exchange among scholars from Latin America and the Iberian Peninsula. \n  \nParticipants  \nThe organizers will select five young scholars\, including Master’s students\, PhD candidates\, and postdoctoral fellows whose research addresses the History of Economic Thought in Latin America or the Iberian Peninsula\, the dissemination of economic ideas to or from either region\, or the intellectual and political connections between the two. Participants will have the opportunity to deliver presentations of their research projects or working papers and receive feedback from senior scholars. \nAccommodation for the workshop and the first day of XIII AIHPE Meeting (3 Dec.) will be provided free of charge\, and funding to cover the transportation costs of participants will also be available on a case by-case-basis—depending on the country of residence. \n  \nHow to apply \nIf you are interested in attending the workshop\, you should: \n\nbe a young scholar (Master and PhD students\, post-docs\, and early career scholars);\nbe a member of the YSI History of Economic Thought Working Group\nattend the XIII Meeting of the Iberian Association for the History of Economic Thought.\nsubmit a brief bio (max 150 words) and a short abstract (max 300 words ) of your research to this form by June 30. Note that applying to the workshop and applying to the conference are separate procedures.\nProposals can be sent in Spanish\, Portuguese or English.\n\nApplicants will receive a response by the end of July at the latest.
URL:https://heske.wisdmlabs.net/event/the-circulation-of-economic-ideas-in-the-iberian-world-18th-20th-centuries/
LOCATION:University of Seville\, C. San Fernando\, 4\, Seville\, Seville\, 41004\, Spain
CATEGORIES:An in-person event
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END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=Asia/Phnom_Penh:20261203T080000
DTEND;TZID=Asia/Phnom_Penh:20261204T170000
DTSTAMP:20260717T013858Z
CREATED:20260423T042122Z
LAST-MODIFIED:20260717T013858Z
UID:10008502-1796284800-1796403600@heske.wisdmlabs.net
SUMMARY:4th Southeast Asia Economic Research and Development Conference
DESCRIPTION:Call for Papers\n  \n4th Southeast Asia Economic Research and Development Conference (SAERD 2026)\n  \nHost/Strategic Partner: Agricultural and Rural Development Bank (ARDB)\, Cambodia —  Akkak Pundit Sapheachar Aun Pornmoniroth Center (APM Center)\nCo-organisers: Young Scholars Initiative (YSI)\, Institute for New Economic Thinking (INET)\, Paññāsāstra University of Cambodia (PUC) – Siem Reap Campus; Cambodia Development Resource Institute (CDRI) \n  \nDate: 3-4 December 2026\nVenue: PUC – Siem Reap Campus\, Krong Siem Reap\, Cambodia\nFormat: Two-day conference + parallel two-day Master’s Thesis Development Workshop \n  \nAbout SAERD 2026\nSoutheast Asia is experiencing rapid and uneven socio-economic change shaped by structural transformation\, widening inequality\, demographic shifts\, climate vulnerability\, pressures on land and natural resources\, and the uneven impacts of digitalisation on economic life and public service delivery. These dynamics raise urgent questions about emerging growth pathways\, the distribution of risk across households\, firms\, and territories\, and the institutional and fiscal capacities required for social protection\, climate resilience\, and inclusive development. In this context\, the Southeast Asia Economic Research and Development Conference (SAERD) is designed to be both supportive and rigorous for young scholars from the region and around the world. We welcome early-stage work and fully developed papers\, and we prioritise meaningful feedback through discussant-led sessions and moderated discussion. SAERD aims to strengthen Cambodia as one of the centres of regional research convening\, where young and senior scholars can meet on equal intellectual ground\, learn from disagreement\, and build collegial and solidarity-based research networks. \n  \nThemes \nSubmissions may address (but are not limited to) the following themes: \n\nEconomic growth\, inequality\, and inclusion\nSocial protection\, welfare systems\, and human development\nPublic finance\, budgeting\, expenditure quality\, and fiscal sustainability\nGovernance\, institutions\, accountability\, and state capacity\nMonitoring & evaluation (M&E)\, performance management\, and public sector reform\nSustainability\, ecology\, natural resource governance\, and climate resilience\nClimate finance\, green budgeting\, and just transitions\nDigital transformation\, innovation\, automation\, and public services\nFood security\, agrarian transformation\, and rural livelihoods\nUrban and regional economics; infrastructure and spatial change\nLabour economics\, gender\, care\, and welfare regimes\nRegional integration\, trade\, and global uncertainty\nHistory of economic thought\, economic history\, and path dependency\nInterdisciplinary and pluralist approaches in economic analysis\n\n  \n Conference format\nThe conference will feature plenary sessions with invited senior scholars and parallel paper sessions for young scholars. Papers will be selected through a peer review process. Parallel sessions will use a discussant model to ensure constructive and substantive feedback for presenters. In addition to research paper panels\, keynote addresses and roundtables will be organised with senior scholars. \n  \nParallel track: Master’s Thesis Development Workshop (10–12 participants)\nSAERD 2026 will host a two-day Master’s Thesis Development Workshop in parallel with the main conference. The workshop is intended for Cambodian and regional Master’s students / early-career researchers and will focus on: \n\nresearch design and question formulation;\nconceptual framing and theoretical clarity;\nmethods training (qualitative\, quantitative\, mixed methods);\nfeasibility\, ethics\, and data strategies;\nstructured mentoring and proposal-development sessions.\n\n  \nParticipants will leave with a revised proposal (or chapter outline) and a clearer methods and data plan. \n  \nParticipation\, travel\, and accommodation\nParticipation is free for authors of selected papers. A limited number of travel and accommodation support grants may be available for PhD students and early-career scholars (≤5 years post-PhD)\, subject to funding availability. Priority will be given to women researchers and researchers with disabilities. Please indicate your interest and eligibility in your application. \n  \nImportant dates\n\nAbstract submission deadline: 15 July 2026\nNotification of acceptance: 4th week of July 2026\nFull paper (at least 6\,000 words) deadline: 30 September 2026\nConference dates: 3-4 December 2026\n\n  \nSubmission guidelines\nPlease submit: \n\nTitle and abstract (300–500 words)\nAuthor name(s)\, affiliation(s)\, and contact details\n4–6 keywords\nIndicate whether you wish to be considered for travel/accommodation support (if eligible)\nIndicate if you would like to be considered for the Master’s Thesis Development Workshop (if applicable)\nIndicate if you want to be considered for the best paper award\, which is conditional on the submission of between 6000-10\,000 word working paper submission and publication with ARDB\n\n  \n Contact and updates\nAll communication regarding SAERD 2026 should be directed to: saerdconf@gmail.com\nUpdated information will be posted at: saerdconf.github.io
URL:https://heske.wisdmlabs.net/event/4th-southeast-asia-economic-research-and-development-conference/
LOCATION:Pannasastra University of Cambodia Siem Reap Campus\, Street 27\, Krong Siem Reap\, Cambodia
CATEGORIES:An in-person event
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END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=America/New_York:20261208T140000
DTEND;TZID=America/New_York:20261208T153000
DTSTAMP:20260717T225613Z
CREATED:20231212T030110Z
LAST-MODIFIED:20260717T225613Z
UID:10008213-1796738400-1796743800@heske.wisdmlabs.net
SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-12-08/
CATEGORIES:A series of zooms
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LOCATION:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-12-08/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=America/New_York:20261215T140000
DTEND;TZID=America/New_York:20261215T153000
DTSTAMP:20260717T225613Z
CREATED:20231212T030110Z
LAST-MODIFIED:20260717T225613Z
UID:10008214-1797343200-1797348600@heske.wisdmlabs.net
SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-12-15/
CATEGORIES:A series of zooms
ATTACH;FMTTYPE=image/png:https://heske.wisdmlabs.net/wp-content/uploads/2023/12/lecture2-p4x2-hierarchy-pyramid-dynamics.png
LOCATION:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-12-15/
END:VEVENT
BEGIN:VEVENT
DTSTART;TZID=America/New_York:20261222T140000
DTEND;TZID=America/New_York:20261222T153000
DTSTAMP:20260717T225613Z
CREATED:20231212T030110Z
LAST-MODIFIED:20260717T225613Z
UID:10008215-1797948000-1797953400@heske.wisdmlabs.net
SUMMARY:Money View Reading Group
DESCRIPTION:The Money View Reading Group reads and discusses writings on money\, banking\, and finance. We are a self-directed group. Anyone interested in money and banking can read the readings\, join us for discussions\, or suggest future readings.\nWe meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York). \n\nCurrent Book\n\n\nAfter the Accord: A History of Federal Reserve Open Market Operations\, the US Government Securities Market\, and Treasury Debt Management from 1951 to 1979\n\nby Kenneth D. Garbade (2021) \nhttps://www.amazon.com/dp/1108839894/ \nFrom the description \nIn this book Garbade\, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York\, traces the evolution of open market operations\, Treasury debt management\, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved\, responding both to external forces and to one another. Utilising a vast scope of primary material\, the work provides insight into how officials fashioned the instruments\, facilities\, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. \nThis is a big book. As we did with Braudel’s The Wheel’s of Commerce last summer\, we are discussing this book in five back-to-back weekly sessions. \n\nUpcoming Sessions\n\n\n2026-07-21 – 2:00pm EDT\n\nDuring the off week\, we discuss Arthur C. Pigou’s Famous 1917 paper\, “The Value of Money.” \nhttps://www.jstor.org/stable/1885078?seq=1 \n\n2026-07-28 — 2:00pm EDT\n\nIn our first of five sessions\, we discuss Parts 1 and 2 of After the Accord by Kenneth Garbade. \n\nChapter 1: Introduction\n\nOpen Market Operations After the Accord\n\nBills Preferably\nRepurchase Agreements\nOpen Market Operations in Coupon-Bearing Debt\n\n\nTreasury Debt Management After the Accord\n\n\nPart I: The System and the Market in the 1940s\n\nChapter 2: The Government Securities Market\n\nWartime Interest Rate Ceilings\nFrom the End of the War to the End of 1949\nBill Auctions\nCash Subscription Offerings\nExchange Offerings\nAn Example\nThe Secondary Market\nThe Postwar Secondary Market\nThe Role of Dealers in Primary Market Offerings\n\n\nChapter 3: Reserves\, Reserve Requirements\, and Reserves Management\n\nReserve Requirements\n\nDemand Deposits\n\n\nReserves in Aggregate\nThe Inter-Bank Market for Federal Funds\nReserves Management\nAppendix: Treasury Cash Management\nAppendix: Identifying the Sources and Uses of Reserves\n\n\nChapter 4: The Institutional Framework of Open Market Operations\n\nThe Recognized Dealer Program\n\nFormalization of the Recognized Dealer Program\n\n\nAdvent of the Qualified Dealer Program\n\nRevising the Institutional Framework of Open Market Operations\nImplementing the Revised Framework\nThe Qualified Dealer Program at the End of the 1940s\n\n\nAppendix: Orderly Markets\n\nA Reexamination\n\n\n\n\n\n\nPart II: The Accord and Its Aftermath\n\nChapter 5: The Accord\n\nRun-Up to the Accord\nThe Accord\n\nThe Nomarketable Bond Offering\n\n\nAfter the Accord\n\n\nChapter 6: Taking Stock\n\nThe New York Reserve Bank Study\n\nThe Existing Framework\nProspects for Fundamental Change\n\nAn Exchange Market\nDirect Trading by Federal Reserve Banks\nReliance on Nonmarketable Long-Term Debt\n\n\nProspects for More Modest Changes\n\nExpanding the Number of Qualified Dealers\n\n\nRelations between the System and the Treasury\nSumming Up\n\n\nThe Ad Hoc Subcommittee Study\n\nSystem Intervention\n\nBills Preferably\nTreasury Financings\n\n\nDealer Qualification Requirements\nMarket Intelligence\n\n\n\n\nChapter 7: New Directions\n\nMarket Intervention\nDealer Relations\n\nMarket Intelligence\n\n\nSubsequent Actions\n\nThe End of the Qualified Dealer Program\nPublicizing the New Restrictions on Market Intervention\n\n\n\n\nChapter 8: Challenging the New Restrictions\n\nThe April 1953 Bond Offering\nThe Mid-May Executive Committee Meetings\n\nThe May 6 Meeting\nThe May 13 Meeting\nSystem Open Market Account Activity and Reserve Availability in May\n\n\nBreakdown and Intervention\nRevisiting the Restrictions on Intervention\n\nReimposition\n\n\nThe Controversy Becomes Public\n\n\nChapter 9: An Additional Limitation on the Conduct of Open Market Operations\n\nA Swap Authorization\nPushback\nRound Two\n\n\n\n\n\n\n2026-08-04 — 2:00pm EDT\n\nIn our second of five sessions\, we discuss Part 3 of After the Accord by Kenneth Garbade. \n\nPart III: The New Regime\n\nChapter 10: Monetary Policy in 1954\n\nMonitoring Economic Activity\nMonetary Policy\n\nThe Directives\nThe Minutes\n\n\nCaveats\n\n\nChapter 11: Policy Instruments for Reserves Management\n\nOutright Purchases and Sales of Treasury Bills\nRepurchase Agreements on Short-Term Treasury Securities\n\nRepurchase Agreements before the Accord\nPostwar Reinstatement\nLinking the Floor on Repo Rates to the Treasury Bill Rate Instead of the Discount Rate\nConsequences of the Accord\nRepurchase Agreements in 1954\nRobertson’s Resistance to System Repurchase Agreements\nThe Opening Round\nRobertson’s Critique\nA Proposal\nReconciliation\nSubsequent Events\n\n\n\n\nChapter 12: Monetary Policy in 1955\n\nFOMC Directives\nMoney Market Indicators\nTreasury Offerings of Coupon-Bearing Debt\n\nAttrition on Exchange Offerings\nMaintaining an Even Keel\n\n\nDefensive Operations\n\nWhen Reserves Needed to Be Drained\nTwo Work-Arounds\n\n\n\n\nChapter 13: Pragmatism in the Accommodation of Treasury Offerings\n\nRepurchase Agreements on Rights\nIntervention\nIntervention by Another Name\n\n\nChapter 14: 1956 and 1957\n\nDefensive Operations\n\nCurrency\nFloat\nTreasury Balances at Federal Reserve Banks\nForecasting Errors\n\n\nAccommodating Treasury Offerings\n\nThe May 1957 Refunding\nSubsequent Offerings in 1957\n\n\nThe Continuing Importance of Repurchase Agreements\n\n\n\n\n\n\n2026-08-11 — 2:00pm EDT\n\nIn our third of five sessions\, we discuss Parts 4 and 5 of After the Accord by Kenneth Garbade. \n\nPart IV: Summer 1958 and Its Consequences\n\nChapter 15: The Summer 1958 Treasury Financings\n\nAn Overview of 1958\nRun-Up to the June Financing\nThe June Financing\n\nResults of the Financing\n\n\nThe Aftermath of the June Financing\n\nThe Treasury Enters the Market\nTrading on July 8\nTreasury Reveals Its Purchases\n\n\nIraq and Lebanon\nThe July Refunding\n\nFriday\, July 18\nThe Subscription Period (Monday\, July 21 to Wednesday\, July 23)\nDenouement\n\n\nAftermath to the July Refunding\n\n\nChapter 16: Innovations in Treasury Debt Management\n\nA Need for Change\n\nTreasury Issuance of Coupon-Bearing Debt from 1953 to 1958\nGaines’s Critique\nTreasury Bills – A Bright Spot\nFriedman’s Recommendations\n\n\nTreasury’s Innovations\n\nIssuing and Redeeming Coupon-Bearing Debt on a Regular Schedule\nTwenty-Six-Week Bills\nCash Refundings\nThe Problem of SOMA Reinvestments\nAdvance Refundings\nWhy the Treasury Declined to Extend the Auction Process to Coupon-Bearing Securities\n\n\n\n\nChapter 17: The Treasury-Federal Reserve Study of the Government Securities Market\n\nMarket Statistics\n\nAdvent of the Reporting Dealer Program\n\nInitial Discussions\nA Joint Staff Proposal\nImplementation\n\n\n\n\nDealer Finance\nProspects for a Dealer Association\n\n\n\n\nPart V: The End of Bills Preferably\n\nChapter 18: The 1958-1960 Gold Drain\n\nGold in the International Payments System\nThe London Gold Market\nThe Place of Gold in FOMC Deliberations\nThe Break-out of London Gold Prices\nThe Place of Gold in FOMC Deliberations After the Break-out\nContemplating the Future\n\n\nChapter 19: Operation Twist\n\nHow Economists Viewed the Term Structure of Interest Rates\nThe February 7 Executive Session of the Federal Open Market Committee\nConducting Open Market Operations in Longer-Term Securities\nWhat\, Exactly\, Were the Objectives of the New Program?\nDisengagement?\nThe Scale of Open Market Operations in Longer-Term Securities\nAbandoning the 1953 Operating Principles\nOperation Twist After 1961\n\nNew Policy Instruments\nNew Empirical Evidence\n\n\nThe End of $35 Gold\n\n\n\n\n\n\n2026-08-18 — 2:00pm EDT\n\nIn our fourth of five sessions\, we discuss Parts 6 and 7 of After the Accord by Kenneth Garbade. \n\nPart VI: The 1960s\n\nChapter 20: Treasury Debt Management in the 1960s\n\nSecular Variation of Marketable Debt\nTreasury Bills\n\nRegular Bills\nBill Strips\nTax Anticipation Bills\n\n\nCertificates\, Notes\, and Bonds\n\nMid-Quarter Refundings\nStand-Alone Offerings for New Money\nAdvance Refundings\n\nAdvance Refundings after Mid-1965\n\n\n\n\nThe Two Worlds of Treasury Finance\n\nAn Experiment in Auctioning Bonds\n\n\n\n\nChapter 21: Monetary Policy in the 1960s\n\n1961 to 1965\n1966\n\nThe August Money Panic\n\n\n\n\nChapter 22: Repurchase Agreements in the 1960s\n\nSystem Access to Repo Collateral\n\nRelaxing the Two-Year Maturity Limit\nEliminating the Two-Year Maturity Limit and Permitting Back-to-Back Repos\nSystem Repos on Agency Collateral\n\n\nMatched Sale-Purchase Agreements\nAn Unsuccessful Effort to Introduce More Flexible Repo Pricing\n\n\n\n\nPart VII: Updating Market Infrastructures: The Joint Study\n\nChapter 23: The Association of Primary Dealers\n\nArrivals and Departures\nFederal Reserve and Treasury Thinking About a Dealer Association\nPrecipitating Events\nFormation of the Association of Primary Dealers\n\n\nChapter 24: Dealer Finance\n\nDealer Finance and the Role of Money Market Banks as Residual Lenders\nRecommendations of the Joint Study Steering Committee\nResponse of the Federal Open Market Committee\n\n\nChapter 25: The Government Securities Clearing Arrangement\n\nSettling Transactions in Treasury Securities Before 1965\n\nIntracity Settlements\nCPD Settlement\n\n\nOrigins of the Clearing Arrangement\nThe Pilot Program\nIntracity Transfers\nBalancing the Demands of Competing Settlement Systems\nRemarks\n\n\nChapter 26: Securities Lending\n\nThe Impetus for a Federal Reserve Securities Lending Program\nThe Joint Study Proposal\n\nThe Staff Study\nDiscussion by the Steering Committee\nThe FOMC Response\n\n\nThe 1969 Fails Crisis\nThe FOMC Revisits Securities Lending\nWhether to Lend Against Short Sales\n\n\nChapter 27: The Book-Entry System\, Part I\n\nOrigins of the Book-Entry System\nIssues in Creating a Book-Entry System\nThe First Implementation\nThe Second Implementation\nWhat Remained to be Done\n\n\n\n\n\n\n2026-08-25 — 2:00pm EDT\n\nIn our last of five sessions\, we discuss Parts 8 and 9 of After the Accord by Kenneth Garbade. \n\nPart VIII: The 1970s\n\nChapter 28: Treasury Debt Management in the 1970s\n\nMarketable Treasury Debt in the 1970s\n\nRegular Bills\nThirteen- and Twenty-Six-Week Bills\nNine-Month Bills and One-Year Bills\nBill Strips\nIrregular Bills\nNotes and Bonds\nAverage Maturity\n\n\nThe Introduction of Treasury Note and Bond Auctions\n\nThe May 1970 Refunding\nThe First Auction\nSubsequent Auction Offerings of Notes and Bonds\nConsequences of Bond Auctions for Advance Refundings\nFine-Tuning the Auction Process\n\nA Failed Auction and the Advent of Yield Auctions\nThe End of Single-Price Auctions\n\n\nA Last Harrah for Fixed-Price Offerings\n\n\nThe Advent of Regular and Predictable Note and Bond Offerings\n\nThe Introduction of Two-Year Cycle Notes\nExtending Regular and Predictable Issuance to Intermediate-Term Notes\nMid-Quarter Refundings and Fifteen-Year Bonds\n\n\nA Recapitulation of Treasury Debt Management Innovations in the 1970s\n\n\nChapter 29: Monetary Policy in the 1970s\n\n1970-1971\n1972-1973\n1974-1979\nFluctuations in Autonomous Factors\n\nTreasury Deposits at Federal Reserve Banks\nFloat\nBank Borrowing at the Discount Window\n\n\nThe End (Sort of) of Even Keel\n\n\nChapter 30: Open Market Operations in the 1970s\n\nThe Operating Environment\n\nTreasury Cash Management\n\n\nThe Continuing Problem with Liquidity\n\nCompetitive Repo Pricing\nSystem Repos with Bank Dealers\nAnother Way Around the Barn\n\n\nOutright Transactions in Federal Agency Debt\n\nReconsideration\nSubsequent Events\n\n\n\n\n\n\nPart IX: Infrastructure in the 1970s\n\nChapter 31: The Secondary Market in the 1970s\n\nPrimary Dealers\nThe Interdealer Broker Market\n\nManaging the Risks of Blind Brokerage\nSeparating Reporting Dealer Status from Primary Dealer Status\n\n\nThe Rise of Screen Brokers\n\n\nChapter 32: The Book-Entry System\, Part II\n\nThe Insurance Crisis\nExpansion of the Book-Entry System\nConfronting the Limits of Technology\nThe End of the GSCA and the End of Definitive Securities\n\n\nChapter 33: Coda\n\nInitial Actions\n\nThe 1953 Operating Principles\nEven Keeling\n\n\nA Metaphor for Change\nTreasury Debt Management\n\nAuctions of Coupon-Bearing Debt\n\n\nOpen Market Operations\nFailed and Supplanted Initiatives\nInter-Agency Accommodations\n\nOperation Twist\nTreasury Cash Management\nCash Management Bills\n\n\nMarket Infrastructure\n\nGovernment Securities Clearing Arrangement\nBook-Entry II\nSecurities Lending\nThe Association of Primary Dealers in US Government Securities\n\n\nRecapitulation\n\n\nChapter 34: After 1979\n\nTreasury Debt Management\n\nNew Securities\nAuction Innovations\n\n\nMarket Infrastructure\n\nDrysdale\nESM and Bevill\, Bresler\nThe Government Securities Clearing Corporation\nAccess to the Interdealer Broker Market\n\n\n\n\n\n\n\n\nFuture Suggested Readings\n\n\nHow a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)\nThe Almighty Dollar: 500 Years of the World’s Most Powerful Money by Brendan Greeley (2026)\nWell Worth Saving: How the New Deal Safeguarded Home Ownership by Fishback\, Rose\, and Snowden (2013)\nSlapped by the Invisible Hand: The Panic of 2007 by Gary Gorton (2010)\nThe House of Morgan by Ron Chernow (1990)\nA Study of Money Flows in the United States by Morris Copeland (1952)\nA History of the Greenbacks by Wesley Clair Mitchell (1903)\nCalming the Storms: The Carry Trade\, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)\nBenjamin Strong: Central Banker by Lester V. Chandler (1958)\nAn Engine\, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)\nCurrency and Credit (4e) by Ralph Hawtrey (1950)\nThe Golden Age of the Quantity Theory by David Laidler (1991)\nCapitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)\nThe Federal Reserve System by Paul Warburg (1930)\nCentral Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)\nIntroduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)\nThe Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)\nManias\, Panics\, and Crashes (8e) by Robert McCauley (2023)\nThe Bailout State: Why Governments Rescue Banks\, Not People by Martijn Konings (2025)\n\n\nPast Readings with Discussion Recordings\n\n\nMinsky by Daniel H. Neilson (2019)\n2021-03-24 — Discussion Session 1\n2021-03-31 — Discussion Session 2\n2021-04-07 — Discussion with Daniel Neilson\nThe Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)\n2021-04-21 — Discussion Session 1\n2021-05-05 — Discussion Session 2\n2021-05-26 — Discussion with David Glasner\nMaking Money: Coin\, Currency\, and the Coming of Capitalism by Christine Desan (2014)\n2021-06-02 — Discussion Session 1\n2021-06-16 — Discussion Session 2\n2021-06-30 — Discussion Session 3\n2021-07-14 — Discussion with Christine Desan\nMoney in a Theory of Finance by John G. Gurley\, Edward S. Shaw (1960)\n2021-07-21 — Discussion Session 1\n2021-08-04 — Discussion Session 2\n2021-08-18 — Discussion Session 3\nThe World in Depression\, 1929-1939 by Charles P. Kindleberger (1973)\n2021-09-01 — Discussion Session 1\n2021-09-15 — Discussion Session 2\n2021-09-29 — Discussion Session 3\nThe Rise of Carry by Jamie Lee et al (2019)\n2021-10-13 — Discussion Session 1\n2021-10-27 — Discussion Session 2\nThe Money Interest and the Public Interest by Perry Mehrling (1998)\n2021-11-10 — Discussion Session 1 | Allyn Young\n2021-11-24 — Discussion Session 2 | Alvin Hanson\n2021-12-08 — Discussion Session 3 | Edward Shaw\nControlling Credit by Eric Monnet (2018)\n2022-01-05 — Discussion Session 1\n2022-01-19 — Discussion Session 2\nThe Menace of Fiscal QE by George Selgin (2020)\n2022-02-02 — Discussion Session\nThe New Lombard Street by Perry Mehrling (2011)\n2022-02-23 — Discussion Session 1\n2022-03-09 — Discussion Session 2\n2022-03-23 — Discussion Session 3\nFighting Financial Crises: Learning from the Past by Gary Gorton\, Ellis Tallman (2021)\n2022-04-20 — Discussion Session 1\n2022-05-11 — Discussion Session 2\nMoney and empire: The international gold standard\, 1890-1914 by Marcello De Cecco (1974)\n2022-05-25 — Discussion Session 1\n2022-06-15 — Discussion Session 2\nCentral Bank Cooperation 1924-31 by Stephen Clarke (1967)\n2022-06-22 — Discussion Session 1\n2022-07-06 — Discussion Session 2\nThe Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)\n2022-07-27 — Discussion Session 1\n2022-08-10 — Discussion Session 2\n2022-08-17 — Discussion with Morgan Ricks\nThe Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)\n2022-08-24 — Discussion Session 1\n2022-09-07 — Discussion Session 2\n2022-09-21 — Discussion Session 3\n2022-10-05 — Discussion with Stefano Ugolini\nA Financial History of Western Europe by Charles P. Kindleberger (1984\, 1993)\n2022-10-19 — Discussion Session 1 | Part 1: Money\n2022-11-02 — Discussion Session 2 | Part 2: Banking\n2022-11-16 — Discussion Session 3 | Part 3: Finance\n2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period\n2023-01-18 — Discussion Session 5 | Part 5: After World War II\nMoney and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)\n2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation\, 1910–1948\n2022-12-14 — Discussion Session 2 | Part 2: International Economist\, 1948–1976\n2022-12-21 — Discussion Session 3 | Part 3: Historical Economist\, 1976–2003\n2022-12-21 — Discussion #1 with Perry Mehrling\n2023-01-04 — Discussion #2 with Perry Mehrling\nBonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)\n2023-02-15 — Discussion Session 1\n2023-03-01 — Discussion Session 2\nMonetary Policy Operations and the Financial System by Ulrich Bindseil (2014)\n2023-03-15 — Discussion Session 1 (Ch 1-8)\n2023-03-29 — Discussion Session 2 (Ch 9-12)\n2023-04-12 — Discussion Session 3 (Ch 13-18)\nCapital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)\n2023-04-26 — Discussion Session 1 (Ch 1-7)\n2023-05-10 — Discussion Session 2 (Ch 8-14)\nA Market Theory of Money by John Hicks (1989)\n2023-05-24 — Discussion Session 1 (Ch 1-7)\n2023-06-07 — Discussion Session 2 (Ch 8-15)\nThe Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)\n2023-06-28 — Discussion Session 1 (Ch 1 & 2)\n2023-07-19 — Discussion Session 2 (Ch 3 & 4)\n2023-08-02 — Discussion Session 3 (Ch 5 & 6)\n2023-08-14 — Discussion with Stefan Eich\nFischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)\n2023-08-22 — Discussion Session 1 (Ch 1–5)\n2023-09-05 — Discussion Session 2 (Ch 6–8)\n2023-09-19 — Discussion Session 3 (Ch 9–11)\n2023-09-26 — Discussion with Perry Mehrling\nThe Evolution of Central Banks by Charles Goodhart (1988)\n2023-10-03 — Discussion Session 1 (Ch 1–6)\n2023-10-17 — Discussion Session 2 (Ch 7–8\, Appendix)\nThe Repo Market: Shorts\, Shortages\, and Squeezes by Scott Skyrm (2023)\n2023-11-07 — Discussion Session 1 (pages 1–92)\n2023-11-21 — Discussion Session 2 (pages 93–186)\n2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2\n2023-12-12 — Discussion with Scott Skyrm From 39:20\nThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)\n2023-12-19 — Discussion Session 1 (Ch 1–5)\n2024-01-02 — Discussion Session 2 (Ch 6–10)\n2024-01-09 — Discussion with Michael Pettis\nInternational Capital Movements by Charles P. Kindleberger (1987)\n2024-01-16 — Discussion Session 1 (Ch 1 & 2)\n2024-01-30 — Discussion Session 2 (Ch 3 & 4)\nA Political Theory of Money by Anush Kapadia (2024)\n2024-02-20 — Discussion Session 1 (Ch 1–4)\n2024-03-05 — Discussion Session 2 (Ch 5–7)\n2024-03-19 — Discussion Session 3 (Ch 8–12)\n2024-03-26 — Discussion with Anush Kapadia\nThe Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)\n2024-04-02 — Discussion Session 1 (Ch 1–3)\n2024-04-23 — Discussion Session 2 (Ch 4–6)\n2024-05-07 — Discussion with Leon Wansleben\nThe Money Illusion: Market Monetarism\, the Great Recession\, and the Future of Monetary Policy by Scott Sumner (2021)\n2024-05-14 — Discussion Session 1 (Parts 1 & 2)\n2024-05-28 — Discussion Session 2 (Parts 3 & 4)\n2024-06-18 — Discussion Session 3 (Parts 5 & 6)\n2024-06-25 — Discussion with Scott Sumner\nPrivate Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu\, Deleplace\, and Gillard (1994)\n2024-07-02 — Discussion Session 1 (Ch 1–3)\n2024-07-16 — Discussion Session 2 (Ch 4 & 5)\n2024-07-30 — Discussion Session 3 (Ch 6\, 7 & Conclusion)\nThe Arena of International Finance by Charles A. Coombs (1976)\n2024-08-13 — Discussion Session 1 (Ch 1ー6)\n2024-08-27 — Discussion Session 2 (Ch 7–12)\nThe Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)\n2024-09-17 — Discussion Session\nBirth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)\n2024-10-01 — Discussion Session 1 (Ch 1–10)\n2024-10-15 — Discussion Session 2 (Ch 11–15)\n2024-10-29 — Discussion Session 3 (Ch 16–24)\nA Monetary and Fiscal History of the United States\, 1961–2021 by Alan S. Blinder (2022)\n2024-11-12 — Discussion Session 1 (Ch 1–7)\n2024-11-26 — Discussion Session 2 (Ch 8–13)\n2024-12-10 — Discussion Session 3 (Ch 14–19)\nBuilding a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)\n2025-01-07 — Discussion Session 1 (Ch 1–3)\n2025-01-21 — Discussion Session 2 (Ch 4–6)\n2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)\nA Crash Course on Crises: Macroeconomic Concepts for Run-Ups\, Collapses\, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)\n2025-02-25 — Discussion Session 1 (Parts 1 and 2)\n2025-03-11 — Discussion Session 2 (Parts 3 and 4)\nThe Empire of Value: A New Foundation for Economics by Andre Orlean (2014)\n2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2\n2025-04-08 — Discussion Session 2 (Parts 2 and 3)\n2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)\nThe Wheels of Commerce by Fernand Braudel (1979/1982)\n2025-05-06 — Discussion Session 1 (Chapter 1)\n2025-05-13 — Discussion Session 2 (Chapter 2)\n2025-05-20 — Discussion Session 3 (Chapter 3)\n2025-05-27 — Discussion Session 4 (Chapter 4)\n2025-06-03 — Discussion Session 5 (Chapter 5)\nBeyond Banks: Technology\, Regulation\, and the Future of Money by Dan Awrey (2024)\n2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)\n2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)\n2025-07-08 — Discussion with Dan Awrey\nOur Dollar\, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)\n2025-08-19— Discussion Session 1 (Parts 1-3)\n2025-08-26 — Discussion Session 2 (Parts 4-6)\nCentral Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)\n2025-09-01 — Discussion Session 1 (Ch 1&2)\n2025-09-15 — Discussion Session 2 (Ch 3–5)\n2025-09-29 — Discussion Session 3 (Ch 6&7)\n2025-10-13 — Discussion with Ulrich Bindseil\nThe Long Twentieth Century: Money\, Power and the Origins of Our Times by Giovanni Arrighi (2010)\n2025-10-20 — Discussion Session 1 (Ch 1&2)\n2025-11-03 — Discussion Session 2 (Ch 3)\n2025-11-10 — Discussion Session 3 (Ch 4)\nFragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)\n2025-11-17 — Discussion Session 1 (Ch 1–5)\n2025-12-01 — Discussion Session 2 (Ch 6-9)\n2025-12-15 — Discussion Session 3 (Ch 10–15)\n2026-01-05 — Discussion with Charles Calomiris\nTreatise on Money by Joseph Schumpeter (1970/2014)\n2026-01-12 — Discussion Session 1 (Ch 1–3)\n2026-01-27 — Discussion Session 2 (Ch 4–7)\n2026-02-10 — Discussion Session 3 (Ch 8–10)\n2026-02-24 — Discussion Session 4 (Ch 11–12)\nBetween Payments and Credit: An Introduction to the IOU Economy by George Pantelopoulos (2025)\n2026-03-10 — Discussion Session 1 (Ch 1–5)\n2026-03-24 — Discussion Session 2 (Ch 6–10)\n2026-04-07 — Discussion Session 3 (Ch 11–13)\n2026-04-14 — Discussion with George Pantelopoulos\nAgainst Money by J. W. Mason and Arjun Jayadev (2026)\n2026-05-05 — Discussion Session 1 (ch 1–4)\n2026-05-12 — Discussion Session 2 (ch 5–7)\n2026-06-12 — Discussion with J.W. Mason\nOur Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)\n2026-06-02 — Discussion Session 1 (Ch 1–3)\n2026-06-16 — Discussion Session 2 (Ch 4–8)\nThe History of Money: A Story of Humanity by David McWilliams (2024)\n2026-06-23 — Discussion Session 1 (Parts 1 & 2)\n2026-07-07 — Discussion Session 2 (Parts 3–5)\n\n\nOff-Week Sessions\n\n2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)\n2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion\n2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies\n2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion\n2023-04-05 Discussion of Silicon Valley Bank\n2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)\n2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3\, 2023)\n2023-07-05 The Credit–Money Hierarchy: a Republican \, Egalitarian Appraisal by Aaron James (2023)\n2023-07-26 Public Purpose Finance: The Government’s Role as Lender by Nadav Orian Peer (2020) Author Discussion 2023-10-24 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 1\n2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2\n2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)\n2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)\n2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)\n2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)\n2024-02-27 BIS: Buy now\, pay later: a cross-country analysis by Cornelli et al. (2023)\n2024-03-12 The non-use of money in the Middle Ages by Bell\, Brooks\, and Moore (2017)\n2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)\n2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)\n2024-04-30 The Rise and Risks of Private Credit — GFSR (April\, 2024)\n2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May\, 2023)\n2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May\, 2024)\n2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)\n2024-08-07 A Safe Haven for Hidden Risks (May 30\, 2024) and Rate Transformation (November 4\, 2023) by Elham Saeidinezhad\n2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)\n2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23\, 2024)\n2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27\, 2024)\n2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)\n2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr\, Pape\, and Murau (2022)\n2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy\, Farnham\, & Rajan (2008/1997)\n2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)\n2025-02-11 Failing Banks by Sergio Correia\, Stephen Luck\, and Emil Verner (2024)\n2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)\n2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)\n2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)\n2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion\n2025-04-15 Shadow Banking: Why Modern Money Markets are Less Stable Than 19th c. Money Markets But Shouldn’t Be Stabilized by a ‘Dealer of Last Resort’ by Carolyn Sissoko (2014)\n2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)\n2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19\, 2025)\n2025-06-24 International Regimes\, Transactions\, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)\n2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)\n2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)\n2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)\n2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)\n2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)\n2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)\n2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)\n2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius\, Wooldridge and Xia (October 13\, 2025)\n2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12\, 2025)\n2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending\n2026-01-20 Gresham’s Law by Charles P. Kindleberger (1989)\n2026-02-03 The Law of One Price by Charles P. Kindleberger (1989)\n2026-02-17 Bank Runs With and Without Bank Failures by Correia\, Luck\, and Verner (2026)\n2026-03-03 Monetary Experience and the Theory of Money by John Hicks (1977)\n2026-03-31 What Is Money (1913) and The Credit Theory of Money (1914) by A. Mitchell-Innes\n2026-04-21 Covered interest parity lost: understanding the cross-currency basis by Borio et al. (2016)\n2026-04-28 Decoupling Dollar and Treasury Privilege by Du\, Keerati\, and Schreger (2025)\n2026-06-30 FEDS Note: Decomposing Hedge Funds’ U.S. Treasury Exposures by Phillip J. Monin (June 22\, 2026)\n2026-07-14 The Chicago Plan Revisited by Benes and Kumhof (2012)
URL:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-12-22/
CATEGORIES:A series of zooms
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LOCATION:https://heske.wisdmlabs.net/event/money-view-reading-group/2026-12-22/
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