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Money and Finance Reading Group
2026-04-23 18:00 - 19:30 (Europe/Paris) | https://heske.wisdmlabs.net/event/money-and-finance-reading-group/2026-04-23/
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.
The 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.
List of Readings:
Zola Émile, L’Argent, 1891 Discussed
Schumpeter, 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
Discussion of Schumpeter’s Chapter with the contribution of Professor Jan Toporowski. Discussed
Chick, 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
For the last session on Chick’s Paper we will have Sheila Dow. Discussed on 3 May 2023.
Toporowski, J. Interest and Capital The Monetary Economics of Michał Kalecki Oxford 2022, Part 1. Discussed on 30/05/2024
Toporowski, J. Interest and Capital The Monetary Economics of Michał Kalecki Oxford 2022. Discussed on 05/07/2024

Toporowski, 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

Marx, K.H. Grundrisse Chapter 1, on Money . Discussed on Discussed on 24/10/2024
Paper presentation ““Kalecki-Levy Profit Equation and Money View Angles on Chinese Economy and Markets”, by Shengbei Guo, on 21/11/2024.

Marx, K.H. Capital Volume II Part 1, Ch 1 and 2, will be discussed on 26/12/2024.

Marx, K.H. Capital Volume II Part 1, Ch 3 to 6, discussed on 30/01/2025.
On 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.
Bellofiore, 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
Bellofiore, R. ‘Money and development in Schumpeter’ 1985. Discussed on 24/04/2025

Talk 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
Hayek, F.A. Monetary Theory and the Trade Cycle 1929 Ch 1 and 2. Discussed on 26/06/2025
Hayek, F.A. Monetary Theory and the Trade Cycle 1929 Ch 3, 4 and 5. Discussed on 24/07/2025
Hawtrey, R. G. Good and Bad Trade or Currency and Credit 1919. From Ch 1 to 7, inclusive. To be discussed on 04/09/2025
Hawtrey, R. G. Currency and Credit 1930. Ch 3 and 4. To be discussed on 25/09/2025
Hawtrey, R. G. Currency and Credit 1930. Ch 5, 6, 7 and 8. To be discussed on 30/10/2025
Hawtrey, R. G. Currency and Credit 1930. Ch 9, 10, 11. To be discussed on 04/12/2025
Wicksell, K. Interest and Prices 1936, Introduction by Bertil Ohlin, Preface and Introduction

Money View Reading Group
2026-04-28 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-04-28/
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.
We meet for 90 minutes via Zoom on Tuesdays at 2 pm Eastern Time US (New York).

Current Book

Treatise on Money by Joseph Schumpeter (1970/2014)

From the description:
The Treatise on Money provides the key to understanding Schumpeter’s system. It shows that Schumpeter’s famous emphasis on ‘creative destruction’ is a more complex phenomenon than is popularly understood. In particular, it provides an understanding of the workings of money, banking, and the money and capital markets, that are supremely relevant in the light of current monetary and fiscal policy crises.

2026-01-12 — Discussion Session 1 (Ch 1–3) (Recording)

Upcoming Sessions

2026-01-20 — 2:00pm EST

During the off week, we discuss Charles Kindleberger’s 1980 lecture on Gresham’s Law as it appears in his 1989 book Economic Laws and Economic History and his 2000 collection Political Economy: A Retrospective.
From the introduction:
I want … to widen the scope of Gresham’s law first to two monies, and then beyond it to discuss market instability, whether for different monies, as in bimetallism, for notes and coins, two centralbank reserve assets, and the like, to two different sorts of assets more generally, and especially to money on the one hand, and real or other types of financial assets on the other. Gresham’s law thus extended is a highly useful analytical model for the economic historian to keep in his toolbox.

https://www.cambridge.org/core/books/abs/economic-laws-and-economic-history/greshams-law/F10DDDA78EEEC922C27BD7FBF5218695
https://direct.mit.edu/books/monograph/3264/chapter-abstract/99960/Gresham-s-Law
Buy: https://www.amazon.com/Comparative-Political-Economy-Charles-Kindleberger/dp/0262515377/
Read: https://archive.org/details/economiclawsecon0000kind

2026-01-27 — 2:00pm EST

We discuss Chapters 4–7 of Schumpeter’s Treatise on Money.

Chapter IV The Economic Account in the Socialist Commonwealth

A Simple Model
Adding Consumer Goods to the Mix
Adding Cost Factors to the Mix

The Problem of Capital Accounting

The Common Denominator of Capitalism and Socialism

Chapter V The Capitalist Economic Process

The Circular Flow
The Production Process in the Circular Flow
Stretching the Boundaries of the Model
Development as the Driving Force of Business Cycles
External Disturbances

Chapter VI The Vehicles of the Social Accounting Process: The Household and the Firm

The Economy-Wide Ledger
The Current Account as the Basic Concept of Monetary Doctrine
The Household as Alpha and Omega of the Economic Process

Household income
Household expenses

When Income Does Not Match Expenditure

Households
Firms

Chapter VII The Vehicles of the Social Accounting Process: The Banks and the Central Bank

Bank Income and Expenditure
The Bank Balance Sheet
Bank Association and the Central Bank
The Central Bank and Monetary Policy
Points of Controversy

2026-02-10 — 2:00pm EST

We discuss Chapters 8–10 of Schumpeter’s Treatise on Money.

Chapter VIII Bank-Mediated Money Creation

Reactive Bank Policy
Active Bank Policy
The Unique Way Banks Go About Their Business
How Banks “Multiply” Money
The Limits to Banks’ Expansion of Credit
Quantifying Credit Expansion

Created Deposits Versus Circulating Deposits
Checking Deposits Versus Investment Deposits

The Effect of the Two-Tiered Banking System
Can This Be Captured Statistically?

Chapter IX The Essence of Money

How Payment Really Works
Legal Tender and Real Payment
Commodity Money as One Means of Payment Among Many
The Economic Process Yields Only Relative Prices
Absolute Prices and the Critical Number
The Paper Money Method
The Commodity Money Method
Commodity Money and the Inversion of Meaning
The Money Tie and Credit Expansion

Chapter X Consequences

The Velocity of Circulation of Money
Refining the Concept
The Components of the Concept

Determinants of Frequency
Disposition

2026-02-24 — 2:00pm EST

We discuss Chapters 11–12 of Schumpeter’s Treatise on Money.

Chapter XI The Theory of the Price Level

The Theory of the Price Index
Problems Attaching to the Price Index
Isolating the Measurable Core Component
How to Measure this Core Component
Modeling the Index
Further Criteria

Chapter XII The Theory of the Money Process and of the Functions of the Money Market

The Equation of Exchange
The Money Process in the Stationary Economy
The Money Process in More Complex Situations

Intermediate Goods
Effect of Auxiliary Funds
Durable Goods
External Disturbances

The Effect of Development

Credit Creation the Driver of Development

The Money Process in Cyclical Downturn
The Money Process in Crisis Situations
Saving and Interest in the Money Process

The Origin of Interest
Saving as Response to Interest
Forms of Saving

The Short-Term Character of Capitalist Finance
The Money Market

Exchange of Present for Future Balances
The Primacy of Created Deposits
The Character of Demand
The Character of Supply
The Interest Rate as Barometer?

The Money Market as Heart of the Capitalist Economy

Future Suggested Readings

How a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam by Quinn and Roberds (2023)
Our Money: Monetary Policy as if Democracy Matters by Leah Downey (2025)
The History of Money: A Story of Humanity by David McWilliams (2025)
After the Accord by Kenneth D. Garbade (2021)
A Study of Money Flows in the United States by Morris Copeland (1952)
A History of the Greenbacks by Wesley Clair Mitchell (1903)
Calming the Storms: The Carry Trade, the Banking School and British Financial Crises Since 1825 by Charles Read (2023)
Benjamin Strong: Central Banker by Lester V. Chandler (1958)
An Engine, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie (2007)
Currency and Credit (4e) by Ralph Hawtrey (1950)
The Golden Age of the Quantity Theory by David Laidler (1991)
Capitalizing on Crisis: The Political Origins of the Rise of Finance by Greta Krippner (2011)
The Federal Reserve System by Paul Warburg (1930)
Central Bank Capitalism: Monetary Policy in Times of Crisis by Joscha Wullweber (2024)
Introduction to Central Banking by Ulrich Bindseil and Alessio Fota (2021)
The Chairman: John J. McCloy & The Making of the American Establishment by Kai Bird (1992)
Manias, Panics, and Crashes (8e) by Robert McCauley (2023)
The Bailout State: Why Governments Rescue Banks, Not People by Martijn Konings (2025)

Past Readings with Discussion Recordings

Minsky by Daniel H. Neilson (2019)
2021-03-24 — Discussion Session 1
2021-03-31 — Discussion Session 2
2021-04-07 — Discussion with Daniel Neilson
The Art of Central Banking (Chapter IV) by Ralph Hawtrey (1933)
2021-04-21 — Discussion Session 1
2021-05-05 — Discussion Session 2
2021-05-26 — Discussion with David Glasner
Making Money: Coin, Currency, and the Coming of Capitalism by Christine Desan (2014)
2021-06-02 — Discussion Session 1
2021-06-16 — Discussion Session 2
2021-06-30 — Discussion Session 3
2021-07-14 — Discussion with Christine Desan
Money in a Theory of Finance by John G. Gurley, Edward S. Shaw (1960)
2021-07-21 — Discussion Session 1
2021-08-04 — Discussion Session 2
2021-08-18 — Discussion Session 3
The World in Depression, 1929-1939 by Charles P. Kindleberger (1973)
2021-09-01 — Discussion Session 1
2021-09-15 — Discussion Session 2
2021-09-29 — Discussion Session 3
The Rise of Carry by Jamie Lee et al (2019)
2021-10-13 — Discussion Session 1
2021-10-27 — Discussion Session 2
The Money Interest and the Public Interest by Perry Mehrling (1998)
2021-11-10 — Discussion Session 1 | Allyn Young
2021-11-24 — Discussion Session 2 | Alvin Hanson
2021-12-08 — Discussion Session 3 | Edward Shaw
Controlling Credit by Eric Monnet (2018)
2022-01-05 — Discussion Session 1
2022-01-19 — Discussion Session 2
The Menace of Fiscal QE by George Selgin (2020)
2022-02-02 — Discussion Session
The New Lombard Street by Perry Mehrling (2011)
2022-02-23 — Discussion Session 1
2022-03-09 — Discussion Session 2
2022-03-23 — Discussion Session 3
Fighting Financial Crises: Learning from the Past by Gary Gorton, Ellis Tallman (2021)
2022-04-20 — Discussion Session 1
2022-05-11 — Discussion Session 2
Money and empire: The international gold standard, 1890-1914 by Marcello De Cecco (1974)
2022-05-25 — Discussion Session 1
2022-06-15 — Discussion Session 2
Central Bank Cooperation 1924-31 by Stephen Clarke (1967)
2022-06-22 — Discussion Session 1
2022-07-06 — Discussion Session 2
The Money Problem: Rethinking Financial Regulation by Morgan Ricks (2016)
2022-07-27 — Discussion Session 1
2022-08-10 — Discussion Session 2
2022-08-17 — Discussion with Morgan Ricks
The Evolution of Central Banking: Theory and History by Stefano Ugolini (2017)
2022-08-24 — Discussion Session 1
2022-09-07 — Discussion Session 2
2022-09-21 — Discussion Session 3
2022-10-05 — Discussion with Stefano Ugolini
A Financial History of Western Europe by Charles P. Kindleberger (1984, 1993)
2022-10-19 — Discussion Session 1 | Part 1: Money
2022-11-02 — Discussion Session 2 | Part 2: Banking
2022-11-16 — Discussion Session 3 | Part 3: Finance
2023-01-11 — Discussion Session 4 | Part 4: The Interwar Period
2023-01-18 — Discussion Session 5 | Part 5: After World War II
Money and Empire: Charles P. Kindleberger and the Dollar System by Perry Mehrling (2022)
2022-11-30 — Discussion Session 1 | Part 1: Intellectual Formation, 1910–1948
2022-12-14 — Discussion Session 2 | Part 2: International Economist, 1948–1976
2022-12-21 — Discussion Session 3 | Part 3: Historical Economist, 1976–2003
2022-12-21 — Discussion #1 with Perry Mehrling
2023-01-04 — Discussion #2 with Perry Mehrling
Bonds without Borders: A History of the Eurobond Market by Chris O’Malley (2015)
2023-02-15 — Discussion Session 1
2023-03-01 — Discussion Session 2
Monetary Policy Operations and the Financial System by Ulrich Bindseil (2014)
2023-03-15 — Discussion Session 1 (Ch 1-8)
2023-03-29 — Discussion Session 2 (Ch 9-12)
2023-04-12 — Discussion Session 3 (Ch 13-18)
Capital Wars: The Rise of Global Liquidity by Michael J. Howell (2020)
2023-04-26 — Discussion Session 1 (Ch 1-7)
2023-05-10 — Discussion Session 2 (Ch 8-14)
A Market Theory of Money by John Hicks (1989)
2023-05-24 — Discussion Session 1 (Ch 1-7)
2023-06-07 — Discussion Session 2 (Ch 8-15)
The Currency of Politics: The Political Theory of Money from Aristotle to Keynes by Stefan Eich (2022)
2023-06-28 — Discussion Session 1 (Ch 1 & 2)
2023-07-19 — Discussion Session 2 (Ch 3 & 4)
2023-08-02 — Discussion Session 3 (Ch 5 & 6)
2023-08-14 — Discussion with Stefan Eich
Fischer Black and the Revolutionary Idea of Finance by Perry Mehrling (2005)
2023-08-22 — Discussion Session 1 (Ch 1–5)
2023-09-05 — Discussion Session 2 (Ch 6–8)
2023-09-19 — Discussion Session 3 (Ch 9–11)
2023-09-26 — Discussion with Perry Mehrling
The Evolution of Central Banks by Charles Goodhart (1988)
2023-10-03 — Discussion Session 1 (Ch 1–6)
2023-10-17 — Discussion Session 2 (Ch 7–8, Appendix)
The Repo Market: Shorts, Shortages, and Squeezes by Scott Skyrm (2023)
2023-11-07 — Discussion Session 1 (pages 1–92)
2023-11-21 — Discussion Session 2 (pages 93–186)
2023-12-05 — Discussion Session 3 (pages 187–310) Part 1 — Part 2
2023-12-12 — Discussion with Scott Skyrm From 39:20
The Volatility Machine: Emerging Economies and the Threat of Financial Collapse by Michael Pettis (2001)
2023-12-19 — Discussion Session 1 (Ch 1–5)
2024-01-02 — Discussion Session 2 (Ch 6–10)
2024-01-09 — Discussion with Michael Pettis
International Capital Movements by Charles P. Kindleberger (1987)
2024-01-16 — Discussion Session 1 (Ch 1 & 2)
2024-01-30 — Discussion Session 2 (Ch 3 & 4)
A Political Theory of Money by Anush Kapadia (2024)
2024-02-20 — Discussion Session 1 (Ch 1–4)
2024-03-05 — Discussion Session 2 (Ch 5–7)
2024-03-19 — Discussion Session 3 (Ch 8–12)
2024-03-26 — Discussion with Anush Kapadia
The Rise of Central Banks: State Power in Financial Capitalism by Leon Wansleben (2023)
2024-04-02 — Discussion Session 1 (Ch 1–3)
2024-04-23 — Discussion Session 2 (Ch 4–6)
2024-05-07 — Discussion with Leon Wansleben
The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy by Scott Sumner (2021)
2024-05-14 — Discussion Session 1 (Parts 1 & 2)
2024-05-28 — Discussion Session 2 (Parts 3 & 4)
2024-06-18 — Discussion Session 3 (Parts 5 & 6)
2024-06-25 — Discussion with Scott Sumner
Private Money and Public Currencies: The Sixteenth Century Challenge: The Sixteenth Century Challenge by Boyer-Xambeu, Deleplace, and Gillard (1994)
2024-07-02 — Discussion Session 1 (Ch 1–3)
2024-07-16 — Discussion Session 2 (Ch 4 & 5)
2024-07-30 — Discussion Session 3 (Ch 6, 7 & Conclusion)
The Arena of International Finance by Charles A. Coombs (1976)
2024-08-13 — Discussion Session 1 (Ch 1ー6)
2024-08-27 — Discussion Session 2 (Ch 7–12)
The Bill on London: or The Finance of Trade by Bills of Exchange by Gillett Brothers (1952/1976)
2024-09-17 — Discussion Session
Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression by Kenneth D. Garbade (2012)
2024-10-01 — Discussion Session 1 (Ch 1–10)
2024-10-15 — Discussion Session 2 (Ch 11–15)
2024-10-29 — Discussion Session 3 (Ch 16–24)
A Monetary and Fiscal History of the United States, 1961–2021 by Alan S. Blinder (2022)
2024-11-12 — Discussion Session 1 (Ch 1–7)
2024-11-26 — Discussion Session 2 (Ch 8–13)
2024-12-10 — Discussion Session 3 (Ch 14–19)
Building a Ruin: The Cold War Politics of Soviet Economic Reform by Yakov Feygin (2024)
2025-01-07 — Discussion Session 1 (Ch 1–3)
2025-01-21 — Discussion Session 2 (Ch 4–6)
2025-02-04 — Discussion Session 3 (Ch 7 & Afterword)
A Crash Course on Crises: Macroeconomic Concepts for Run-Ups, Collapses, and Recoveries by Markus K. Brunnermeier and Ricardo Reis (2023)
2025-02-25 — Discussion Session 1 (Parts 1 and 2)
2025-03-11 — Discussion Session 2 (Parts 3 and 4)
The Empire of Value: A New Foundation for Economics by Andre Orlean (2014)
2025-03-25 — Discussion Session 1 (Introduction and Part 1) Part 1 — Part 2
2025-04-08 — Discussion Session 2 (Parts 2 and 3)
2025-04-22 — Discussion Session 3 (Part 4 and Conclusion)
The Wheels of Commerce by Fernand Braudel (1979/1982)
2025-05-06 — Discussion Session 1 (Chapter 1)
2025-05-13 — Discussion Session 2 (Chapter 2)
2025-05-20 — Discussion Session 3 (Chapter 3)
2025-05-27 — Discussion Session 4 (Chapter 4)
2025-06-03 — Discussion Session 5 (Chapter 5)
Beyond Banks: Technology, Regulation, and the Future of Money by Dan Awrey (2024)
2025-06-17 — Discussion Session 1 (Intro & Ch 1–3)
2025-07-01 — Discussion Session 5 (Ch 4–7 & Conclusion)
2025-07-08 — Author Discussion with Dan Awrey
Our Dollar, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance by Kenneth Rogoff (2025)
2025-08-19— Discussion Session 1 (Parts 1-3)
2025-08-26 — Discussion Session 2 (Parts 4-6)
Central Banking Before 1800: A Rehabilitation by Ulrich Bindseil (2019)
2025-09-01 — Discussion Session 1 (Ch 1&2)
2025-09-15 — Discussion Session 2 (Ch 3–5)
2025-09-29 — Discussion Session 3 (Ch 6&7)
2025-10-13 — Author Discussion with Ulrich Bindseil
The Long Twentieth Century: Money, Power and the Origins of Our Times by Giovanni Arrighi (2010)
2025-10-20 — Discussion Session 1 (Ch 1&2)
2025-11-03 — Discussion Session 2 (Ch 3)
2025-11-10 — Discussion Session 3 (Ch 4)
Fragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen Haber (2014)
2025-11-17 — Discussion Session 1 (Ch 1–5)
2025-12-01 — Discussion Session 2 (Ch 6-9)
2025-12-15 — Discussion Session 3 (Ch 10–15)
2026-01-05 — Discussion w/ Charles Calomiris

Off-Week Sessions

2021-05-19 BIS Working Paper: Breaking free of the triple coincidence in international finance (2015)
2021-07-07 Global Domain of the Dollar: 8 Questions by Robert McCauley Author Discussion
2021-07-28 BIS and Bank of England reports on Central Bank Digital Currencies
2022-09-28 The Crypto Banking System by Sébastien Derivaux (2022) Author Discussion
2023-04-05 Discussion of Silicon Valley Bank
2023-04-19 Institutional Cash Pools by Zoltan Pozsar (2011)
2023-05-03 BIS Bulletin #73: Stablecoins vs. Tokenized Deposits (May 3, 2023)
2023-07-05 The Credit–Money Hierarchy: a Republican , Egalitarian Appraisal by Aaron James (2023)
2023-07-26 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
2023-10-31 Money and the Public Debt by Lev Menand and Joshua Younger (2023) | 2
2023-11-14 ICMA Repo FAQ by Richard Comotto (2013/2019)
2023-11-28 Basis Trades and Treasury Market Illiquidity by Daniel Barth & Jay Kahn (2020)
2024-01-23 Capital flows and the current account by Borio and Disyatat (2015)
2024-02-13 The dual currency system of Renaissance Europe by Luca Fantacci (2008)
2024-02-27 BIS: Buy now, pay later: a cross-country analysis by Cornelli et al. (2023)
2024-03-12 The non-use of money in the Middle Ages by Bell, Brooks, and Moore (2017)
2024-04-09 The Central Role of Credit Crunches in Recent Financial History by Albert M. Wojnilower (1980)
2024-04-16 Measuring Equilibrium in the Balance of Payments by Charles P. Kindleberger (1969)
2024-04-30 The Rise and Risks of Private Credit — GFSR (April, 2024)
2024-06-04 BIS Working Paper No 1100: Getting up from the floor by Claudio Borio (May, 2023)
2024-06-11 The Offshore Dollar and US Policy by Robert McCauley (May, 2024)
2024-07-09 The (impossible) repo trinity: the political economy of repo markets by Daniela Gabor (2016)
2024-08-07 A Safe Haven for Hidden Risks (May 30, 2024) and Rate Transformation (November 4, 2023) by Elham Saeidinezhad
2024-08-20 The Collateral Supply Effect on Central Bank Policy by Carolyn Sissoko (2020)
2024-09-10 Monetary Policy Implications of Market Maker of Last Resort Operations by Anil K Kashyap (August 23, 2024)
2024-11-05 BIS Bulletin No 90: The market turbulence and carry trade unwind of August 2024 (August 27, 2024)
2024-11-19 Yen Carry Trade and the Subprime Crisis by Masazumi Hattori and Hyun Song Shin (2009)
2024-12-03 After the Allocation: What Role for the Special Drawing Rights System? by Pforr, Pape, and Murau (2022)
2025-01-14 Where Profits Come From by the Levy Forecasting Center by Levy, Farnham, & Rajan (2008/1997)
2025-01-28 The Broad Consequences of Narrow Banking by Matheus R. Grasseli and Alexander Lipton (2019)
2025-02-11 Failing Banks by Sergio Correia, Stephen Luck, and Emil Verner (2024)
2025-02-18 Odd Lots — The Hidden History of Eurodollars by Lev Menand and Joshua Younger (January 2025)
2025-03-04 Of Last Resort: Evaluating the Treasury-Equity Model of Federal Reserve Emergency Lending by Steven Kelly (2024)
2025-03-18 Commercial Banking and Capital Formation I–IV by Harold Moulton (1918)
2025-04-01 Climate Alignment For Banks: The Stories That Numbers Tell by Nadav Orian Peer (2025) Author Discussion
2025-04-15 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)
2025-04-29 Treasury Market and the Basis Trade (Adrian et al. 2025; Kashyap et al. 2025)
2025-06-10 Structural Changes in the Global Financial System lecture by Hyun Song Shin (May 19, 2025)
2025-06-24 International Regimes, Transactions, and Change: Embedded Liberalism in the Postwar Economic Order by John Gerard Ruggie (1982)
2025-07-15 BIS Annual Report Chapter: Financial conditions in a changing global financial system (2025)
2025-07-22 Banks Are Intermediaries of Loanable Funds by George Selgin (2024)
2025-07-29 Theorising non-bank financial intermediation by Jo Michell (2024)
2025-08-05 Banks are different: why bank-based versus market-based lending is a false dichotomy by Carolyn Sissoko (2024)
2025-09-08 Did France Cause the Great Depression? by Douglas A. Irwin (2010)
2025-09-22 Rethinking Monetary Sovereignty: The Global Credit Money System and the State by Murau and van’t Klooster (2023)
2025-10-06 Rethinking currency internationalisation: offshore money creation and the EU’s monetary governance by Murau and van’t Klooster (2025)
2025-10-27 BIS Bulletin No 114: “Financial channel implications of a weaker dollar for emerging market economies” by Juselius, Wooldridge and Xia (October 13, 2025)
2025-11-24 Bubble or Nothing: Data Center Project Finance by Advait Arun (November 12, 2025)
2025-12-08 Discussion of Debate over Whether Money Multiplier Requires Cash Lending

Money View Reading Group
2026-05-05 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-05-05/

PhD and Early Career Paper Development Workshop: Regional Inequalities and Perceived Left-Behindness
2026-05-11 - 2026-05-13 | Gran Sasso Science Institute, Viale F. Crispi, 7, L'Aquila, L'Aquila, 67100, Italy
Academic and policymakers have highlighted interpersonal and interterritorial inequalities as key factors behind rising feelings of discontent and left-behindness across different types of territories, including rural and urban areas.
This two-day workshop will bring together senior scholars and young researchers to examine the drivers of life satisfaction and dissatisfaction, the construction of narratives and spatial imaginaries of ‘left-behind regions’, and alternative expressions of discontent. Participants will explore how inequality, economic restructuring, social identities, and policy frameworks shape subjective well-being across diverse populations, as well as the emotional and material implications of perceived marginalisation.
During the workshop, senior scientists will provide young scholars with the latest insights into ongoing and top-level research in the field and discuss their work.

Objectives:

To deepen understanding of life satisfaction, discontent, and left-behindness from a multidisciplinary perspective.
To explore how socioeconomic inequalities influence subjective well-being in various contexts (urban/rural, national/cross-national).
To foster collaboration and knowledge exchange between senior scholars and early-career researchers in the field.
Giving participants the opportunity to present, discuss and get extensive feedback on their on-going work.
Facilitating networking among young scholars and make their voices and ideas visible within the discourse.
To encourage the development of new research directions, policy implications, and interventions.

Research themes:

Theorisations and empirical manifestations of perceived left-behindness
Regional discontent and perceived marginalisation
Rural–urban disparities in life satisfaction and well-being
Alternative expressions and dimensions of discontent
Construction and circulation of narratives and spatial imaginaries of ‘left-behind regions’
Material, emotional, and policy implications of spatial imaginaries and feelings of exclusion
Policy responses and best-practice initiatives aimed at addressing left-behindness

Target Audience:
Young scholars (PhD Students and Early Career Researchers) who are committed to interdisciplinary research, especially bridging a gap between topics, are strongly encouraged to apply.

Confirmed Speakers:

Andrés Rodríguez-Pose | Princesa de Asturias Chair and Professor of Economic Geography Department of Geography and Environment – The London School of Economics and Political Science
Simona Iammarino | Professor of Applied Economics – Gran Sasso Science Institute
Stefania Fiorentino | Associate Professor in Planning and Urban Regeneration – University of Cambridge

Application Process:
Step 1: Interested PhD Students and Early Career Researchers (5 years from PhD) are invited to submit an extended abstract (between 500 and 1,000 words in PDF format, using standard academic formatting) until the 1st of March 2026).
Abstracts will be selected based on clarity, relevance, originality, suitability with the overall workshop theme and (preliminary) results. We will inform all applicants by the 16th of March about the outcome of the selection process and subsequently invite the selected young scholars to proceed to Step 2.
Step 2: The selected young scholars are expected to submit a full working paper version of their research (between 5,000 and 8,000 words, inclusive of abstract, references, figure/table captions and endnotes) until the 20th of April 2026. Only participants who submit a full paper will be able to join the workshop. All paper presenters will also be assigned as discussants for another paper.

Financial Support:

We aim to make the workshop as inclusive as possible for PhD students and Early Careers. The workshop will therefore be free of charge.
The event will offer financial support for selected participants if needed, specifically: Partial stipend for accommodation and/or partial travel stipend. The level of support will depend on the available budget.
As co-financing for travel expenses with participant’s own resources is expected, we also encourage an early application to the wide range of external opportunities for small travel grants.

Special issue:
There is an ongoing Call for Papers for the Special Issue in Regional Studies “Spatial inequalities and feelings of left-behindness: perceptions, imaginaries, and policy responses”. Participants in the workshop are encouraged to consider submitting their work to this Special Issue. While presentation at the workshop does not guarantee acceptance, the sessions will offer an opportunity to receive valuable feedback that may help strengthen their manuscripts prior to submission.
Scientific Committee:
Fabiano Compagnucci, Alessandra Faggian, Giulia Urso and Paolo Veneri

Money View Reading Group
2026-05-12 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-05-12/

Monthly Office Hours for (Aspiring) Organizers
2026-05-13 10:00 - 11:00 (America/New_York) | https://heske.wisdmlabs.net/event/monthly-office-hours-for-aspiring-organizers/2026-05-13/
Ask any questions about how to run projects in YSI
The conversation may cover:

What it means to be an organizer in YSi
How to think about projects in general
The logistics of virtual projects
The logistics of in-person projects
Questions you have about a specific project

You can watch recordings from previous calls here:

February 2024

Money View Reading Group
2026-05-19 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-05-19/

Money View Reading Group
2026-05-26 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-05-26/

Money and Finance Reading Group
2026-05-28 18:00 - 19:30 (Europe/Paris) | https://heske.wisdmlabs.net/event/money-and-finance-reading-group/2026-05-28/

Money View Reading Group
2026-06-02 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-06-02/

The Role and Governance of Science and Technology Organisations in Innovation Policies: Addressing Grand Challenges
2026-06-09 - 2026-06-12 | Universitat Politènica de València, Camino de Vera, s/n, Algirós, València, Valencia, 46022, Spain
Call for Submissions and Financial Assistance – Eu-SPRI 2025 – Valencia, 10-12 June
The Role and Governance of Science and Technology Organisations in Innovation Policy: Addressing Grand Challenges
The evolving relationship between science, technology, and industry has become a cornerstone of societal progress. Historically shaped by military-industrial paradigms and supply-side innovation models, science, technology, and innovation (STI) policy frameworks are increasingly expected to respond to complex, systemic challenges such as the climate emergency, global health crises, and digital transformation. Current debates in innovation studies, including mission-oriented and transformative innovation policies, seek to better integrate sustainability objectives and societal demands with socioeconomic development. However, many STI policy organisations originated from, or were heavily influenced by, earlier policy paradigms that may no longer align with contemporary societal needs.
These shifts call for a rethinking of the institutional architecture of innovation systems and the evolving roles of innovation policy organisations, including public research institutes and labs, universities, research and technology organisations, state investment banks, and innovation agencies.
This track invites contributions that explore how STI organisations have been used and are being reconfigured to address grand societal challenges, and which governance models, institutional arrangements, and organisational capabilities are most effective in fostering inclusive and sustainable development. Contributions may engage with a broad range of issues, including institutional responses to societal needs, organisational adaptation, inter-organisational coordination, and the comparative effectiveness of innovation policy instruments and actor constellations across different national and sectoral contexts.
This track welcomes conceptual, empirical, and comparative contributions addressing questions such as the following:

What roles can different types of STI organisations play in addressing grand challenges?
What institutional configurations best support inclusive and sustainable innovation?
How do organisations harness science and technology to address societal challenges?
How do governance models affect organisational responsiveness and policy impact?
What lessons can be drawn from cross-country and cross-sectoral case studies?
How are missions interpreted, operationalised, and translated into organisational practices within STI organisations?
How can STI organisations be monitored and evaluated for societal relevance, while also enabling learning and reflexivity?
How do policy mixes and governance arrangements enable or constrain the implementation of challenge-oriented policies?
What tensions, trade-offs, or unintended consequences emerge when STI organisations pursue challenge-oriented policy goals?

Given the need to further develop the theoretical base of challenge-oriented policy studies and the importance of learning from diverse global contexts, we particularly invite contributions focusing on the Global South, which remains relatively underexplored in the literature. At the same time, we encourage comparative perspectives that draw on experiences from advanced economies.
To foster a productive exchange of ideas across career stages, this track aims to bring together early-career researchers, senior scholars, and policymakers. We particularly encourage submissions from early-career researchers and aim for them to constitute at least half of the presentations in the track.
Session Structure
To facilitate a productive exchange of ideas, we plan to convene early-career researchers alongside senior scholars/policymakers. The proposed structure for the session is as follows.

Presentations (selected applicants, at least half ECR).
The selected contributors will present their paper, followed by a short Q&A session.
Discussion
The presentations will be followed by an interactive discussion involving the audience.
Network event
YSI would also be able to invite the participants, both young scholars and seniors, to celebrate their participation in the event with a mingle and dinner event. This would be an opportunity for exploring collaborations and continuing some of the discussions in a more informal environment.

Application

The YSI participants will be selected following the Eu-SPRI application procedure. Submit your abstract to the track titled “The Role and Governance of Science and Technology Organizations in Innovation Policies: Addressing Grand Challenges”, under the topic of “The changing roles of STI actors”.
Once you have been selected by the Eu-SPRI review process, you can apply here for YSI funding.

Please Note:
You can only apply to this YSI assistance once your application to this track has been selected by Eu-SPRI. Please do not apply to YSI unless you have received a positive result from the conference.

YSI will be able to partially fund the travel and accommodation of selected participants.
Please remember that YSI does not cover conference fees.
If you are affiliated with an Eu-SPRI member institution, you will receive support from the Forum and may need less or no support from YSI.
If you have been selected to take part in the Imagining Futures Early Career Event on June 9th you can apply for more accommodation days (note that they only offer 5 non-Eu-SPRI places; Eu-SPRI places already include accommodation).

Important Dates
Abstract submission at Eu-SPRI’s ConfTool: it will open on 12 January and close on 16 February.
Notification of acceptance: TBA
Submission of final papers, extended abstracts: 17 May.
Registration period: mid March to the end of May.
Conference dates: 10-12 June 2026 (with pre-event on the 9th for those selected by Eu-SPRI).

2026 RSAI World Congress
2026-06-09 08:00 - 17:00 (America/New_York) | Escuela Politécnica Nacional, Av. Ladrón de Guevara E11-253, Quito, Pichincha, 170505, Ecuador
The 15th World Conference of the Regional Science Association International will be held from 9th to 12th June, 2026, at Escuela Politécnica Nacional (EPN), Quito, Ecuador. The conference is jointly organized by the RSAI and the Ecuadorian Section, Ecuadorian Regional Science Network (RECiR).
The meeting is open to the world-wide regional science community. It aims to bring together the key elements of multidisciplinary regional science research and to provide a scientific platform for presenting and discussing research that advances our understanding of wellbeing and sustainability across regions and communities.

The central theme is “Wellbeing and Sustainability: Regional Science discussions at the Earth’s Core“. Key topics include wellbeing; regional, rural, and city development; spatial planning; climate and environmental change; sustainable development; governance; resilience; innovation; data science; and artificial intelligence—reflecting the Congress’s commitment to advancing wellbeing and sustainability at the Earth’s core, are important issues covered in the 2026 RSAI World Congress.
The congress will host countless exciting events, including special sessions and semi-plenary policy sessions.
This global event expects to host between 250 and 300 participants from around the world.
Important dates
Deadline for special session proposals: December 15th 2025
Deadline for abstract submission: January 20th, 2026.
Notification of abstract acceptance: January 30th, 2026
Deadline registration at a reduced fee: February 20th, 2026
Deadline registration for being included in the program: March 23th, 2026
Registration fees are differentiated by RSAI membership and type of country.

Money View Reading Group
2026-06-09 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-06-09/

Monthly Office Hours for (Aspiring) Organizers
2026-06-10 10:00 - 11:00 (America/New_York) | https://heske.wisdmlabs.net/event/monthly-office-hours-for-aspiring-organizers/2026-06-10/

250 Years of the Wealth of Nations: New Perspectives on Adam Smith’s Political Economy
2026-06-16 | University of Glasgow, Glasgow, United Kingdom
250 Years of the Wealth of Nations:
New Perspectives on Adam Smith’s Political Economy
YSI Pre International Adam Smith Society Conference Workshop in Glasgow, June 2026

Pre-conference workshop, 16 June 2026
Glasgow, UK

This pre-conference workshop offers young and early career scholars working on Adam Smith a chance to discuss their work in detail with peers in a friendly and supportive context, and to get feedback from world-leading Smith scholars.

Introduction

The YSI History of Economic Thought working group is organizing a one-day pre-conference workshop on 16 June 2026 ahead of the International Adam Smith Society (IASS) annual conference in Glasgow, UK (17-20 June 2026). This is an excellent opportunity for up to six young scholars working on Smith to be able to discuss their work in detail with peers and senior scholars.

2026 marks the 250th anniversary of Adam Smith’s magnum opus, the Wealth of Nations. Seeking to build on the momentum of Smith’s 2023 tercentenary, this major anniversary invites scholars to revisit his groundbreaking work of political economy. A special issue of the Adam Smith Review and of the Erasmus Journal for Philosophy and Economics will mark this anniversary and scholars presenting at this workshop and the subsequent conference will be invited to submit their papers for publication. The workshop’s title “New Perspectives on Adam Smith’s Political Economy”, deliberately leaves space for a broad range of approaches to re-interpreting Smith’s great work, including, but not limited to:

The historical significance and legacy of Smith’s political economy
Situating Smith’s major treatise in the political and intellectual context of its time
Explorations of Smith’s ideas on poverty, inequality, empire, colonialism, slavery, corporate power and the environment
Re-interpreting Smith’s political economy in the context of his wider philosophy

Description

Participants will be asked to pre-circulate some written material two weeks prior to the date of the workshop. This could be a full paper, if available, or shorter draft material (suggested 4000-9000 words). The workshop itself will be divided into morning and afternoon sessions. In each session, the participants will have the opportunity to present their work briefly and discuss it with peers and our senior Smith scholars. Catering will be provided.

The workshop is a one-day event, but is intended as a complement to the main IASS conference, offering participants chances to discuss their work in greater detail than is normally possible in conference panels, and enhancing opportunities for networking with peers and senior scholars.

Participants

IMPORTANT: This is intended as a pre-conference, rather than a standalone, workshop. Participants will therefore also need to be registered for the main IASS conference. We are aiming to cover travel costs (up to US$ 200), and accommodation for two nights (the one before and the other after the workshop), but funding limits mean that we will not be able to provide accommodation for the whole of the conference duration, or cover conference fees. Participants are therefore advised to seek alternative sources of funding for these costs, where possible.

We will bring up to 6 young scholars, whose research is related to the theme of the workshop, to participate, present and discuss their work. The aim is to make this group as diverse as possible and to bring individuals from different parts of the world.
If you are interested in attending the workshop you should:
(i) be a young scholar (masters, PhD, post-doc);
(ii) click the “Apply now” button and fill out the form, including a title and abstract (up to 250 words) for the paper you wish to present by 8th February 2026.

We will let applicants know the outcome by 20th February 2026.

Money View Reading Group
2026-06-16 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-06-16/

Money View Reading Group
2026-06-23 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-06-23/

Money and Finance Reading Group
2026-06-25 18:00 - 19:30 (Europe/Paris) | https://heske.wisdmlabs.net/event/money-and-finance-reading-group/2026-06-25/

Money View Reading Group
2026-06-30 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-06-30/

Money View Reading Group
2026-07-07 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-07-07/

Monthly Office Hours for (Aspiring) Organizers
2026-07-08 10:00 - 11:00 (America/New_York) | https://heske.wisdmlabs.net/event/monthly-office-hours-for-aspiring-organizers/2026-07-08/

Money View Reading Group
2026-07-14 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-07-14/

Money View Reading Group
2026-07-21 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-07-21/

Money and Finance Reading Group
2026-07-23 18:00 - 19:30 (Europe/Paris) | https://heske.wisdmlabs.net/event/money-and-finance-reading-group/2026-07-23/

Money View Reading Group
2026-07-28 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-07-28/

Money View Reading Group
2026-08-04 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-08-04/

Money View Reading Group
2026-08-11 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-08-11/

Monthly Office Hours for (Aspiring) Organizers
2026-08-12 10:00 - 11:00 (America/New_York) | https://heske.wisdmlabs.net/event/monthly-office-hours-for-aspiring-organizers/2026-08-12/

Money View Reading Group
2026-08-18 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-08-18/

Money View Reading Group
2026-08-25 14:00 - 15:30 (America/New_York) | https://heske.wisdmlabs.net/event/money-view-reading-group/2026-08-25/
