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Aprox. 45 horas para completar

Sugerido: 13 weeks of study, 5 hours/week...

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Aprox. 45 horas para completar

Sugerido: 13 weeks of study, 5 hours/week...

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Programa - O que você aprenderá com este curso

Semana
1
2 horas para concluir

Introduction

The first two lectures paint a picture of the monetary system as the essential infrastructure of a decentralized market economy. The second lecture, "The Natural Hierarchy of Money", is a kind of high-level overview of the entire course, so don't expect to fully understand it until you look back after completing the rest of the course. Nevertheless it provides essential orientation for what comes after. Lectures notes for these and subsequent lectures may be found in the very first segment of this module. ...
12 vídeos (total de (Total 124 mín.) min), 2 leituras
12 videos
Prerequisites?7min
What is a Bank, a Shadow Bank, a Central Bank?12min
Central Themes13min
Reading: Allyn Young3min
FT: The Eurocrisis, Liquidity vs. Solvency10min
Hierarchy of Financial Instruments9min
Hierarchy of Financial Institutions6min
Dynamics of the Hierarchy6min
Discipline and Elasticity, Currency Principle and Banking Principle8min
Hierarchy of Market Makers9min
Managing the Hierarchy18min
2 leituras
Lecture Notes (for download)10min
Allyn Young10min
Semana
2
3 horas para concluir

Introduction, continued

The next two lectures are meant to introduce a key analytical tool, the balance sheet approach to monetary economics, that we will be using repeatedly throughout the course. As inspiration, first I provide a concrete example of how the approach works by "translating" the Allyn Young reading into the balance sheet language. I follow that with a more systematic introduction to this essential tool....
20 vídeos (total de (Total 130 mín.) min), 1 leitura, 1 teste
20 videos
Allyn Young: Money and Economic Orthodoxy9min
National Banking System Before the Fed3min
Civil War Finance, Bonds, and Loans8min
Civil War Finance, Legal Tenders7min
National Banking System, Origins6min
National Banking System, Instability5min
Federal Reserve System, Plan6min
Federal Reserve System, Actual6min
FT: Dealer of Last Resort5min
Reading: Hyman Minsky3min
Sources and Uses Accounts6min
Payments: Money and Credit5min
Payments: Discipline and Elasticity4min
The Survival Constraint3min
Payment Example: Money and Credit10min
Flow of Funds Accounts10min
The Survival Constraint, Redux2min
Liquidity, Long and Short9min
Financial Fragility, Flows and Stocks6min
1 leituras
Hyman Minsky10min
1 exercício prático
Introduction12min
Semana
3
2 horas para concluir

Banking as a Clearing System

In the next four lectures, we build intuition by viewing banking as a payments system, in which every participant faces a daily settlement constraint (a survival constraint). From this point of view, the wholesale money market plays a key role by allowing banks to relax the discipline of a binding settlement constraint, delaying final payment by putting settlement off until a later date. The relative importance of the various money markets has changed since the 2008 crisis--Fed Funds is now less important--but the conceptual framework remains valid, indeed not only for dollar money markets but also for non-dollar money markets....
20 vídeos (total de (Total 125 mín.) min), 1 leitura, 1 teste
20 videos
One Big Bank8min
Multiple Banks, A Challenge3min
Reading: Charles F. Dunbar2min
Correspondent Banking, Bilateral Balances10min
Correspondent Banking, System Network3min
Clearinghouse, Normal Operations8min
Clearinghouse, Private Lender of Last Resort10min
Central Bank Clearing4min
Central Bank Cooperation5min
FT: European Bank Deleveraging5min
What are Fed Funds?5min
Payment Settlement versus Required Reserves1min
Payment Elasticity/Discipline, Public and Private9min
The Function of the Fed Funds Market9min
Payment versus Funding: An Example11min
Brokers versus Dealers2min
Payments Imbalances and the Fed Funds Rate7min
Secured versus Unsecured Interbank Credit5min
Required Reserves, Redux7min
1 leituras
Dunbar10min
1 exercício prático
Banking as a Clearing System12min
Semana
4
3 horas para concluir

Banking as a Clearing System, continued

The next two lectures extend the payments system frame to non-banks by bringing in repo markets, and to the international monetary system by bringing in Eurodollar markets. Here, as in the previous two lectures, the emphasis is on settlement, and so implicitly on so-called "funding liquidity". The last three segments of the Eurodollar lecture, on the failure of two seemingly obvious arbitrage conditions, are meant to motivate the shift to market-making and "market liquidity" in the next module. ...
20 vídeos (total de (Total 131 mín.) min), 1 leitura, 1 teste
20 videos
Money Market Interest Rate Patterns3min
What is Repo?3min
Repo in Balance Sheets7min
Comparison with Fed Funds5min
Legal Construction of Repo9min
Security Dealers Balance Sheet11min
Repo, Modern Finance, and the Fed8min
Interest Rate Spreads: Before the Crisis5min
Interest Rate Spreads: After the Crisis8min
FT: Ring-fencing and the Volcker Rule9min
The Eurodollar Market in Crisis4min
What are Eurodollars?7min
Why is There a Eurodollar Market?4min
Eurodollar as Global Funding Market11min
Liquidity Challenge of Eurodollar Banks10min
FRA as Implicit Swap of IOUs4min
Forward Parity, Interest Rates, EH3min
Forward Parity, Exchange Rates, UIP5min
Forward Rates are NOT Expected Spot Rates2min
1 leituras
Bagehot10min
1 exercício prático
Banking as a Clearing System, continued12min
Semana
5
2 horas para concluir

Banking as Market Making

"Market liquidity" is supplied by dealers who stand ready to absorb temporary imbalances in supply and demand by taking the imbalance onto their own balance sheets, for a price. From this point of view, banks can be considered a special kind of dealer, since they absorb imbalances in payment flows. The first lecture is meant to build intuition by using our familiar balance sheet method to make sense of how this all worked in a system much simpler than our own. The second lecture introduces a formal model of the economics of the dealer function, which we will be using throughout the rest of the course. ...
16 vídeos (total de (Total 114 mín.) min), 1 leitura, 1 teste
16 videos
Reading: John Hicks3min
Bagehot's World, Wholesale Money Market7min
Economizing on Notes: Deposits, Acceptances8min
Managing Cash Flow: Discount, Rediscount7min
Market Rate of Interest2min
Central Bank and Bank Rate8min
The Bagehot Rule, Origin of Monetary Policy4min
Limits on Central Banking: Internal vs. External Drain10min
FT: Asymmetric Credit Growth in Europe6min
Market Liquidity, Dealers, and Inventories7min
Two-Sided Dealer Basics6min
Economics of the Dealer Function: the Treynor Model11min
Leveraged Dealer Basics7min
Real World Dealers7min
Arbitrage and the Assumption of Perfect Liquidity9min
1 leituras
Hicks10min
1 exercício prático
Banking as Market Making12min
Semana
6
2 horas para concluir

Banking as Market Making, continued

Here we adapt the Treynor model to banks, which we conceptualize as dealers in money, specifically term funding. Like Treynor's security dealers, banks supply market liquidity for a price. But sometimes, in a financial crisis, demand for market liquidity overwhelms supply, and that's where the central bank comes in, as dealer of last resort in money markets. And if the crisis is big enough, as 2007-2009, the central bank comes in as dealer of last resort in capital markets as well....
16 vídeos (total de (Total 126 mín.) min), 1 leitura, 1 teste
16 videos
Banks as Money Dealers, a Puzzle4min
Security Dealers as Money Dealers, Matched and Speculative Book11min
Adapting Treynor to Liquidity Risk6min
Digression: Evolution of American Banking11min
The Fed in the Fed Funds Market12min
Return to the Initial Puzzle2min
FT: Citibank and the SIVs5min
The Art of Central Banking3min
Evolution of Monetary Policy: 1951-19877min
The Taylor Rule: 1987-20077min
Monetary Transmission Mechanism10min
Anatomy of a Normal Crisis8min
Anatomy of a Serious Crisis4min
Should the Fed Intervene or Not?8min
The Fed as Dealer of Last Resort: 2007-200915min
1 leituras
Treynor10min
1 exercício prático
Banking as Market Making, continued12min
Semana
7
1 hora para concluir

Midterm review and exam

The first twelve lectures have introduced all of the main concepts of the course. The midterm exam gives you a chance to test whether you have mastered these concepts before extending them into new areas in the second part of the course. But before you try the exam, first use the review lecture, and the questions from students, to review the main concepts....
10 vídeos (total de (Total 64 mín.) min), 1 teste
10 videos
Inspiration: The Origin of the Fed3min
Central Bank Operations, Normal Times7min
Central Bank Operations, Crisis Times4min
Settlement Risk, Payments, and Market-making4min
Q: Standard and Subordinate Coin2min
Q: War Finance as Financial Crisis4min
Q: Forward Parity7min
Q: Payments, CHIPS and Fedwire12min
Q: Fed Balance Sheet Operations10min
1 exercício prático
Midterm20min
Semana
8
3 horas para concluir

International Money and Banking

The next four lectures extend the "money view" perspective to the larger world of multiple national monies by thinking about the international monetary system as a payment system, and by thinking of banks as market makers in foreign exchange. The first lecture is introductory and conceptual, while the second builds intuition by "translating" Mundell's account of the development of the international monetary system into money view language (similar to what we did at the beginning of the course for Allyn Young's account of the development of the US monetary system)....
18 vídeos (total de (Total 136 mín.) min), 1 leitura, 1 teste
18 videos
Key Currencies as a Hierarchical System8min
What is Money? Chartalism versus Metallism8min
Chartalism as a Theory of Money2min
Quantity Theory of Money4min
Purchasing Power Parity3min
Metallism as a theory of money5min
A Money View of International Payments, FX Dealers11min
Chartallism, Metallism, and the Money View Compared4min
Private and Public Money: A Hybrid System7min
Hybridity in FX Market-making5min
FT: Costs of Japan's Monetary Policy2min
Reading: Robert Mundell10min
Act 1 (1900-1933): Confrontation of the Fed with the Gold Standard11min
Act 2 (1934-1971): Contradiction Between Keynesian National Management and the Bretton Woods Fixed Rate System14min
The Dollar System7min
Act 3 (1972-1999): Flexible exchange, Learning from Experience8min
Act 4: Global Financial Crisis, Limits of Central Bank Cooperation17min
1 leituras
Mundell10min
1 exercício prático
International Money and Banking12min
Semana
9
2 horas para concluir

International Money and Banking, continued

The next two lectures use the Treynor model to understand how exchange rates are determined in dealer markets. In the second, we confront directly the puzzle we observed earlier in the course, namely why uncovered interest parity (UIP) fails to hold in real world markets....
15 vídeos (total de (Total 126 mín.) min), 1 leitura, 1 teste
15 videos
International Transactions under the Gold Standard11min
Dealer Model for Foreign Exchange10min
Central Banking, Defense of Domestic Exchange8min
Bank of England, Defense Against External Drain12min
Toward a Theory of Exchange, Without the Gold Standard9min
FT: High Frequency Trading4min
Uncovered Interest Parity (UIP) and the Expectations Hypothesis of the Term Structure (EH)2min
FX Dealers Under the Gold Standard, Redux5min
Private FX Dealing System10min
Economics of the Dealer Function, Speculative Dealer5min
Economics of the Dealer Function, Matched-book Dealer6min
Digression: Why do UIP and EH Fail?9min
Central Bank as FX Dealer of Last Resort16min
Reading: McCauley on Internationalization of Renminbi10min
1 leituras
Kindleberger10min
1 exercício prático
International Money and Banking, continued12min
Semana
10
3 horas para concluir

Banking as Advance Clearing

The next four lectures extend the money view to the larger financial world of capital markets, where the price of risk is determined in dealer markets for swaps of various kinds. The first lecture is a kind of conceptual introduction, while the second translates the standard finance account of forwards and futures into money view terms, as key building block for what comes after....
19 vídeos (total de (Total 135 mín.) min), 1 leitura, 1 teste
19 videos
Bagehot's World: Separation of Money Markets and Capital Markets8min
The New World: Integration of Money Markets and Capital Markets10min
Funding Liquidity Versus Market Liquidity2min
Digression: Schumpeter on Banking and Economic Development4min
Payment Versus Funding5min
Reading: Gurley and Shaw2min
Financial Evolution: Indirect Finance to Direct Finance13min
Banking Evolution: Loan-based Credit to Market-based Credit11min
Preview: Central Banking and Shadow Banking8min
FT: Argentina in Court to Fight Debt Ruling4min
Banking as Advance Clearing5min
Forwards versus Futures13min
Forward Contracts, Fluctuations in Value and Final Cash Flow14min
Futures Contracts, Fluctuations in Value and Daily Cash Flows6min
Cash and Carry Arbitrage, Defined7min
Cash and Carry Arbitrage, Explained as Liquidity Risk5min
Cash and Carry Arbitrage, Explained as Counterparty Risk2min
Cash and Carry Arbitrage, as a Natural Banking Business3min
1 leituras
Gurley and Shaw10min
1 exercício prático
Banking as Advance Clearing12min
Semana
11
3 horas para concluir

Banking as Advance Clearing, continued

In the modern economy, the price of risk is determined in swap markets that distinguish specific forms of risk, most importantly interest rate swaps and credit default swaps. The Treynor model can be adapted to understand how the price of risk is formed in dealer markets....
19 vídeos (total de (Total 131 mín.) min), 1 leitura, 1 teste
19 videos
Reading: FOMC Report (1952)7min
Treasury-swap Spread, a Puzzle11min
What is a Swap?2min
Why swap? An Example from Stigum10min
Market Making in Swaps8min
Money Market Swaps, Example5min
Life in Arbitrage Land5min
Treasury-swap Spread, Liquidity Risk or Counterparty Risk?7min
FT: Internationalization of the Euro5min
Credit Indices3min
Fischer Black (1970), Risk-free Security2min
What is a Credit Default Swap (CDS)?6min
Corporate Bonds3min
CDS Pricing11min
Market Making in CDS4min
Example: Negative Basis Trade and Liquidity Risk10min
Example: Private backstop of Marketmaking in CDS15min
Example: Synthetic CDO as Collateral Prepayment6min
1 leituras
FOMC10min
1 exercício prático
Banking as Advance Clearing, continued12min
Semana
12
3 horas para concluir

Money in the Real World

In this final module, we bring the entire course together. These two lectures build on everything that came before, and show how all the pieces fit together into a unified whole. Specifically, the first lecture uses the conceptual apparatus of the money view to make sense of shadow banking as the quintessential form of banking for the modern financially globalized world. And the second lecture shows how the conceptual apparatus of the money view fits with standard economics view and finance view, by drawing attention to dimensions of the world from which the standard views abstract....
17 vídeos (total de (Total 134 mín.) min), 1 leitura, 1 teste
17 videos
Shadow Banking vs Traditional Banking6min
Liquidity and Solvency Backstops7min
Global Dimension5min
Evolution of Modern Finance3min
What is Shadow Banking?12min
Backstopping the Market Makers7min
Regulation of Systemic Risk6min
Regulation of Collateral and Payment Flows10min
Private Backstop and Public8min
FT: Future of Banking4min
Three World Views15min
Economics View: Commodity Exchange8min
Finance View: Risk15min
The Education of Fischer Black4min
Steps From the Finance View to the Money View7min
A Money View of Economics and Finance5min
1 leituras
Shadow Banking10min
1 exercício prático
Money in the Real World12min
Semana
13
20 minutos para concluir

Final Exam

The previous module operated in effect as a review of the entire course, so if you were able to make sense of those lectures, you are ready for the final. But maybe you first want to have a look back at the second lecture, "The Natural Hierarchy of Money", for a high-level summary of the essential concepts of the money view. For almost everybody, the money view is a new and unfamiliar way of thinking about the world, and it takes a while to get used to it. The purpose of this course is to plant the seed, by demonstrating the value of this way of thinking for making sense of real world problems. Once you are done with the final exam, the real work begins, of using the money view to make sense of whatever real world problems confront you in your own daily life....
1 teste
1 exercício prático
Final Exam20min
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Melhores avaliações

por BGJul 17th 2017

An intellectually engaging course opening a debate about how we think about markets and how we should tackle the current challenges. Accessible to non-economists. I warmly recommend it to everyone.

por AKNov 18th 2017

This course is really useful to me ... I was always interested on monetary and fiscal policies and associate mechanism in Macroeconomics and this course covers the Monetary part in good details.

Instrutores

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Perry G Mehrling

Professor
Economics, Barnard College

Sobre Universidade Columbia

For more than 250 years, Columbia has been a leader in higher education in the nation and around the world. At the core of our wide range of academic inquiry is the commitment to attract and engage the best minds in pursuit of greater human understanding, pioneering new discoveries and service to society....

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