Informações sobre o curso
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147 avaliações

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Aprox. 45 horas para completar

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

Inglês

Legendas: Inglês

100% online

Comece imediatamente e aprenda em seu próprio cronograma.

Prazos flexíveis

Redefinir os prazos de acordo com sua programação.

Aprox. 45 horas para completar

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

Inglês

Legendas: Inglês

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
4.9
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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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