Perry Mehrling @PMehrling Twitter profile

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Perry Mehrling

@PMehrling

2 years

Book cover! I like the yin/yang, money/empire. Pre-order:

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Last Seen Profiles

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Perry Mehrling

@PMehrling

10 months

Ten years old, still ticking...

Institute for New Economic Thinking

@INETeconomics

10 months

Monetary policy is confusing, and a mess. But what can you do? Take @PMehrling 's FREE course! The Economics of Money & Banking:

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Perry Mehrling

@PMehrling

2 years

Bretton Woods 3.0? Zoltan and I debate.

Odd Lots

Listen to Bloomberg's Odd Lots podcast with Joe Weisenthal and Tracy Alloway on Apple Podcasts.

podcasts.apple.com

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Perry Mehrling

@PMehrling

4 years

A Money View of the Pandemic:

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Perry Mehrling

@PMehrling

2 years

Kindleberger on Bernanke (1983): "a most ingenious solution to a non-problem"

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Perry Mehrling

@PMehrling

9 months

I use deCecco's account of the sterling system in all my classes. And his work was very much inspiration for my own account of the dollar system,

Money and Empire | Macroeconomics and monetary economics

www.cambridge.org

Michael Pettis

@michaelxpettis

9 months

1/3 I just finished reading Marcello de Cecco's fascinating 1971 book on the functioning (or mis-functioning) of the gold standard in the decades before WW1. I've wanted to read it for years, but was only recently lent a copy by PKU student Sammy Zucker.

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Perry Mehrling

@PMehrling

2 months

The whole point of inventories (i.e. stores) is to absorb temporary mismatch between demand and supply without moving the price.

Lee Hepner

@LeeHepner

2 months

I’m more convinced every day that predictable pricing is foundational to economic fairness. How can you budget for anything if you don’t know how much it will cost?

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Perry Mehrling

@PMehrling

1 year

If you liked Money and Empire, you will like these books also:

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Perry Mehrling

@PMehrling

7 years

Why secular stagnation? It's aggregate demand, not supply, even in the long run. Why weak demand? Rising inequality, and household debt overhang.

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Perry Mehrling

@PMehrling

3 years

I'll be giving keynote on the 11th, first book talk on my forthcoming Money and Empire: Charles P. Kindleberger and the Dollar System (Cambridge UP)

Young Scholars Initiative

@ysi_commons

3 years

Coming up soon! The 2nd Annual Money View Symposium, ft. @PMehrling and other money-viewers from all over the world 😃 📅11-13 Feb | Free & open 👉Register at #moneyviewsymp

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Perry Mehrling

@PMehrling

2 years

"A theory of debt is basically a theory of everything"

Andrew J Douglas

@ajd_theory

2 years

This will be my third year trying to teach a political theory course on "debt and democracy." What I've learned: 1) A theory of debt is basically a theory of everything 2) It's simply impossible to teach satisfactorily a standalone course on debt 3) Still, it's worth trying

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Perry Mehrling

@PMehrling

5 years

Eternally grateful to INET for taking the chance on my little course, seven years ago, and doing such a fabulous job with the video, sound, editing. Even with Hurricane Sandy, we cancelled only one lecture!

Institute for New Economic Thinking

@INETeconomics

5 years

With monetary theory all over the news, it might be time for a refresher course? @PMehrling & INET present The Economics of Money and Banking, a lecture series that will leave anyone able to read, understand & evaluate monetary policy at the level of @FT

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Perry Mehrling

@PMehrling

4 years

Money View Symposium recordings now up:

Financial Stability Working Group

The Financial Stability Working Group studies novel approaches to monetary economics and bridges the intellectual gap between finance and macroeconomics. Top...

www.youtube.com

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Perry Mehrling

@PMehrling

2 years

@i_aldasoro @JWMason1 Perhaps a corollary, liquidity is real and solvency is accounting fiction.

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Perry Mehrling

@PMehrling

4 years

A money view of the Corona Crisis, understanding what the Fed did and why, and drawing lessons for regulation and management going forward:

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Perry Mehrling

@PMehrling

4 years

Bookmarking this, essential reading for understanding strains in global dollar funding, central bank response.

Bank for International Settlements

@BIS_org

4 years

Introducing a new BIS series: BIS Bulletins feature short, topical notes written by our in-house experts on current market developments and economic trends #BISBulletin #DollarFunding #FinancialMarkets #Coronavirus

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Perry Mehrling

@PMehrling

6 years

The video is two minutes only. Highly recommended. Global money.

Bank for International Settlements

@BIS_org

6 years

BIS economists Iñaki Aldasoro @i_aldasoro and Torsten Ehlers map where non-US banks raise their $12.8 trillion in US dollar funding and where that funding comes from #USDollar #BankFunding #BISStatistics

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Perry Mehrling

@PMehrling

7 years

"There is no such thing as “fiat money”; we should put the term out of circulation."

Solving the wrong problem: Bitcoin misunderstands money

Limiting money to a finite stock is the most arbitrary form of central planning, deciding in advance and for all time the liquidity needs of a complex, evolving economy

www.livemint.com

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Perry Mehrling

@PMehrling

8 months

The Minsky-Kindleberger Connection: "Indeed, the separation into camps began right away; the first issue of the Journal of Post Keynesian Economics was published in 1978, the same year as Manias."

The Minsky-Kindleberger Connection and the Making of Manias, Panics...

By his own account, Kindleberger’s attention was first brought to Minsky (1919-1996) by Martin Mayer, author of The Bankers (1974). “Martin Mayer put me on to the Minsky model”, says Kindleberger (...

journals.openedition.org

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Perry Mehrling

@PMehrling

4 years

I was writing New Lombard Street when Zoltan's paper came out, so I reached out to him. We had lunch near the Fed and he gave me two copies of the map, which I still have. Our co-authored "Bagehot was a Shadow Banker" was an attempt to tease out the analytical essence.

Iñaki Aldasoro

@i_aldasoro

4 years

Re-reading the shadow banking paper of Zoltan et al, the one with impossible map. True story about my relationship with the map: during my PhD years, my office was located opposite of @JanKrahnen 's, which had a big poster of the map on the outside facing the corridor ...

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Perry Mehrling

@PMehrling

3 years

Better for me, i.e. the lecturer. Those recorded lectures on Coursera that people like so much are the result of 15 years of refining in-person lectures.

Michael A Osborne

@maosbot

3 years

Recorded lectures are better for: - the immunosuppressed - people with caring responsibilities - the neurodivergent (e.g. sensory overload) - the hard of hearing - the housebound - those with a job - everyone during a pandemic - etc. In-person lectures are better for: - ?

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Perry Mehrling

@PMehrling

4 years

Learning money is like learning a new language, immersion works best. When we first launched the MOOC in Fall 2013, we had a group of volunteer "community TAs" running the chat room, and this seems similar. Best of luck, and I'll be watching to see how it goes!

Alex Howlett

@AlexHowlettUBI

4 years

For anyone who's interested, I'm leading a group of people through @PMehrling 's Money and Banking MOOC. We watched the first lecture last Wednesday and the second one today. We'll do a discussion thread about each lecture and reading in r/cmt_economics.

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Perry Mehrling

@PMehrling

2 years

"Liquidity kills you quick": FTX, by @dhneilson

FTX

Mercifully quick

www.soonparted.co

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Perry Mehrling

@PMehrling

1 year

The Minsky-Kindleberger Connection. At every talk on my new Kindleberger book someone has asked about the connection to Minsky, so I thought I'd better sort it out, hence this new Working Paper.

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Perry Mehrling

@PMehrling

1 year

"In fact, there’s reason to argue that common law — enforceable in U.S. and U.K. courts — not only underpins the value of the dollar but is, in and of itself, the equivalent of a reserve currency."

In defense of the dollar

For all its foibles, nothing on the horizon comes close to replicating what the dollar offers.

www.politico.eu

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Perry Mehrling

@PMehrling

7 years

More simply: Banking is essentially a swap of IOUs, ergo full reserve banking is not banking. via @FT

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Perry Mehrling

@PMehrling

7 months

Bagehot was a money viewer, Lombard Street (1873) the empirical basis for an analytical work he was only beginning when he died in 1877. Neoclassical monetary theory of Jevons and Marshall subsequently built on very different foundations.

Jay Pocklington

@pockez

7 months

@liquidity_notes @ysi_commons @PMehrling The recordings will be trickling in on the YSI YouTube channel over the next days. @PMehrling 's talk on Walter Bagebot is already available:

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Perry Mehrling

@PMehrling

4 years

Critical Macrofinance and the Money View: Gabor four propositions and their money view complements: 1--price formation in dealer system, 2--survival constraint in payments system, 3--alchemy of money, 4--essential hybridity and DOLR

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Perry Mehrling

@PMehrling

2 years

Hidden Forces podcast now public: The Rise of the Global Dollar System.

The Rise of the Global Dollar System | Perry Mehrling

Perry Mehrling describes the origins of the global Dollar system and why it has proven to be far more resilient than many of its critics and most ardent supporters could have possibly imagined.

hiddenforces.io

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Perry Mehrling

@PMehrling

4 years

Tooze engages Pettis and Klein new book Trade Wars ARE Class Wars. Key takeaway: US does not control its current account, or saving rate; all driven by China and Germany imbalances.

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Perry Mehrling

@PMehrling

2 years

If you missed this (7 am East Coast time!) here is the recording. Enjoy!

Money and Empire: A Conversation on Charles Kindleberger and the...

The role of the dollar in the global financial- and trading system has become the one of the most important topics in global economic governance and geopolit...

www.youtube.com

LSE Global Economic Governance Commission

@LSE_GEGC

2 years

The recoding of our book event on Charles Kindleberger and the dollar system with @PMehrling , @adam_tooze and @michaelxpettis is now available.

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Perry Mehrling

@PMehrling

2 years

Looking forward to this! Pettis and Tooze talking about my book? Dreamy.

LSE IDEAS

@lseideas

2 years

Join @LSE_GEGC for a discussion between @PMehrling @michaelxpettis @adam_tooze and @lindayueh on the past, present and future of the dollar. Find out more and register here.⬇️

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Perry Mehrling

@PMehrling

7 years

New paper "Financialization and its Discontents":

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Perry Mehrling

@PMehrling

4 years

"Among banking systems from jurisdictions without a dollar swap line, Chinese banks’ $1 trillion in observed dollar liabilities stand out."

Bank for International Settlements

@BIS_org

4 years

The latest #BISBulletin measures non-US banks’ short-term #DollarFunding needs by comparing short-term dollar liabilities, including off-balance sheet FX swaps, with holdings of liquid dollar assets

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Perry Mehrling

@PMehrling

4 years

Swap line as outside spread for global FX swap system, absorbing market stress in quantity when price no longer effective.

Bank for International Settlements

@BIS_org

4 years

In a global financial system heavily reliant on the use of the dollar, the network of central bank #SwapLines centred on the Fed serves as a critical elastic backstop for the private provision of #DollarLiquidity #BISBulletin

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Perry Mehrling

@PMehrling

5 years

Odd Lots Interview now out:

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Perry Mehrling

@PMehrling

2 years

Eurodollar was pre-eminently a private dollar, offshore and out of mind, loosely tethered to public dollar, onshore. Multiple crises have led to closer connections, and institutionalized backstop. Now come political ramifications?

Izabella Kaminska

@izakaminska

2 years

What I’m arguing is that the dollar era was actually defined by the neutrality of the Eurodollar. Even as the US remained highly politicized, the Eurodollar ironically became the currency/medium of exchange of choice in enemy/hostile states.

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Perry Mehrling

@PMehrling

4 years

Schenk lecture on historical origin of FX swaps, and central bank cooperation, followed by all-star panel discussion. Highly recommended.

Per Jacobsson Lecture - Central bank cooperation and US dollar liquidity: what can we learn from...

Per Jacobsson Lecture, livestreaming, 30 October 2020.

www.bis.org

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Perry Mehrling

@PMehrling

2 years

@tinysingularity The effective real interest rate depends on who you are, and what business you are in. Everyone faces the same nominal rate (modulo credit spreads) but not the same real rate.

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Perry Mehrling

@PMehrling

5 years

New paper. The blog post announcing the new paper tells you why to read it.

Payment vs. Funding: The Law of Reflux for Today

The central bank today is not just the government’s bank, but also a bankers’ bank, a truly hybrid institution

www.ineteconomics.org

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Perry Mehrling

@PMehrling

4 years

My new blog post, "Imagining the AC Economy":

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Perry Mehrling

@PMehrling

7 years

Cryptos fear credit, but credit is a feature of modern money systems, not a bug.

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Perry Mehrling

@PMehrling

6 years

Excellent Borio speech. Money is essentially means of payment, not medium of exchange. Elastic credit crucial for payments system, but dangerous for price and financial stability. Management required.

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Perry Mehrling

@PMehrling

5 years

My latest post, looking back on "money view" MOOC seven years later:

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Perry Mehrling

@PMehrling

1 year

The Global Dollar Endgame Won't Play Out How You Think | Dr. Perry Mehrling via @YouTube

The Global Dollar Endgame Won't Play Out How You Think | Dr. Perry...

Dr. Perry Mehrling, Professor of International Political Economy at the Pardee School of Global Studies, Boston University, joins Forward Guidance to discuss...

www.youtube.com

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Perry Mehrling

@PMehrling

5 years

Balance sheet thinking forces consistency--every liability is someone else's asset--and also attention to time dimension, match and mismatch of cash flows. It does NOT require assumptions of equilibrium, utility maximization, etc.. Very primitive, very fundamental.

Meet Mehta

@meet_econ

5 years

@PMehrling This course is by far the best MOOC I have found across the internet. I have started analysing every by thinking about how the balance sheets of the players might be affected, just the way taught in the lectures. So clear yet so intuitive!

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Perry Mehrling

@PMehrling

6 months

"Bagehot versus Kindleberger", Columbia University, Feb 26, 2024, starts at 13:00

Part 2, Session 1: Emergency Liquidity Management - Bagehot versus...

null

www.youtube.com

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Perry Mehrling

@PMehrling

3 years

Sterling system, dollar system.

Daniel Munevar

@danielmunevar

3 years

Siri, show me a picture of financial colonialism in the XXI century (or path dependency, depending on your favorite ice cream flavor)

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Perry Mehrling

@PMehrling

4 years

That's credit to the three cameras, professional sound and video-editing. Unlike a movie, however, we filmed live, one take only, two 75 minute lectures every week. A lot of pressure! We lost only one lecture meeting to Hurricane Sandy.

Rishi Mishra

@aRishisays

4 years

@PMehrling Money and Banking is not an MOOC for me.. its like my favorite movie! I have watched and re-watched the lectures several times! What a great course! Thank you so very much!

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Perry Mehrling

@PMehrling

3 years

"it is theoretically wrong to treat all currencies as though they are peers"

Daniel H. Neilson

@dhneilson

3 years

Dollar hegemony in the foreign exchange markets

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Perry Mehrling

@PMehrling

4 years

Our Odd Lots Podcast, recorded last Wednesday, not yet out of date!

Odd Lots

Listen to Bloomberg's Odd Lots podcast with Joe Weisenthal and Tracy Alloway on Apple Podcasts.

podcasts.apple.com

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Perry Mehrling

@PMehrling

2 years

"Why does the apparently prescient and correct “key currency” view remain an embattled minority view?" #inet

The Rise of the Global Dollar System

Why does the apparently prescient and correct “key currency” view remain an embattled minority view?

www.ineteconomics.org

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Perry Mehrling

@PMehrling

8 months

My book at AEA (the one at the far right of the screen)

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Perry Mehrling

@PMehrling

4 years

This is the official invite.

Young Scholars Initiative

@ysi_commons

4 years

Develop your own Money View w/ @PMehrling ! A 3-day symposium based on the popular course 📅5-7 Feb | Free & open ℹ️More info: 👉Registration: #moneyviewsymp

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Perry Mehrling

@PMehrling

3 years

Coinbase reinventing the wheel. So far, apparently 100% reserve banking, and even then considerable potential for problems.

Daniel H. Neilson

@dhneilson

3 years

Coinbase: A bank in crypto clothing

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Perry Mehrling

@PMehrling

2 years

My understanding is that this podcast will be made public a week from today, and I will retweet it then.

Demetri Kofinas 💎🙌🏼

@kofinas

2 years

I'm joined on @HiddenForcesPod by @PMehrling to discuss the origins of the global Dollar system, what has made it so resilient, and why politics & war can accelerate challenges to the system and often transform the monetary order entirely. 💵💵🔥

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Perry Mehrling

@PMehrling

3 years

"Where's My Swap Line?" New WP:

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Perry Mehrling

@PMehrling

2 years

To Understand Cryptocurrency, First Understand Money: Risk Talking podcast | City Journal

To Understand Cryptocurrency, First Understand Money

What is money? It’s a time-honored question in economics, and the stock answers usually involve such phrases as “a medium of exchange” or “a reliable store of value.” But the definition seems...

www.city-journal.org

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Perry Mehrling

@PMehrling

2 years

"The concise definition of communism is hence: communism is a social system that enabled backward and colonized societies to abolish feudalism, regain economic and political independence, and build indigenous capitalism."

Branko Milanovic

@BrankoMilan

2 years

Capitalism, Alone: Four important--but somewhat hidden themes...

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Perry Mehrling

@PMehrling

4 years

A different take on macroeconomics and inequality,

Research Webinar & Book Launch: Macroeconomic Inequality From Reagan to Trump

A discussion with Lance Taylor and Özlem Ömer, authors of INET's new book Macroeconomics Inequality from Reagan to Trump

www.ineteconomics.org

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Perry Mehrling

@PMehrling

2 years

Thanks Adam! Hoping to get a copy soon myself.

Adam Tooze

@adam_tooze

2 years

Did a review of @PMehrling fascinating new book on Kindleberger for @NewStatesman Framed it in Chartbook Newsletter #160 Which ties to @OnesandToozePod on "Nobel's" this week

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Perry Mehrling

@PMehrling

5 years

Great interview this morning for Odd Lots. Looking forward...

Joe Weisenthal

@TheStalwart

5 years

@bennpeifert @PMehrling After talking to Perry, I realize I have to now go do his Coursera course and read every one of his books.

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Perry Mehrling

@PMehrling

6 years

Back in June I gave a talk called "The Myth of Monetary Sovereignty", so we have similar taste in titles also! I note that MMT emerges from US at top of hierarchy, Positive Money and Vollgeld from a bit farther down, and Pablo Bortz from EME periphery. Very different seats.

Frances 'Cassandra' Coppola

@Frances_Coppola

6 years

@adam_tooze @PMehrling Yes yes! Really my diagram just depicts what Perry says in words. The important thing from a financial stability point of view is not that the money and the associated collateral are moving (in opposite directions), it is that both are leveraging, but at different speeds.

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Perry Mehrling

@PMehrling

6 years

Fascinating and poignant, sweeping account of development of Russian economic thought, tale of two generations (1960s, 1980s), specter of liberalism. An hour very well spent.

Ceteris Never Paribus

@CeterisNParibus

6 years

Our new Episode 12 on the development of Soviet and Russian economics with Adam Leeds, hosted by @_RSchumacher . Listen here:

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Perry Mehrling

@PMehrling

3 years

As we say in the money view, "liquidity kills you quick"

Perry Mehrling

@PMehrling

3 years

"hydrodynamics in shallow water are different" The bank effect and the big boat blocking the Suez via @financialtimes

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Perry Mehrling

@PMehrling

2 years

What the author calls "long-end QE" I would view as DOLR in interest rate swaps, receiving long fixed and paying short floating.

The reason the BoE is buying long gilts: an LDI blow-up

Pension plan plumbing problems forced the Bank’s hand

www.ft.com

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Perry Mehrling

@PMehrling

3 years

20 min preview of the Kindleberger book, and 30 min of very stimulating conversation, pitched for Columbia faculty:

Lunchtime Seminar "Charles P. Kindleberger and the Dollar System"...

Money and Empire: Charles P. Kindleberger and the Dollar SystemPerry MehrlingModerated by Katharina PistorMonday, February 21 | 12:00 to 1:00 PM ETThe CGT Lu...

www.youtube.com

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Perry Mehrling

@PMehrling

6 years

Provocative connection of some disparate dots, highly recommended. The demise of the nation state

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Perry Mehrling

@PMehrling

4 years

It's 30 minutes. Time well spent. Essential background for understanding next steps in EME dollar bond market, current crisis.

Maria C. Schweinberger

@mariacacilia

4 years

If C-19 makes you want to travel history, you feel like recapping the history of the Eurodollar market, or you want to understand why my job is London-based: … @PMehrling @steffenmurau @DanielaGabor @BJMbraun

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Perry Mehrling

@PMehrling

3 years

Looking forward to this! Kindleberger was a 1933-1937 Columbia PhD, formed by the intellectual ferment (and monetary upheaval) of the Great Depression.

Global Thought

@global_thoughts

3 years

Join Professor Perry Mehrling as he discusses the history of international finance, hung on the life and times of Charles P. Kindleberger, & the underlying economic forces and political obstacles that continue to shape our globalized world. Register here:

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Perry Mehrling

@PMehrling

2 years

"a graphical companion to Chapter 2 of Perry’s book, with future installments to come". Thanks, Dan, and looking forward to those future installments! The Fed’s balance sheet, 1914 to 1935, by @dhneilson

The Fed’s balance sheet, 1914 to 1935

A graphical companion for students of Kindleberger and the dollar

www.soonparted.co

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Perry Mehrling

@PMehrling

4 years

My latest (filmed Oct 9): Corona Virus Stress Test of Global Market Based Credit System.

Perry Mehrling | La crisis del Coronavirus: lecciones regulatorias de...

Jornadas Monetarias y Bancarias 2020 #JornadasBCRA | Día 1 | 'El rol de la política monetaria en la post pandemia, de la teoría a la práctica' Perry Mehrlin...

www.youtube.com

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Perry Mehrling

@PMehrling

2 years

Thoughtful and provocative questions, building from a careful reading of the book. A model of the podcast genre, dropping next week so I understand. Thanks Demetri.

Demetri Kofinas 💎🙌🏼

@kofinas

2 years

I'll be speaking with @PMehrling shortly about the origins of the US Dollar system that he chronicles in his new book "Money & Empire." What would you most like to hear me ask?

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Perry Mehrling

@PMehrling

2 years

"Offshore dollars and synthetic dollars, out of the immediate reach of US law, can substitute for onshore dollars."

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Perry Mehrling

@PMehrling

2 years

Thanks for the plug. In CPK view, BW did not fall apart, it was smashed on purpose. He viewed Nixon's Crime of 1971 as abdication of necessary US leadership.

Mona Ali

@MonaAli_NY_US

2 years

Can’t wait to read ⁦ @PMehrling ⁩’s book on the man who helped fashion the world dollar standard. Here is Kindleberger in 1970, just before Bretton Woods falls apart, advocating for G-10 representation at the Fed’s FOMC and for the BIS to regulate the offshore dollar market!

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Perry Mehrling

@PMehrling

2 years

I like the caricature, which seems to have been drawn from a photo taken a decade ago!

TopTradersLive.com

@TopTradersLive

2 years

There is so much talk about if we are at the end of the US Dollar reign...but before you can even start to answer this question you need to know it's history - join @kcold1 as he uncover this with @PMehrling 👇👇👇👇👇 #economy #investing #markets

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Perry Mehrling

@PMehrling

4 years

Read them both. The making of the global dollar system, a true history.

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Perry Mehrling

@PMehrling

2 years

A new interview about money view, short with nice pics:

The Money View: An interview with Professor Perry Mehrling

Professor Perry Mehrling discusses the Money View - a school of thought relating to economics on a global scale

researchoutreach.org

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Perry Mehrling

@PMehrling

2 years

Real is nominal minus some price level change. Asset price level change is negative, while consumer price level change is positive. Which price level matters?

Gillian Tett

@gilliantett

2 years

Welcome to the difference between real and nominal rates that (almost) everyone forgot during QE…are we ready for 6 percent plus rates again??

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Perry Mehrling

@PMehrling

4 years

"Covid-19, unfortunately, has warped the true demand signal for cash. The consequences of that are the creation of a monetary system that does not serve the public interest and which the consumer does not demand." via @FinancialTimes

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Perry Mehrling

@PMehrling

7 years

New year, new job. After thirty years, shifting to @BUPardeeSchool effective Jan 1:

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Perry Mehrling

@PMehrling

2 years

2022 "Globie" award for best book, Money and Empire

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Perry Mehrling

@PMehrling

4 years

Very valuable primer, and no firewall. In the money view, balance of payments is essentially a settlement constraint, a matter of lining up in time cash inflows and cash outflows.

Brad Setser

@Brad_Setser

4 years

Adam Tooze has been very prolific -- the Vox interview, and a new Foreign Policy piece on the challenge of dollar funding in emerging economies. His piece is very good. But I want to flesh out the issue a bit more here 1/ many

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Perry Mehrling

@PMehrling

3 years

Mehrling, Potter, and Selgin on Lender of Last Resort. Talk about triangulation! Check it out, 1:38 to 2:34,

Money Markets in a New Era of Central Bank Policies, SHoF Annual...

Throughout the 2008-2009 financial crisis and the ongoing COVID-19 pandemic, central banks over the world developed new—unconventional—monetary policy instru...

www.youtube.com

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Perry Mehrling

@PMehrling

4 years

Sensible frame, public health first. Re: backstops, Pozsar and Sweeney remind us that supply chains are payment chains in reverse.

Olivier Blanchard

@ojblanchard1

4 years

My two cents on the virus today. Two vital sets of measures. Keep the flow of infections down so the health system is not overwhelmed. Do whatever it takes. Prepare fiscal measures, including transfers and backstops to banks. Do whatever it takes. This is more or less it.

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Perry Mehrling

@PMehrling

4 years

Price discovery is unreliable under present conditions. We must imagine future and build toward it. Years, not months, not weeks. Marathon, not sprint.

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Perry Mehrling

@PMehrling

3 years

"This quaintly monetarist idea implements a misunderstanding of the gold standard in an algorithmic costume."

Daniel H. Neilson

@dhneilson

3 years

Crypto monetarism: Bitcoin, scarcity and energy

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Perry Mehrling

@PMehrling

5 years

Thanks to GDP Center for the beautiful redesign. Draw your attention in particular to most recent video lecture on "Kindleberger and the Rise of the Dollar System":

Boston University Global Development Policy Center

@GDP_Center

5 years

Check out this new site of @PMehrling , #GEGI Core Faculty and Professor of International Political Economy at @BUPardeeSchool :

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Perry Mehrling

@PMehrling

5 years

I was there. My takeaway: existing finance and macro models don't capture key features of present reality, not to mention their fitness for engaging the principle challenges of our time, specifically the digital revolution and climate change. Lots to do!!!

Institute for New Economic Thinking

@INETeconomics

5 years

What are the big blind spots in finance and macroeconomics? @JosephEStiglitz @amspence98 @rjocean @elerianm of INET's Global Commission on Economic Transformation and others are meeting in NYC today to discuss -- and chart the path to shared prosperity

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Perry Mehrling

@PMehrling

2 years

"MMT meets Rey's dilemma" Balance of payments is the relevant survival constraint.

Daniela Gabor

@DanielaGabor

2 years

Helene Rey's dilemma, squared.

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Perry Mehrling

@PMehrling

2 years

"The very thing that makes central banks central is their position in the payment system—the plumbing is what central banks are at the center of." A void at the center, by @dhneilson

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Perry Mehrling

@PMehrling

5 years

I will give two lectures: "Liquidity Changes Everything: Theory" and "Liquidity Changes Everything: Applied".

Università di Trento

@UniTrento

6 years

June 3-14 2019 Axel Leijonhufvud Trento Summer School MACROECONOMIC TOPICS: INEFFICIENCIES AND COORDINATION FAILURES Application window from February 15 to April 15, 2019 @intesasanpaolo @INETeconomics @UniTrento

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Perry Mehrling

@PMehrling

3 years

The central theme of the post is further developed in my paper:

Adam Tooze

@adam_tooze

3 years

“Great and mighty things which thou knowest not” This reaction by @PMehrling to Werner is still one of my favorite money blogs.

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Perry Mehrling

@PMehrling

1 year

Recording of the webinar now available:

Kindleberger and the 21st Century

Charles P. Kindleberger ranks as one of the 20th century's best known and most influential international economists. How has his work impacted economic under...

www.youtube.com

Boston University Global Development Policy Center

@GDP_Center

1 year

🚨 Kicking off now! Join us for a webinar discussion with @PMehrling + Robert N. McCauley, moderated by @LaraMerling , on Charles P. Kindleberger and his influence in the 21st century. Watch the livestream and follow along for highlights:

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Perry Mehrling

@PMehrling

4 years

And a two course sequence in Global Money taught by yours truly. Adding new Topics for the fall graduate seminar: Corona Crisis, Central Bank Digital Currency, Climate Finance, China and the Dollar.

Pardee School of Global Studies, Boston University

@BUPardeeSchool

4 years

📢 Tomorrow is the last chance to apply for one of the Pardee School's graduate programs in international affairs or global policy. Apply now & join us as we work towards a future with peace that lasts, development that works, & knowledge that transforms.

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Perry Mehrling

@PMehrling

2 years

"That's what zero interest rates do."

MacroKurd

@macrokurd

2 years

We spent the last decade flipping houses as a 'business', making digital pictures of penguins to trade over a Blockchain, traded old junk as collectibles, and made digital coins with shitty names we pretended was money. That's what zero interest rates do.

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Perry Mehrling

@PMehrling

5 years

Good stuff.

Opinion | Facebook’s Libra is an attempt to mask a promise as a token

Since Libra would be issuing promissory notes that function as money, it is essentially a banking venture dressed up in cryptography

www.livemint.com

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Perry Mehrling

@PMehrling

2 years

"the path from UST to USDT was as short as D, as in Distress". Highly recommended.

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Perry Mehrling

@PMehrling

5 years

I think of the works of past economists as a kind of seed bank of biodiversity, each one addressing a pressing economic topic of a particular time and place using some method or other, a resource for the present as we confront our own pressing topics. Who funds other seed banks?

Beatrice Cherrier

@Undercoverhist

5 years

@D_Kuehn I'm at a stage where I don't think such abstract question can yield any insight on what a good individual or collective institutional strategy for historians could be. A better one is "who should fund history of economics? And publish it?"

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Perry Mehrling

@PMehrling

4 years

"As climate change poses severe risks to price stability, central banks are required, within their traditional mandates, to strengthen their efforts to support a faster transition towards a more sustainable economy."

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