Money and Monetary Policy
Here is an older (near the start of the Asian Financial Crisis) discussion of fixed vs. flexible exchange rates from The Economist.
“Fix or Float, Sink or Swim?” June, 19 1997. The Economist. pdf1
Greg Mankiw discusses the Trilemma.
Mankiw, G. July 10, 2010. “The Trilemma of International Finance.” New York Times
White, Gillian. 11/11/2015. “Why are Republicans So Obsessed with the Gold Standard?” The Atlantic
O,Brien, Matthew. 8/26/2012. “Why the Gold Standard is the World’s Worst Economic Idea, In 2 Charts.” The Atlantic
Here are four short articles from The Economist on the Tequila Crisis.
Enrique Mendoza has an interesting post about debt-deflation:
Mendoza, E. 2/12/09. “Hire Irving Fisher.“ Vox
Yet another article from The Economist. This one is on Irving Fisher, the originator of the debt-deflation theory.
A non-technical article about debt-deflation and economic crises: (from JSTOR)
Dimand, R. 1994. “Irving Fisher’s Debt-Deflation Theory of Great Depressions.“ Review of Social Economy, Vol. 52(1): 92-107.
Central Banks as Lenders of Last Resort and Regulators
A short and a shorter article on lenders of last resort.
Humphery, Thomas. 1989. “Lender of Last Resort: The Concept in History. Federal Reserve Bank of Richmond Economic Review, April/May: 8-18.
Here is some detail on the Fed’s CAMELs system
Lopez, Jose. June 11, 1999. “Using CAMELs to Monitor Bank Conditions.” Federal Reserve Bank of San Francisco Economics Letters,
The New York Fed’s blog has an interesting post about lending as a last resort during the recent financial crisis.
Viral V. Acharya, Michael J. Fleming, Warren B. Hrung, and Asani Sarkar. 5/10/2017.”Which Dealers Borrowed from the Fed’s Lender-of-Last Resort Facilities.” Liberty Street Economics
The Creation of the Federal Reserve
Here is Milton Friedman on the Coinage Act of 1873.
Friedman, Milton. 1990. “The Crime of 1873” Journal of Political Economy, Vol. 98(6): 1159-1194.
Here are two articles on the Panic of 1907.
Tallman, Ellis and Jon Moen. 1990. “Lessons from the Panic of 1907.” Federal Reserve Bank of Atlanta Economic Review. May/June:2-13.
Federal Reserve Bank of Boston. “The Panic of 1907”
Here is a short article commemorating the 100th anniversary of the Fed.
Lowenstein, Roger. June 22, 2013. “The Federal Reserve’s Framers Would Be Shocked.” The New York Times
The Great Depression
The main “reading” is a lecture from Ben Bernanke on the origins of the Fed and the Great Depression:
Bernanke, Ben. March 22, 2012. “Origins and Mission of the Federal Reserve.”
Here is Friedman and Schwartz’s famous account of the Great Depression:
Friedman, M. and A. Schwartz. 1965. “The Great Contraction.” Princeton University Press
Here is an interesting back and forth on Brad Delong’s blog about the success of the New Deal
Here is Ben Bernanke’s 2004 speech where he blamed the Fed for the Great Depression.
Remarks by Governor Ben Bernanke. March 2, 2004. “Money, Gold and the Great Depression.” At the H. Parker Willis Lecture in Economic Policy, Washington and Lee University, Lexington, Virginia
***Below this point, readings have not yet been updated for the Fall 2017.***
The Great Inflation
Here is a good discussion of the causes and role of policy in the Great Inflation
Bordo, M. and A. Orphanides. 2013. “The Great Inflation: The Rebirth of Modern Central Banking.” University of Chicago Press.
Here is a very short piece on the hapless WIN program.
Farber, Amy. July 23, 2012. “Historical Echoes: whip Inflation Now … and Then.“ Liberty Street Economics Blog
Part 2 of 4 of Ben Bernanke’s lecture series includes the Great Inflation
Bernanke, Ben. March 22, 2012. “The Federal Reserve After World War II”
Chinese Monetary Policy
Here are two Economist articles worth a quick read.
“Currency Peace.” February 21, 2015. The Economist
“The Yuan and the Markets.” January 16, 2016. The Economist
This article discusses trends in manufacturing, including how they are effected by trade with China
Baily, M.N, and B. Bosworth. 2013. “U.S. Manufacturing: Understanding its Past and its Potential Future.” Journal of Economic Perspectives. Vol. 28(1): 3-26.
The Asian Financial Crises
This article provides a lot of detail:
Corsetti, G., Pesenti, P., and N. Roubini. 1999. “What Caused the Asian Currency and Financial Crisis?” Japan and the World Economy, 11(3): 305-373.
Here is a shorter read:
Kawai, M. 2007. “The East Asian Currency Crisis: Causes and Lessons.” Contemporary Economic Policy, 16(2): 157-172.
Recent (post-2000) Issues in Central Banking
Ideally, you would watch the final two installments of Bernanke’s Lecture Series
Bernanke, Ben. March 27, 2012. “The Federal Reserve’s Response to the Financial Crisis.”
Bernanke, Ben. March 29, 2012. “The Aftermath of the Crisis.“