Modernizing a Classic of Monetary Theory

Dr. Perry Merhling discusses his book, 'The New Lombard Street', which explores modern money markets and the role of the Fed during crises. Inspired by Walter Bassett's study of the Bank of England, Merhling updates the concept to focus on the New York and dollar money markets. He connects institutional details from Marcia Stigum's work with academic literature on monetary policy and rational expectations, aiming to bridge practical banking insights with economic theory.

What is the primary focus of Dr. Perry Merhling's book, 'The New Lombard Street'?

• The history of the Bank of England

• The role of the Federal Reserve in modern money markets

• The evolution of Wall Street

• The impact of technology on finance

Which historical book inspired Dr. Merhling's 'The New Lombard Street'?

• The Theory of Moral Sentiments

• Lombard Street by Walter Bassett

• The General Theory of Employment, Interest, and Money

• The Wealth of Nations

What is the main analogy Dr. Merhling uses in his book?

• Comparing Wall Street to Silicon Valley

• Comparing the Federal Reserve to the European Central Bank

• Comparing modern finance to ancient trade

• Comparing the New York money market to the London money market

What is Marcia Stigum's contribution to the understanding of money markets?

• She developed a new economic theory

• She provided a detailed institutional guide to money markets

• She was the first female banker on Wall Street

• She wrote a book on the history of the Federal Reserve

How does Dr. Merhling aim to connect his book to academic literature?

• By providing a purely institutional analysis

• By integrating historical and theoretical views of money markets

• By ignoring historical perspectives

• By focusing solely on theoretical models