Perry Mehrling: The New Lombard Street

The video features a professor discussing his book, 'The New Lombard Street,' which explores modern money markets and the role of the Federal Reserve during crises. Inspired by Walter Bagehot's work, the book connects institutional details with academic literature. The professor highlights the 2007-2009 financial crisis, emphasizing the need to understand liquidity and shadow banking. He critiques the economics profession for neglecting institutional details and calls for intellectual change. The discussion also covers historical perspectives, the British Banking School, and the need for updated regulatory frameworks.

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