Money View Symposium

Money View Symposium

Perry Mehrling over the past decades in building on the British and American central banking schools has developed what he calls the ‘money view’. While economics and finance have oddly abstracted from the concept of money in order to focus on other problems, this minority view focuses on money and credit for what it is: a set of interlocking promises to pay and how these promises get settled. The money view therefore is in a unique position to restart a conversation between economics and finance, as well as theory and practice.

Now, ten years after the publication of New Lombard Street and eight years after the initial launch of the MOOC, many of us have studied the money view and used it as an analytical lens in our work, be it in economics, law, international political economy or adjacent disciplines. This symposium welcomes you all back in order to share your research, projects, and work that have been inspired by the course.

The Money View Symposium hosted by YSI will showcase work of scholars and practitioners that make use of the money view. We have a particular interest in showcasing how the money view has been applied and further developed not only in economics but also in other disciplines such as law, international political economy and the social science at larges.

If you have ever taken the course, or are thinking about it, please make sure to drop in!

You can find the recording here.

Program

Times in ET

Friday, 5 February

10:00 am Welcome

10.30 Charles Kindleberger as a Money Viewer | Perry Mehrling (Boston
University)
Discussants: Céline Tcheng (Sciences Po), Eric Monnet (Paris School of Economics)

12:00 Talking Money View: Who is Who? An icebreaker
Moderated by Jay Pocklington (INET)

1:30 Recap and Overview of Key Concepts in the Money View
Céline Tcheng (Sciences Po)

2:00 Presentations
Chair: Adam Kerenyi (YSI Financial Stability Working Group)

Alex Howlett (Project Greshm) | A Functional Approach to Money

Maria C. Schweinberger (INET-YSI) | Registration requirements for securities and foreign broker dealers under US securities laws

Asgeir B. Torfason (Fiscal Council of Iceland) | Cash Flow Accounting in Banks

3:00 Liquidity Happy Hour
Join us for an informal hangout and get to know your fellow conference participants.

Saturday, 6 February

9.00 am Presentations
Chair: Nathalie Marins (YSI Financial Stability Working Group)

Anush Kapadia (IIT Bombay) | Political Theory of Money and the Money View

Seung Woo Kim | The Money View and the History of the Eurodollar Market

Rasheed Saleuddin (Cambridge) | Shadow credit, the Fed and the Crash of 1929

Jay Pocklington (INET) | The German Economic Recovery 1933-1937 under Hjalmar Schacht

10.30 am Economic History Panel
Catherine R. Schenk (Oxford) | Central Bank Swaps Then and Now: Swaps and Dollar Liquidity in the 1960s

Eric Monnet (Paris School of Economics) | Central Banks: Market Makers and Shock Absorbers

Yakov Fegyin (Berggruen Institute) | Making and Breaking Monetary Institutions: Lessons from the Making of Soviet and Post-Soviet Monetary Systems

12:00 ET Fireside Chat with Lee Buchheit (University of Miami) on Sovereign Debt
moderated by Maria C. Schweinberger

The practice of sovereign debt restructuring is a perfect example of how the characteristics of money and credit as described in the Money View literature, namely hierarchy, hybridity and (non-)enforceability of private contracts, come to play in the real world. During this conversation with sovereign debt restructuring veteran Lee C. Buchheit we will explore whether an emerging markets debt crisis is looming, what can be done and how sovereign debt markets have evolved over the last 40 years.

2:00pm ET Fireside Chat with Perry Mehrling
moderated by Asgeir B. Torfason

The discussion will trace the intellectual foundations through Perry’s personal story in the trail of his education and the research path behind the writings in order to better understand the historical and theoretical development and the practical platform the course has created.

3:00 Liquidity Happy Hour
Join us for an informal hangout and get to know your fellow conference participants.

Sunday, 7 February

9:00am Roundtable | The Economics of Money and Banking Course
moderated by Elham Saeidinezhad (Columbia University)

Asgeir Bryanjar Torfason (Fiscal Council of Iceland)
Dan Neilson (Bard College at Simon's Rock)
Eric Fischer (NY Fed)
Michael Beall (Federal Reserve Board)
Aleksandar Stojanović (NYU Shanghai)
Anush Kapadia (IIT Bombay)

10:30 Projects in the Money View
Sharing experience on old and new work within the Money View
Moderated by Jay Pocklington

11:30 Presentations
Chair: Nathalie Marins (YSI Financial Stability Working Group)

Miquel Bassart i Loré (Université Paris 13) | Towards an endogenous public security supply framework.

Steffen Murau (Boston University), Fabian Pape and Tobias Pforr | The Hierarchy of the Offshore US-Dollar System. On Swap Lines, the FIMA Repo Facility and Special Drawing Rights

Francesco Ruggeri (LUISS University) | Yield curve control as an option for Dealer of Last Resort policy. A proposal for the ECB

1:00pm Closing

Email: MoneyView@youngscholarsinitiative.org