This session covers Lecture 2: The Natural Hierarchy of Money. This lecture provides a big-picture overview of the whole course. If you've done the MOOC before, it will feel familiar. Lecture Notes Money and Banking 2022 INET ED Master Thread Lecture 2 Discussion Thread

This session covers Reading 1: Four encyclopedia chapters by Allyn Young. Young, writing in the 1920s shares his perspective on the nature of money and credit, the importance of a monetary standard, and the purpose of banking. He also gives us a history of the United States banking system leading up to the formation of …

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This session covers Lecture 3: Money and the State: Domestic. The lecture gives us some practice using balance sheet notation to describe some of the historical US banking structures from the Allyn Young reading. This includes the National Banking System, which was the precursor to the Fed, as well as mechanism that Treasury Secretary Salmon …

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This session covers Lecture 4: The Money View, Micro and Macro This lecture connects up the money view with Hyman Minsky's cashflow-oriented view of the economy. The payments system is a credit system. The expansion of credit makes ordinary payments possible. But sometimes the expansion of credit has to come from above in the hierarchy. …

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