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New Lombard Street (Englisch) Gebundene Ausgabe – 8. November 2010

5.0 von 5 Sternen 2 Kundenrezensionen

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Produktbeschreibungen

Pressestimmen

[A] fantastic book. -- Brad DeLong blog

[A] fantastic book. -- Rortybomb, Mike Konczal blog


[A] fantastic book. -- Rortybomb, Mike Konczal blog



A well-written, scholarly dissection that should be required reading for all graduate courses (and perhaps some advanced undergraduate) in macroeconomics or monetary economics. -- Choice


A well-written, scholarly dissection that should be required reading for all graduate courses (and perhaps some advanced undergraduate) in macroeconomics or monetary economics. -- "Choice

With lucid precision, Mehrling traces the history of how Fed policy makers became biased toward 'excessive elasticity'. . . . Mehrling saves the best for the end, where he describes the Fed's battle to save the system with an alphabet soup of lending programs.--James Pressley "Bloomberg News "

I continue to ponder Mehrling's main claims, but in any case this is an important book about the new Fed.--Tyler Cowen "Marginal Revolution "

[A] fantastic book.--Rortybomb "Mike Konczal blog "

In "The New Lombard Street", Perry Mehrling . . . provides a lucid account of how the system worked when it was working--and of the growing role assumed by the Fed in an era of global economic volatility and 'credit-fueled bubbles.'--Glenn C. Altschuler "Tulsa World "

[I]mportant. . . . Mehrling's new book tries to do just what Bagehot did: to give an account both of how and why the Fed acted when it reinvented the rules in the middle of a financial crisis, and of what the implications for future monetary policy will be.--Harold James "Central Banking Journal "


With lucid precision, Mehrling traces the history of how Fed policy makers became biased toward 'excessive elasticity'. . . . Mehrling saves the best for the end, where he describes the Fed's battle to save the system with an alphabet soup of lending programs.
--James Pressley "Bloomberg News "


I continue to ponder Mehrling's main claims, but in any case this is an important book about the new Fed.
--Tyler Cowen "Marginal Revolution "


In "The New Lombard Street", Perry Mehrling . . . provides a lucid account of how the system worked when it was working--and of the growing role assumed by the Fed in an era of global economic volatility and 'credit-fueled bubbles.'
--Glenn C. Altschuler "Tulsa World "


[A] fantastic book.
--Rortybomb "Mike Konczal blog "


[I]mportant. . . . Mehrling's new book tries to do just what Bagehot did: to give an account both of how and why the Fed acted when it reinvented the rules in the middle of a financial crisis, and of what the implications for future monetary policy will be.
--Harold James "Central Banking Journal "

This is an excellent and accessible analysis for anyone wishing to understand the origins of the financial crisis and how the Fed came to respond as it did.--Larry Hatheway "Business Economist "

"In "The New Lombard Street", Perry Mehrling . . . provides a lucid account of how the system worked when it was working--and of the growing role assumed by the Fed in an era of global economic volatility and 'credit-fueled bubbles.'"--Glenn C. Altschuler, "Tulsa World"

"A well-written, scholarly dissection that should be required reading for all graduate courses (and perhaps some advanced undergraduate) in macroeconomics or monetary economics."--"Choice"

"With lucid precision, Mehrling traces the history of how Fed policy makers became biased toward 'excessive elasticity'. . . . Mehrling saves the best for the end, where he describes the Fed's battle to save the system with an alphabet soup of lending programs."--James Pressley, "Bloomberg News"

"I continue to ponder Mehrling's main claims, but in any case this is an important book about the new Fed."--Tyler Cowen, "Marginal Revolution"

"In "The New Lombard Street," Perry Mehrling . . . provides a lucid account of how the system worked when it was working--and of the growing role assumed by the Fed in an era of global economic volatility and 'credit-fueled bubbles.'"--Glenn C. Altschuler, "Tulsa World"

"[A] fantastic book."--Rortybomb, "Mike Konczal blog"

"[I]mportant. . . . Mehrling's new book tries to do just what Bagehot did: to give an account both of how and why the Fed acted when it reinvented the rules in the middle of a financial crisis, and of what the implications for future monetary policy will be."--Harold James, "Central Banking Journal"

"This is an excellent and accessible analysis for anyone wishing to understand the origins of the financial crisis and how the Fed came to respond as it did."--Larry Hatheway, "Business Economist"

"[T]he book can be read as an important contribution in the ongoing debate on the future of central banks. In terms of monetary policy thinking, this book is another contribution to the increasing awareness that central banks, perhaps lured by seeming success of inflation targeting, in the years before 2008 did not manage to strike the right balance between monetary and financial stability."--Lars Fredrik Oksendal, "Enterprise & Society""

Buchrückseite

"The global financial system is badly broken. Many institutions and individuals share responsibility for the development of pathologies in and around our largest banks, but the buck stops, literally and figuratively, with the Federal Reserve. If you would like to understand how this happened--and how we (and the Fed) might inch back from the precipice--read this book."--Simon Johnson, coauthor of "13 Bankers: The Wall Street Takeover and the Next Financial Meltdown"

"Informed by history, a model of clear thought and lucid prose, "The New Lombard Street" is by far our best guidebook to the changed structure of financial markets and the new role of the Federal Reserve. It also charts a new path for monetary policymakers and--given the scale of the crisis--not a minute too soon."--James K. Galbraith, author of "The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too"

"In "Lombard Street," Walter Bagehot laid out the financial market lore and central banking wisdom of his day--the 1870s. Today's markets are different, and so is what constitutes useful policy. In "The New Lombard Street," Perry Mehrling blends his rich historical knowledge with an acute analysis of current-day markets to suggest what constitutes sound central banking and financial regulation for our time. The result merits close attention from policymakers, and the rest of us too."--Benjamin M. Friedman, author of "The Moral Consequences of Economic Growth"

"No one else has come close to the achievement of this book in relating the crisis to the prior history of monetary thought and central bank practice. A masterful, original, and beautifully constructed work."--Charles A. E. Goodhart, London School of Economics and Political Science

""The New Lombard Street" makes a serious and successful effort to deepen our understanding not just of the last century or more of U.S. monetary history, but also of the way in which economic analysis has evolved alongside that history. I very much enjoyed reading this book. It is timely, provocative, and well written."--David Laidler, professor emeritus, University of Western Ontario

"This is a wonderful book that offers a fresh understanding of the role of the central bank in the world of modern finance."--Roger E. Backhouse, University of Birmingham

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Format: Gebundene Ausgabe
In seinem 1873 veröffentlichten Buch 'Lombard Street: A Description of the Money Market' beschreibt Walter Bagehot die Funktionsweise der Aktivitäten am Geldmarkt. Der britische Ökonom erklärt in seinem klassischen Werk, warum die Zentralbanken als 'lender of last resort' agieren müssen, um in einem taumelnden Kreditsystem die Liquidität zu sichern. Sein Buch legt die Grundsätze fest, die dazu beigetragen haben, die Rolle der modernen Zentralbanken zu definieren, insbesondere in Krisenzeiten.

Die jüngste globale Finanzkrise hat jedoch unvorhersehbare Herausforderungen aufgedeckt. Perry Mehrling zeigt in diesem Zusammenhang die neuen Prinzipien auf, die notwendig sind, um die Instabilität der heutigen Märkte anzugehen und das Finanzsystem neu aufzubauen. Der rote Faden dieses anspruchvollen Buches ist die im allgemeinen anerkannte kritische Funktion einer Zentralbank, welche Bagehot kurz mit dem geflügelten Diktum 'lend freely at a high rate, on good collateral' zusammenfasst.

Mehrling, der an der Columbia University Wirtschaftswissenschaften lehrt, argumentiert, dass es sich bei der Finanzkrise nicht um eine Subprime-Mortgage-Krise oder sogar eine Schatten Bankensystem-Krise handelt, sondern um eine Krise eines ganzen marktbasierten Kreditsystems, welches seit 1970 aufgebaut worden ist. Er vertritt die Meinung, dass wir, wenn wir nicht darüber nachdenken, wie das Schatten Bankensystem funktioniert hat, nicht verstehen können, was falsch gelaufen ist, als es fehlschlug. Deshalb zeichnet Mehrling aufgrund von mehreren T-Konto-Darstellungen nach, wie das Kreditsystem bislang funktioniert hat, mit der Betonung, dass die Rolle 'dealer of last resort' eine von Natur aus eine öffentliche Funktion ist.
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Kommentar 5 Personen fanden diese Informationen hilfreich. War diese Rezension für Sie hilfreich? Ja Nein Feedback senden...
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Format: Gebundene Ausgabe Verifizierter Kauf
Das Buch ist meiner Meinung nach echt top. Es verdeutlicht Zusammenhänge über die Entwicklung des heutigen Geldsystems, wie ich sie in dieser Klarheit und Prägnanz noch in keinem anderen Buch, geschweige denn Veranstaltung an der Universität, erlebt habe. Es ist sehr zu empfehlen, vor allem auch in Kombination mit dem Onlinekurs "Money and Banking Part I and Part II" auf der Internetplattform "Coursera". Ich bin sehr dankbar, dass dieses Buch meinen Weg gekreuzt und meine Sicht des Bank-, Geld- und in Konsequenz auch unseres heutigen Wirtschaftssystems mit all seinen inhärenten Dynamiken gewissermaßen revolutioniert hat. Das Buch ist meiner Meinung nach also sehr lesenswert, vor allem auch für Wirtschaftsstudenten, und die Zeit des Lesens ist sehr gut investiert! Danke Mr. Mehrling fürs Aufklären!
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Die hilfreichsten Kundenrezensionen auf Amazon.com (beta)

Amazon.com: 4.9 von 5 Sternen 13 Rezensionen
27 von 28 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Fascinating history and economics, with actionable advice 2. Dezember 2010
Von Aaron C. Brown - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
There are not very many useful and readable books about banking. The trouble is when it is explained in simple terms, it seems far too trivial to matter. When it is explained in mind-numbing technical detail, it seems too complex to understand. In 1873 Economist editor Walter Bagehot broke the mold with Lombard Street. Reacting to the financial panic caused by the failure of Overend, Gurney and Company, the book explained the money markets in ways that actually made sense, and in graceful prose as well. It cemented in the public mind the idea that the central bank should act as "lender of last resort":

"The holders of the cash reserve must be ready not only to keep it for their own liabilities, but to advance it most freely for the liabilities of others. They must lend to merchants, to minor bankers, to 'this man and that man,' whenever the security is good."

In The New Lombard Street, Perry Mehrling continues the tradition of simple and accurate explanations, based on rigorous historical research and economic reasoning, but without jargon to muddy the waters that they might appear deep. In the aftermath of our own panic, with confusion and controversy surrounding the role of central banks, this book is likely to clarify in the public mind exactly what the Fed is, and what it should be:

"From a long historical point of view, the central lesson of the crisis is that the American system requires the Fed's support as dealer of last resort, not just in the money market. . .but also in the capital market, and not just for Treasury securities. . ., but also for private securities."

This surprising, but eminently rational, conclusion follows the natural evolution of our financial system and is a prescription for the future. It serves as welcome contrast to confused discussions based on 19th century economic reality, nostalgic calls for strong and independent Fed chairs like Paul Volker and William McChesney Martin and populist appeals to abolish the Fed or restrict it to regulating bank interest rates.

However, this book is not primarily a policy argument. It lays out the principles of the modern banking system and traces their history. The writing is stylish and clear. The ideas are simple and compelling, in contrast to the blizzard of confusing jargon you get in newspaper editorial pages and journal articles. Anyone with any interest in money should read this short, path-breaking work.
10 von 11 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 Sternen Give all central bankers a copy of this book 14. Oktober 2013
Von Arnold Wentzel - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
Perry Mehrling really helps you to understand the "plumbing" of the financial system - he combines insights from history and how financial markets really work into a set of insights that will enable you to grasp events leading to the financial crisis. In the tradition of Bagehot, his starting point is not some elegant economic theory of how the world should be, but rather how the financial markets actually work. He shows that this neglect of reality has led to the crisis and the theories that prevented us from seeing it coming.

It is a thin book and very readable if you have some background in economics, and I think the intended audience is economists and financial practitioners/theorists. Without some very basic background in economic theories (general equilibrium, term structure of interest rates, interest rate parity, and a bit of basic balance sheet accounting) the significance of some of his ideas may not always be recognised though. Also, to bear in mind is that it describes the US system specifically, which, even if not true of all national central banks now, does suggest the shape of things to come.

Overall, it is a book worth reading if your interest or your job involves understanding the financial system. Those who find it difficult at places may want to look up his interesting lectures on Coursera that go into more detail or his Money View blog.
9 von 10 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen A great book for classes devoted to monetary policy in the real world 12. September 2011
Von Scott E. Pardee - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Verifizierter Kauf
Like many other professors who teach undergraduate courses in monetary theory (after the standard money and banking courses) I've been frustrated with where the field has headed. Sure, we can rake over the coals of monetarists versus Keynesians, and students should know the nature of the fires that created those coals. But those theories have been coopted by politicans for their own purposes. And, sure, the students should be exposed to the advanced econometric models (such as the DSGE), which are very elegant. But none of them forecasted the collapse of the financial sector in 2007-2008. So we should deal with monetary theory as it applies to modern central banking. Mehrling's insight is that the Fed is now the dealer of last resort, rather than just the lender of last resort. He walks the student through all the theories, so that a professor who want to have students focus on one or another can delve more deeply (I'm assigning addtional readings in Bagehot, Hawtrey, Wicksell, and Minsky, and even on DSGE)). But in the end Mehrling provides a firm understanding of where the Fed and other central banks are right now, trying to create rational monetary policy in a world of fiscal policy failures.
6 von 7 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Great Insight 21. März 2011
Von Brent - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
This book gives a great history lesson that connects 19th century British banking with the financial world of today. The author offers a financial criticism in light of the recent recession. Overall the book was very interesting and written in a way that allows most people to understand the complicated subject of finance.
2 von 2 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Insightful and concise 18. Mai 2013
Von Customer - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Verifizierter Kauf
This book packs a good punch in a relatively short read. It provides good detail on the actual mechanics behind modern central banking and interbank activity. I think that many of us are befuddled somewhat about the debates on QE, capital ratios, etc. This book will help shed some light on what is going on behind the scenes and what it might mean for the financial system.
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