Lecture 16 - The Evolution and Perfection of Monetary Policy

author: Robert J. Shiller, Department of Economics, Yale University
recorded by: Yale University
published: Oct. 7, 2009,   recorded: March 2008,   views: 3491
released under terms of: Creative Commons Attribution No Derivatives (CC-BY-ND)
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Description

Central Banks, originally created as bankers' banks, implement monetary policy using their leverage over the supply of money and credit standards. Since the Bank of England was founded in 1694, through the gold standard which lasted until the 1930s, and into modern times, central banks have pursued monetary policy to stabilize the banking system. Central banks monitor currency flows and inflation, acting when crises, such as bank runs, emerged. More recently, central banks have taken an increasingly expansive role in stabilizing economic fluctuations. In the yet to be confirmed current recession, the Federal Reserve has used open market operations and innovative financial arrangements to try to forestall the recession and bail out failing financial institutions.

Reading assignment:

Fabozzi et al. Foundations of Financial Markets and Institutions, chapters 4 and 5

Jeremy Siegel, Stocks for the Long Run, chapters 11, 12 and 13

Hawtrey, R. G., The Art of Central Banking, chapter 4 (pp. 116-123)

Resources:

PowerPoint slides from screen - Lecture 16[PDF]

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Reviews and comments:

Comment1 khurram kamaal, November 7, 2009 at 4:49 p.m.:

In this lecure you talked about how the US is about to enter recession , and this lecture was made in march 08, by that time there were no clear signs that US would be entering recession and subprime crisis would lead near total collapse of AMERICAN financial syatem . i was totally amazaed ,coz no one and i repeat no one including the fund manger around the world who were getting paid in millions , in their wildest dream could have imagined what world /us were about to face such a financial turbulent time .

BUT YOU DID WELL BEFORE ANYBODY COULD HAVE POINTED OUT WITH SUCH CONVICTION

I GUES I SHOULD SALUTE YOU FOR THIS .

PLEASE ACCEPT MY REGARDS


Comment2 Gert M., July 2, 2010 at 5:37 p.m.:

Kamaaal is wrong, in march 08 it was abvious. But Mr. Shiller's lectures are very enjoyable anyhow.

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