Bloomberg has recently called The New Lombard Street, the new book by INET Advisory Board Member Perry Mehrling, one of the top books on economics this year.
The New Lombard Street, which traces the evolution of ideas and institutions in the American banking system, has been called “a fantastic book” by Brad DeLong. In it, Mehrling explains how the Fed took classic central banking wisdom from Britain and Europe and adapted it to America's unique and considerably more volatile financial conditions. Mehrling demonstrates how the Fed increasingly found itself serving as the dealer of last resort to ensure the liquidity of securities markets--most dramatically amid the recent financial crisis.
Through his blog, The Money View, Mehrling has actively been helping INET explore these areas, which INET sees as essential to discovering the roots of the recent financial crisis. Check out The Money View for more insight into the Fed, securities markets, and monetary theory.
The New Lombard Street sits with some good company on Bloomberg’s new list. In fact, another INET Advisory Board Member, Barry Eichengreen, has his new book, Exorbitant Privilege on the list as well. That book gives good background on the use of the dollar as the dominant international currency.
Be sure to see Bloomberg’s full list for more on these books, as well as to learn about other great books on economics and markets.
