Perry Mehrling Lectures
Bagehot: Lend freely at high rates against good security.
Mehrling: How the fed became the dealer of last resort. We do need central banks.
Banking runs are immediate problems of liquidity and not necessarily of solvency.
Perry Mehrling Lectures
Bagehot: Lend freely at high rates against good security.
Mehrling: How the fed became the dealer of last resort. We do need central banks.
Banking runs are immediate problems of liquidity and not necessarily of solvency.