The New Lombard Street

"The 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 Øksendal, Enterprise & Society

Auteur
Perry Mehrling is professor of economics at Barnard College, Columbia University. He is the author of Fischer Black and the Revolutionary Idea of Finance and The Money Interest and the Public Interest: American Monetary Thought, 1920-1970.

Résumé
Presents the innovative principles needed to address the instability of the markets and to rebuild our financial system. This book traces the evolution of ideas and institutions in the American banking system since the establishment of the Federal Reserve in 1913. It explains how the Fed took classic central banking wisdom from Britain and Europe.