Perry Mehrling

Perry Mehrling is an American economist and professor emeritus at Barnard College, Columbia University, known for his work on monetary economics and the economics of banking. His research and writing have focused particularly on money markets, central banking, and the intersection of economics and finance. Mehrling's most influential work includes "The New Lombard Street: How the Fed Became the Dealer of Last Resort" (2011), which examines the evolution of central banking practices and the Federal Reserve's role during the 2008 financial crisis. He has also written extensively about monetary theorist Fischer Black, publishing "Fischer Black and the Revolutionary Idea of Finance" (2005). Through his "Money and Banking" course at Barnard College and its subsequent online adaptation, Mehrling has developed a distinctive approach to teaching monetary economics that emphasizes the role of money markets and payment systems. His work has contributed significantly to understanding the modern financial system's operations and the changing nature of money in contemporary economies. His theoretical framework, which he calls "the money view," provides an alternative to both conventional economic and finance perspectives, focusing on the practical operations of money markets and payment systems rather than abstract economic models.

Readers consistently highlight Mehrling's ability to explain complex financial concepts through clear writing and historical context. His books receive strong reviews from finance professionals, academics, and self-taught readers. What readers liked: - Clear explanations of complex monetary systems and banking operations - Historical perspective that connects past and present financial practices - Detailed analysis of money markets and payment mechanisms - Balance between technical depth and accessibility What readers disliked: - Technical terminology can be challenging for beginners - Some sections require multiple readings to grasp fully - Limited coverage of international monetary systems - Academic writing style in certain chapters Ratings across platforms: Goodreads: "The New Lombard Street" - 4.24/5 (219 ratings) "Fischer Black" - 4.11/5 (147 ratings) Amazon: "The New Lombard Street" - 4.5/5 (58 reviews) "Fischer Black" - 4.4/5 (31 reviews) Sample reader comment: "Mehrling explains the plumbing of the financial system better than any other author I've read" - Amazon reviewer, 2021

The Money Interest and the Public Interest (1997) An analysis of American monetary thought from the late 19th through mid-20th centuries, focusing on the theoretical debates between monetary economists.

Fischer Black and the Revolutionary Idea of Finance (2005) A biographical examination of Fischer Black's contributions to modern finance theory, including the development of the Black-Scholes model and his work at Goldman Sachs.

The New Lombard Street: How the Fed Became the Dealer of Last Resort (2011) A historical account of the Federal Reserve's evolution from traditional central banking to its modern role as a dealer of last resort, particularly during the 2008 financial crisis.

Money and Empire: Charles P. Kindleberger and the Dollar System (2022) A biography exploring Charles Kindleberger's influence on international monetary economics and his analysis of the dollar's role in global finance.

L. Randall Wray analyzes monetary theory and policy from a post-Keynesian perspective, with focus on modern money theory (MMT). His work examines financial instability and the evolution of monetary systems, similar to Mehrling's institutional analysis.

Charles P. Kindleberger documents financial crises and international monetary economics through historical analysis. His examination of market dynamics and financial panics aligns with Mehrling's interest in money markets and financial institutions.

Jane D'Arista explores the evolution of U.S. financial institutions and regulations through detailed historical research. Her analysis of the Federal Reserve and financial markets provides institutional context comparable to Mehrling's work.

Gary Gorton studies banking history and the role of financial intermediation in economic systems. His research on shadow banking and financial crises complements Mehrling's focus on money markets and dealer operations.

Hyman Minsky developed theories about financial instability and the relationship between banking and economic cycles. His analysis of financial innovation and market dynamics influenced Mehrling's understanding of money markets and financial institutions.