This is the class website for University College Dublin module International Money and Banking (ECON30150) being taught by Professor Karl Whelan in Spring 2020.
Source Material and Readings
A Comparative Chronology of Money. Website based on A History of Money from Ancient Times to the Present Day by Glyn Davies.
Milton Friedman: The Island of Stone Money
R. A. Radford: The Economic Organisation of a P.O.W. Camp
Charles Goodhart: Two Concepts of Money
A History of Money: From AD 800 by John F. Chown. Google Books version. Chapter 5 is “The Great Debasement of Henry VIII’s Reign”
Karl Whelan: How Is Bitcoin Different From The Dollar?
Karl Whelan: So What’s So Special About Bitcoin?
Bank of Ireland 2018 Annual Report
Cleveland Fed: Bank Capital Requirements: A Conversation with the Experts
Patrick Honohan’s Report: The Irish Banking Crisis Regulatory and Financial Stability Policy 2003-2008.
Bank of England: Understanding the fair value of banks’ loans
Bad Journalism on Bank Capital Example One: London Review of Books
Bad Journalism on Bank Capital Example Two: Fortune
Bad Journalism on Bank Capital Example Three: Article on Reserve Bank of New Zealand
Federal Reserve: Recent Balance Sheet Trends
The weekly consolidated balance sheet of the Eurosystem from the ECB.
Karl Whelan: Is the ECB Risking Insolvency? Does it Matter?
Paul De Grauwe and Magdalena Polan: Is Inflation Always and Everywhere a Monetary Phenomenon?
Steve H. Hanke and Nicholas Krus: World Hyperinflations
New York Times: Venezuala Issues New Banknotes Because of Hyperinflation
Todd Keister and James McAndrews Why Are Banks Holding So Many Excess Reserves?
ECB Protocol (i.e. the legal statute underlying the ECB and Eurosystem).
ECB monetary policy meeting accounts
San Francisco Fed: Information on the Fed’s role in banking supervision.
Joseph Gagnon and Brian Sack: Monetary Policy with Abundant Liquidity: A New Operating Framework for the Federal Reserve
New York Fed (2019). Stressed Outflows and the Supply of Central Bank Reserves
Steve Cechetti and Kermit Schoenholz (2019). The Brave New World of Monetary Policy Operations
Karl Whelan: The Secret Tool Draghi Uses to Run Europe
The ECB’s ELA Procedures
Vítor Constâncio (2018). Past and future of the ECB monetary policy
Karl Whelan (2019): Recommendations for the ECB’s Monetary Policy Strategy Review
Philip Lane (2019). Monetary Policy and Below-Target Inflation
Ben Bernanke: Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression (American Economic Review, June 1983. Not available outside UCD. Go through UCD Connect and the Library Page.)
Karl Whelan: Banking Union and the ECB as Lender of Last Resort
Press Release: A single rulebook for the resolution of failing banks
Bloomberg: Testing Europe’s Resolve on Failing Banks
Piergiorgio Alessandri and Andrew Haldane (Bank of England): Banking on the State
Douglas Diamond and Raghuram Rajan: The Credit Crisis: Conjectures about Causes and Remedies
Documentation for the Basle 2 Internal Ratings Based model.
Philipp Hildebrand: Is Basel II Enough? The Benefits of a Leverage Ratio
New York Times: Risk Mismangement
Patrick Honohan: Bank Failures: The Limits of Risk Modelling
Andrew Haldane and Vasileios Madouros. The Dog and the Frisbee.
Dan Davies. Facts and Myths About Bank Leverage Ratios
Samuel Hanson, Anil Kashyap and Jeremy Stein: A Macroprudential Approach to Financial Regulation
Basle 3 Agreement
Andrew Haldane: The Bank and the banks.
Financial Stability Board press release on TLAC.
Basel Committee on Banking Supervision: High-level summary of Basel III reforms
McKinsey: Basel “IV”: What’s next for banks?
Selected Interest Rates from the Federal Reserve.
NTMA Bond report website.
Spreadsheet with bond yield examples
Historical yield curve data from the Federal Reserve
Ben Bernanke: Why are interest rates so low, part 4: Term premiums
Chicago Fed: Why Does the Yield-Curve Slope Predict Recessions?
San Francisco Fed: Information in the Yield Curve about Future Recessions
Ben Bernanke: The Financial Accelerator and the Credit Channel
Karl Whelan: How Does QE Work? A Picture Worth a Thousand Words
Joseph Gagnon, Matthew Raskin, Julie Remache, Brian Sack: Large-Scale Asset Purchases by the Federal Reserve: Did They Work?
Stefania D’Amico and Thomas B. King: Flow and Stock Effects of Large-Scale Treasury Purchases
Milton Friedman: The Role of Monetary Policy.
Ben Bernanke: The Benefits of Price Stability
Olivier Blanchard (2016). The US Phillips Curve: Back to the 60s?
Olivier Blanchard, Giovanni Dell’Ariccia, and Paolo Mauro: Rethinking Macroeconomic Policy
John Taylor: Discretion Versus Policy Rules in Practice
Glenn Rudebusch: The Fed’s Monetary Policy Response to the Current Crisis
Karl Whelan (2013): Sovereign Default and the Euro
Karl Whelan (2019): The Euro at 20: Successes, Problems, Progress and Threats
Stephen Cecchetti and Kim Schoenholtz (2018). Sudden stops: A primer on balance-of-payments crises.
Bénassy-Quéré et al (2018), Reconciling risk sharing with market discipline: A constructive approach to euro area reform
Barry Eichengreen (2007). The Breakup of the Euro Area
Phoebus Athanassiou (2009). Withdrawal and Expulsion from the EU and EMU, ECB Legal Working Paper.