The New Lombard Street: How the Fed Became the Dealer of Last Resort

by Perry G. Mehrling

Book Overview

How the U.S. Federal Reserve began actively intervening in markets

Walter Bagehot's Lombard Street, published in 1873 in the wake of a devastating London bank collapse, explained in clear and straightforward terms why central banks must serve as the lender of last resort to ensure liquidity in a faltering credit system. Bagehot's book set down the principles that helped define the role of modern central banks, particularly...

• Format: Hardcover
• Language: English
• ISBN: 0691143986
• ISBN13: 9780691143989
• Release Date: November 2010
• Publisher: Princeton University Press
• Length: 192 Pages
• Weight: 0.85 lbs.
• Dimensions: 0.9" x 5.6" x 8.5"