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The years 1920-1970 saw revolutionary change in the character of the monetary system as a consequence of depression, war, and finally prosperity. Against this background of change, Perry Mehrling tells a story of continuity around the crucial question of the role of money in Ame…
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 …
