Section 1

Here are the first twelve lectures, which have been used by other professors as a self-contained course because they contain the fundamental concepts and ideas.  But they are just about US dollar money markets, nothing else.  Many students find the applications in Section II to be the real payoff of the course.

• 1: The Four Prices of Money
• 2: The Natural Hierarchy of Money
• 3: Money and the State: Domestic
• 4: The Money View, Micro and Macro
• 5: The Central Bank as a Clearinghouse
• 6: Federal Funds, Final Settlement
• 7: Repos, Postponing Settlement
• 8: Eurodollars, Parallel Settlement
• 9: The World that Bagehot Knew
• 10: Dealers and Liquid Security Markets
• 11: Banks and the Market for Liquidity
• 12: Lender/Dealer of Last Resort