{"id":57,"date":"2019-01-11T15:36:03","date_gmt":"2019-01-11T20:36:03","guid":{"rendered":"https:\/\/sites.bu.edu\/perry\/?page_id=57"},"modified":"2026-01-31T06:36:35","modified_gmt":"2026-01-31T11:36:35","slug":"papers","status":"publish","type":"page","link":"https:\/\/sites.bu.edu\/perry\/staging-publications\/papers\/","title":{"rendered":"Papers"},"content":{"rendered":"<p><span>In addition to the three books and the MOOC, I have written quite a number of papers over the years.\u00a0 Here are some of the more recent, and more popular, ones arranged in categories to make it easier to find what interests you.<\/span><\/p>\n<p><strong>New<\/strong><\/p>\n<ul>\n<li>&#8220;<a href=\"https:\/\/www.ineteconomics.org\/perspectives\/blog\/education-of-a-grandmaster\">Education of a Grandmaster<\/a>&#8221; Institute for New Economic Thinking (January 28, 2026)<\/li>\n<li>&#8220;<a href=\"https:\/\/www.cambridge.org\/core\/journals\/finance-and-society\/article\/challenging-the-dance-of-bailout-and-austerity-martijn-konings-the-bailout-state-why-governments-rescue-banks-not-people-polity-books-2024\/CCDF469EB5080A42F0573B6B2F166AC9\">Challenging the Dance of Bailout and Austerity<\/a>&#8221; <em>Finance and Society<\/em> 11-1 (April 2025)<\/li>\n<li>&#8220;<a href=\"https:\/\/www.bis.org\/publ\/work1146.pdf\">On Par:\u00a0 A Money View of Stablecoin<\/a>&#8221;\u00a0 BIS WP 1146 (November 2023)<\/li>\n<li>&#8220;<a href=\"https:\/\/journals.openedition.org\/oeconomia\/16488\">The Minsky-Kindleberger Connection and the Making of Manias, Panics, and Crashes<\/a>&#8221;\u00a0 <em>Oeconomia<\/em> 13-4 (December 2023)<\/li>\n<li>&#8220;<a href=\"https:\/\/www.ineteconomics.org\/uploads\/papers\/WP_216-Mehrling-Bagehot-final-Jan-8-fix.pdf\">Bagehot&#8217;s Classical Money View:\u00a0 A Reconstruction<\/a>&#8221; (forthcoming)<\/li>\n<li>&#8220;<a href=\"https:\/\/www.ineteconomics.org\/uploads\/papers\/WP_198-Mehrling-Exorbitant-privilege-final.pdf\">Exorbitant Privilege? On the Rise (and Rise) of the Global Dollar System<\/a>&#8221; (forthcoming)<\/li>\n<\/ul>\n<p><strong><span>Favorites<\/span><\/strong><\/p>\n<ul>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/01\/Beyond-Bancor.pdf\">Beyond Bancor<\/a>.\u201d <\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Bagehot-was-a-Shadow-Banker.pdf\">Bagehot was a Shadow Banker: Shadow Banking, Central Banking, and the Future of Global Finance.<\/a>\u201d <\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Mehrling_P_FESeminar_Sp12-02.pdf\">The Inherent Hierarchy of Money<\/a>.\u201d\u00a0 <\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Financial-Economics-Mehrling.pdf\">Financial Economics<\/a>.\u201d <\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Monetary-Education-of-John-Hicks-final.docx\">The Monetary Education of John Hicks<\/a>.\u201d \u00a0<\/span><\/li>\n<\/ul>\n<p><strong><span>International Money<\/span><\/strong><\/p>\n<ul>\n<li>&#8220;<a href=\"\/perry\/files\/2024\/01\/jbwg-0019-Perry-Mehrling.pdf\">Where&#8217;s My Swap Line?:\u00a0 A Money View of International Lender of Last Resort<\/a>&#8221; <em>Economic History Yearbook \/ Jahrbuch f\u00fcr Wirtschaftsgeschichte<\/em><span>\u00a0<\/span><span>63<\/span><span>(2)<\/span><span>:<\/span><span>559<\/span><span>&#8211;<\/span><span>574<\/span><span>\u00a0<\/span><span>2022<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/01\/Beyond-Bancor.pdf\">Beyond Bancor<\/a>.\u201d <u>Challenge<\/u> 59 No. 1 (Jan\/Feb 2016):\u00a0 22-34<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Essential-hybridity.pdf\">Essential Hybridity:\u00a0 a money view of FX<\/a>.\u201d\u00a0 <u>Journal of Comparative Economics<\/u> 41 No. 2 (May 2013):\u00a0 355-363.<\/span><\/li>\n<li><a href=\"\/perry\/files\/2019\/04\/china_engagement_cigi-inet_special_report_web_0.pdf\"><u><span>China\u2019s Engagement with an evolving International Monetary System, A Payments Approach<\/span><\/u><\/a><span> (with Thomas Bernes, Paul Jenkins, Daniel Neilson). Center for International Governance Innovation and Institute for New Economic Thinking, 2014. <\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Discipline-and-Elasticity-in-the-Global-Swap-Network.pdf\">Discipline and Elasticity in the Global Swap Network<\/a>.\u201d <u>International Journal of Political Economy<\/u> 44 No. 4 (October 2015):\u00a0 311-324.<\/span><\/li>\n<\/ul>\n<p><span>\u00a0<\/span><strong><span>Shadow Banking<\/span><\/strong><\/p>\n<ul>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Bagehot-was-a-Shadow-Banker.pdf\">Bagehot was a Shadow Banker:\u00a0 Shadow Banking, Central Banking, and the Future of Global Finance<\/a>\u201d (with Zoltan Pozsar, James Sweeney, Daniel Nielson).\u00a0 In <u>Shadow Banking Within and Across Borders<\/u>, edited by Stijn Claessens, Douglas Evanoff, George Kaufman, and Luc Laeven.\u00a0 World Scientific Publishing, 2014.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/ThreePrinciplesForMarketBasedCredit_preview.pdf\">Three Principles for Market-Based Credit Regulation<\/a>.\u201d <u>American Economic Review<\/u> 102 No. 3 (May 2012):\u00a0 107-112.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Insights-from-Walter-Bagehot.docx\">Insights from Walter Bagehot<\/a>.\u201d\u00a0 Pages 13-42 in <u>The Economic Crisis in Retrospect:\u00a0 Explanations by Great Economics<\/u>, edited by G. Page West III and Robert M. Whaples.\u00a0 Elgar, 2013.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Financial-Globalization-and-the-Future-of-the-Fed.docx\">Financial Globalization and the Future of the Fed<\/a>.\u201d Pages 268-285 in <u>Keynesian Reflections<\/u>, edited by Toshiaki Hirai, Cristina Marcuzzo, and Perry Mehrling.\u00a0 New Delhi:\u00a0 Oxford University Press, 2013.<\/span><\/li>\n<\/ul>\n<p><span>\u00a0<\/span><strong><span>Monetary Theory<\/span><\/strong><\/p>\n<ul>\n<li>&#8220;<a href=\"\/perry\/files\/2024\/01\/Payment-versus-Funding.pdf\">Payment vs. Funding:\u00a0 The Law of Reflux for Today<\/a>&#8221; Pages 103-118 in<span>\u00a0<em>Monetary Economics, Banking and Policy: Expanding Economic Thought to Meet Contemporary Challenges<\/em><\/span><span>.\u00a0<\/span><span>Hawkins P<\/span><span>,\u00a0<\/span><span>Negru I<\/span><span>.\u00a0<\/span><span>\u00a0<\/span><span>Routledge<\/span><span>,\u00a0<\/span><span>London UK and New York NY<\/span><span>\u00a0<\/span><span>2023<\/span><\/li>\n<li><a href=\"https:\/\/justmoney.org\/perry-mehrling-which-citadel\/\">&#8220;Which Citadel?&#8221;<\/a>\u00a0 A review of Marglin&#8217;s <em>Raising Keynes<\/em>.<\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Mehrling_P_FESeminar_Sp12-02.pdf\">The Inherent Hierarchy of Money<\/a>.\u201d Pages 394-404 in <u>Social Fairness and Economics:\u00a0 Economic Essays in the Spirit of Duncan Foley<\/u>, edited by Lance Taylor, Armon Rezai, and Thomas Michl.\u00a0 Routledge, 2013.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Monetary-Policy-Implementation-A-Microstructure-Approach.pdf\">Monetary Policy Implementation: A Microstructure Approach<\/a>.\u201d\u00a0 Pages 212-232 in <u>David Laidler\u2019s contributions to Macroeconomics<\/u>, edited by Robert Leeson.\u00a0 Palgrave Macmillan, 2010.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Why-Central-Banking-should-be-Re-imagined.pdf\">Why Central Banking should be Re-imagined<\/a>.\u201d Pages 108-118 in <u>Re-thinking the lender of last resort<\/u>, BIS Paper #79, Bank for International Settlements, 2014.<\/span><\/li>\n<li><span>\u201c<a href=\"https:\/\/link.springer.com\/chapter\/10.1057\/9781137529589_13\">Reimagining Central Banking<\/a>.\u201d Pages 159-171 in <u>Contemporary Issues in Macroeconomics, Lessons from the Crisis and Beyond<\/u>, edited by Joseph Stiglitz and Martin Guzman.\u00a0 Palgrave Macmillan, 2016.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Retheorizing-Liquidity.docx\">Re-Theorizing Liquidity<\/a>.\u201d In <u>Inside Money:\u00a0 Liquidity as a Matter of Design<\/u>, edited by Chris Desan.\u00a0<\/span><\/li>\n<\/ul>\n<p><strong><span>History of Money (and Finance)<\/span><\/strong><\/p>\n<ul>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Financial-Economics-Mehrling.pdf\">Financial Economics<\/a>.\u201d In <u>Handbook of the History of Economic Analysis<\/u>, edited by Heinz Kurz and Gilbert Faccarello. Elgar, 2016.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Monetary-Education-of-John-Hicks-final.docx\">The Monetary Education of John Hicks<\/a>.\u201d\u00a0 In <u>Money, Finance and Crises in Economic History; the long-term impact of economic ideas<\/u>, edited by Annalisa Roselli, Nerio Naldi and Eleonora Sanfilippo.\u00a0 Routledge, 2019.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/The-Vision-of-Hyman-P.-Minsky.pdf\">The Vision of Hyman P. Minsky<\/a>.\u201d\u00a0 <u>Journal of Economic Behavior and Organization<\/u> 39 No. 2 (June 1999):\u00a0 129-158.<\/span><\/li>\n<li>&#8220;<a href=\"\/perry\/files\/2024\/02\/How_did_schumpeter_do_it.pdf\">How did Schumpeter Do It?<\/a>&#8220;.\u00a0 Pages 231-239 in <em>Research in the History of Economic Thought and Methodology<\/em>, Vol 17.\u00a0 JAI Press, 1999.<\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Love-and-Death-The-Wealth-of-Irving-Fisher.pdf\">Love and Death:\u00a0 The Wealth of Irving Fisher<\/a>.\u201d\u00a0 Pages 47-61 in <u>Research in the History of Economic Thought and Methodology<\/u>, edited by Warren J. Samuels and Jeff E. Biddle.\u00a0 Elsevier, 2001.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/economists_and_the_fed_beginnings_revised.pdf\">Economists and the Fed:<\/a> \u201d\u00a0 <u>Journal of Economic Perspectives<\/u> 16 No. 4 (Fall 2002):\u00a0 207-218.<\/span><\/li>\n<li><a href=\"\/perry\/files\/2021\/03\/goodhart_and_the_emu.pdf\">&#8220;Mr. Goodhart and the EMU.&#8221;<\/a> Pages 26-38 in <u>The State, the Market, and the Euro:\u00a0 Chartalism <\/u>\u00a0<u>versus Metallism in the theory of money<\/u>, edited by Stephanie Bell and Edward Nell.\u00a0 Edward Elgar, May 2003.<\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Tale-of-Two-Cities.pdf\">A Tale of Two Cities<\/a>.\u201d\u00a0 <u>History of Political Economy<\/u> 42 No. 2 (2010):\u00a0 201-219.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/monetary_economics_benjamin_graham_revised.pdf\">The monetary economics of Benjamin Graham:\u00a0 a bridge between goods and money?<\/a>\u201d\u00a0 <u>Journal of the history of economic thought<\/u> 33 No. 3 (2011):\u00a0 285-305. <\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/MIT-and-Money.pdf\">MIT and Money<\/a>.\u201d In <u>MIT and the Transformation of American Economics<\/u>, edited by E. Roy Weintraub.\u00a0 Duke University Press, 2014.<\/span><\/li>\n<\/ul>\n<p><strong><span>Persuasion<\/span><\/strong><\/p>\n<ul>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Financialization-and-its-Discontents.pdf\">Financialization and its Discontents<\/a>.\u201d <u>Finance and Society<\/u> 3 No. 1 (October 2017):\u00a0 1-10.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/the_state_as_financial_intermediary.pdf\">The State as Financial Intermediary<\/a>.\u201d <u>Journal of Economic Issues<\/u> 34 No. 2 (June 2000):\u00a0 365-68.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Modern-money-fiat-or-credit.pdf\">Modern Money: fiat or credit?<\/a>\u201d\u00a0 <u>Journal of Post Keynesian Economics<\/u> 22 No. 3 (Spring 2000):\u00a0 397-406.<\/span><\/li>\n<li><span>\u201c<a href=\"\/perry\/files\/2019\/04\/Minsky-and-Modern-Finance-the-case-of-Long-Term-Capital-Management.pdf\">Minsky and Modern Finance: the case of Long Term Capital Management<\/a>.\u201d\u00a0 <u>Journal of Portfolio Management<\/u> 26 No. 2 (Winter 2000):\u00a0 81-88.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>In addition to the three books and the MOOC, I have written quite a number of papers over the years.\u00a0 Here are some of the more recent, and more popular, ones arranged in categories to make it easier to find what interests you. New &#8220;Education of a Grandmaster&#8221; Institute for New Economic Thinking (January 28, [&hellip;]<\/p>\n","protected":false},"author":5268,"featured_media":0,"parent":944,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/sites.bu.edu\/perry\/wp-json\/wp\/v2\/pages\/57"}],"collection":[{"href":"https:\/\/sites.bu.edu\/perry\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sites.bu.edu\/perry\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sites.bu.edu\/perry\/wp-json\/wp\/v2\/users\/5268"}],"replies":[{"embeddable":true,"href":"https:\/\/sites.bu.edu\/perry\/wp-json\/wp\/v2\/comments?post=57"}],"version-history":[{"count":39,"href":"https:\/\/sites.bu.edu\/perry\/wp-json\/wp\/v2\/pages\/57\/revisions"}],"predecessor-version":[{"id":1131,"href":"https:\/\/sites.bu.edu\/perry\/wp-json\/wp\/v2\/pages\/57\/revisions\/1131"}],"up":[{"embeddable":true,"href":"https:\/\/sites.bu.edu\/perry\/wp-json\/wp\/v2\/pages\/944"}],"wp:attachment":[{"href":"https:\/\/sites.bu.edu\/perry\/wp-json\/wp\/v2\/media?parent=57"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}