Course Reserves: Summers, Bruce J. – EC 405

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• Alloway, Tracy. “Why Fed Statements Have Become Literally Harder to Read.” Financial Times. November 29/39, 2014.
  http://reserves.vmi.edu/summersbj/why_fed_statements.pdf
   
• BlackRock. What is Bond Duration?, 2020.
  https://www.blackrock.com/us/individual/education/understanding-duration
   
• Board of Governors of the Federal Reserve System. Structure of the Federal Reserve System, March 2020. 
  https://www.federalreserve.gov/aboutthefed/structure-federal-reserve-system.htm
   
• Cecchetti, Stephen and Kermit Schoenholtz.  “The Fed Goes to War:  Part 3.”  Money, Banking and Financial Markets, April 12, 2020.
  https://www.moneyandbanking.com/commentary/2020/4/12/the-fed-goes-to-war-part-3
    
• Cecchetti, Stephen and Kermit Schoenholtz.  "Helicopters to the Rescue?”  Money, Banking and Financial Markets, May 10, 2020.
  https://www.moneyandbanking.com/commentary/2020/5/10/helicopters-to-the-rescue 
   
• Cheng, Jeffrey, David Skidmore and David Wessel.  “What’s the Fed doing in response to the COVID-19 crisis?  What more could it do?” Brookings, April 9, 2020 (as updated).  
  https://www.brookings.edu/research/fed-response-to-covid19/
   
• Corkery, Michael and Nathaniel Popper. “Largest Banks Pursue Instant Payments Market,” The New York Times, August 2, 2016.  http://reserves.vmi.edu/summersbj/largest_banks_pursue.pdf
   
• Costa, Roland. "The Currency Component of Money: Federal Reserve Management of the Nation’s Currency Supply." Power Point, January 2018.
  http://reserves.vmi.edu/summersbj\currency_component _of_money.pdf
   
• The Economist, “The Big Mac Index”, July 15, 2020. 
  http://www.economist.com/content/big-mac-index
   
• The Economist, "Minsky's Moment", July 30, 2016.
  http://reserves.vmi.edu/summersbj/minskys_moment.pdf
   
• Eisen, Ben.  “Mortgage Firms Show Strain.”  The Wall Street Journal.  May 11, 2020.
  http://reserves.vmi.edu/summersbj/mortgage_firms_show_strain.pdf
   
• Federal Reserve Bank of New York. Board of Directors. 2020.
  https://www.newyorkfed.org/aboutthefed/org_nydirectors.html
   
• Federal Reserve Bank of Richmond.  “Bailout Barometer.”  August, 2017.
   https://www.richmondfed.org/research/national_economy/bailout_barometer?WT.si_n=Search&WT.si_x=3
   
• Federal Reserve Bank of Richmond. Board of Directors. 2020.
  https://www.richmondfed.org/about_us/our_leadership_governance/board_of_directors
   
• Fessenden, Helen. "1965: The Year the Fed and LBJ Clashed." Econ Focus, 3rd/4th Quarter, 2017, pp. 4-7.
  http://reserves.vmi.edu/summersbj/1965_fed_lbj_clashed.pdf
   
• Hardy, Quentin. “Ripple Aims to Put Every Transaction on One Ledger.” The New York Times, April 6, 2016. http://reserves.vmi.edu/summersbj/ripple_aims_to_put_every_transaction.pdf
   
• Hassett, Steve.  “FedNow:  Are US Banks Ready For Real-Time Payments?”  Forbes.  January 6, 2020. 
  http://reserves.vmi.edu/summersbj/fednow_US_banks_ready.pdf
  
  
• Hoenig, Thomas M. “Why ‘Risk-Based’ Capital is Far Too Risky.” The Wall Street Journal. August 12, 2016. http://reserves.vmi.edu/summersbj/why_risk_based.pdf
   
• Lim, Dawn and Gregory Zuckerman.  “Big Investment Firms Take Lead in Stimulus Program.”  The Wall Street Journal.  May 11, 2020.
  http://reserves.vmi.edu/summersbj/big_investment_firms.pdf
   
• Mankoff, Robert. Cartoon. The New Yorker. March 14, 2016.
  http://reserves.vmi.edu/summersbj/mankoff_cartoon.pdf
   
• Mullinix, Mark L. "The Fed's Service to the Country." Speech. Military Officers Association of America, George C. Marshall Chapter. Lexington, Virginia. October 10, 2017. 
  https://www.richmondfed.org/press_room/speeches/mark_l_mullinix/2017/mullinix_speech_20171010
   
• Noth, Paul. Cartoon. The New Yorker. 91 no. 13 (2015): 6. 
  http://reserves.vmi.edu/summersbj/cartoon.pdf
   
• Pennachhi, George. “Narrow Banking.” Annual Review of Financial Economics. 4 (2012) 
  http://reserves.vmi.edu/summersbj/narrow_banking.pdf
   
• Popper, Nathaniel. “Bitcoin: As Fleeting as Tulip Mania?” The New York Times. April 30, 2019.
  http://reserves.vmi.edu/summersbj/bitcoin_as_fleeting.pdf
   
• Ricks, Morgan, John Crawford and Lev Menand.  “Central Banking for All:  A Public Option for Bank Accounts.”  Great Democracy Initiative, June 2018.
  https://reserves.vmi.edu/summersbj/central_banking_for_all.pdf
  
  
• Roche, Cullen O. “Understanding the Modern Monetary System.” Working paper, Orcam Financial Group, LLC, August 5, 2011. 
  http://reserves.vmi.edu/summersbj/understanding_the_modern_monetary_system.pdf
   
• Romero, Jessie.  “Treasury-Fed Accord.”  Federal Reserve HISTORY.
  https://www.federalreservehistory.org/essays/treasury_fed_accord
   
• Scheck, Justin and Bradley Hope. “Dollar Rivals Emerge, Testing U.S. Power.” The Wall Street Journal. May 30, 2019.
  http://reserves.vmi.edu/summersbj/dollar_rivals_emerge.pdf
   
• Sharma, Ruchir. "The Economy Is Down. Why Are Home Prices Up?" The New York Times. October 31, 2020.
  https://www.nytimes.com/2020/10/31/opinion/real-estate-home-prices-covid.html
   
• Sharma, Ruchir.  “The Rescues Ruining Capitalism.”  The Wall Street Journal, July 25-26, 2020.
  http://reserves.vmi.edu/summersbj/rescues_ruining_capitalism.pdf
   
• Sindreu, Jon. “Should Nations Issue Bitcoin?” The Wall Street Journal. July 20, 2016. 
  http://reserves.vmi.edu/summersbj/should_nations_issue_bitcoin.pdf
   
• Stewart, James B. “Faulting the Fed in Lehman’s Fall.” The New York Times, July 22, 2016. 
  http://reserves.vmi.edu/summersbj/faulting_the_fed.pdf
   
• Summers, Bruce J. (2012) “Payment System Design and Public Policy.” In Payment Systems: Design, Governance and oversight, ed. by Bruce J. Summers. (London, Central Banking Publications), 3-16. 
  http://reserves.vmi.edu/summersbj/payment_system_design.pdf
   
• Timiraos, Nick and Daniel Kruger.  “Powell’s Approach Jars Investors.”  The Wall Street Journal, August 8, 2019.
  http://reserves.vmi.edu/summersbj/powells_approach_jars.pdf
   
• Tucker, Paul. “The lender of last resort and modern central banking:  principles and reconstruction.”  Bank for International Settlements, BIS Papers no 79 (2014), pp 1-16.
  https://reserves.vmi.edu/summersbj/lender_last_resort.pdf
   
• Vanguard Money Market Funds. Semiannual Report, February 29, 2020. Valley Forge, PA: Vanguard, 2018. https://www.vanguard.com/funds/reports/q302.pdf
   
• The Wall Street Journal. “25,887,000,000,000.” May 27, 2015. 
  http://reserves.vmi.edu/summersbj/$25887000000000.pdf