Financial Markets & Public Policy: Reading List

Course Dates: September 5-8, 2018

Required Book: “After the Music Stopped: The Financial Crisis, the Response and the Work Ahead” by Alan Blinder

Recommended: “House of Debt” by Atif Mian and Amir Sufi

Thursday, September 6

Speaker: Charles M. Jones, “Treasury Securities” and “Credit Markets”

Required: Investing in Bonds put together by SIFMA, the trade association of the major bond dealers.  (Click on “Learn More” on the right side of the homepage to find a table of contents that runs down the left-hand side and work your way through all of the material.)

Recommended: Chapters 1, 3, 5, 10, 11, 18, and 19 from the 3rd edition of Fixed Income Markets and Their Derivatives” by Suresh Sundaresan.  (Available online through PUL, harcopies at the Stokes Library. Check the PUL catalog.) 

Friday, September 7

Speaker:  Michael Johannes, “Mortgage Market” and “Derivatives

Required: A series of articles that appeared in the Wall Street Journal prior to the financial crisis.

Recommended: Comradely capitalism- How America accidentally nationalized its mortgage market (The Economist)
Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon,” by Morgenson and Rosner (2011).

Speaker: Atif Mian,   “Financial Crises”

Required: Video Lecture of Atif Mian’s Nobel Symposium Talk  (video - 25 minutes)

Recommended: The Credit-Driven Household Demand Channel (Paper presented at the Nobel Symposium 2018)

Saturday, September 8

Speaker: Amber Baldet, Cryptocurencies

Recommended: Cryptocurrencies: looking beyond the hype (video - 3 minutes)

Financial Regulation

Required: Modern slavery, banking, and money laundering (video 5 minutes)

Are Global Banks Cutting Off Customers in Developing and Emerging Economies? (World Bank)

Credit Rating Agency Reform is Incomplete (Alice M. Rivlin and John B. Soroushian, The Brookings Institution)

RecommendedFinancial Regulation: Complex and Fragmented Structure Could be Streamlined to Improve Effectiveness [two page highlights], U.S. Government of Accountability Office

Visualization of Financial Activities Pre- and Post-Dodd Frank (Bipartisan Policy Center)

A decade after the crisis’ first tremor, are we ready for another? (David Wessel, The Brookings Institution)

 

SHORT VIDEOS

Markus Brunnermeier’s video series on “Money and Banking”

Uncorking CDOs (Collateralized Debt Obligations (Paddy Hirsch, American Public Media, 6 minutes)

Getting Naked in Short-Selling (Paddy Hirsch, American Public Media, 7 minutes)

MOVIES:  “The Big Short” (140 minutes) and the documentary “Inside Job” (109 minutes).

OTHER BOOKS AND ARTICLES OF INTEREST

Michael Lewis, The Big Short: Inside the Doomsday Machine

A Reader’s Guide to the Financial Crisis (A very good summary of academic work on the crisis.)


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