Weather Update
Due to the storm, Barnard College closed at 4pm Friday, for non-essential personnel. “Essential personnel" include staff in Facilities, Public Safety and Residence Halls.
Friday evening and weekend classes are cancelled but events are going forward as planned unless otherwise noted. The Athena Film Festival programs are also scheduled to go forward as planned but please check http://athenafilmfestival.com/ for the latest information.
The Barnard Library and Archives closed at 4pm Friday and will remain closed on Saturday, Feb. 9. The Library will resume regular hours on Sunday opening at 10am.
Please be advised that due to the conditions, certain entrances to campus may be closed. The main gate at 117th Street & Broadway will remain open. For further updates on college operations, please check this website, call the College Emergency Information Line 212-854-1002 or check AM radio station 1010WINS.
3:12 PM 02/08/2013
by Perry Mehrling, Professor of Economics
Princeton University Press, 2010
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 the principles that helped define the role of modern central banks, particularly in times of crisis--but the recent global financial meltdown has posed unforeseen challenges. The New Lombard Street lays out the innovative principles needed to address the instability of today's markets and to rebuild our financial system.
Revealing how we arrived at the current crisis, Perry Mehrling traces the evolution of ideas and institutions in the American banking system since the establishment of the Federal Reserve in 1913. He explains how the Fed took classic central banking wisdom from Britain and Europe and adapted it to America's unique and considerably more volatile financial conditions. Mehrling demonstrates how the Fed increasingly found itself serving as the dealer of last resort to ensure the liquidity of securities markets--most dramatically amid the recent financial crisis. Now, as fallout from the crisis forces the Fed to adapt in unprecedented ways, new principles are needed to guide it. In The New Lombard Street, Mehrling persuasively argues for a return to the classic central bankers' "money view," which looks to the money market to assess risk and restore faith in our financial system.
