Financial Markets (2011) (ECON 252)
To begin the lecture, Professor Shiller explores the origins of central banking, from the goldsmith bankers in the United Kingdom to the founding of the Bank of England in 1694, which was a private institution that created stability in the U.K. financial system by requiring other banks to have deposits in it. Turning his attention to the U.S., Professor Shiller outlines the evolution of its banking system from the Suffolk System, via the National Banking era, to the founding of the Federal Reserve System in 1913. After presenting approaches to central banking in the European Union and in Japan, he emphasizes the federal funds rate, targeted by the Federal Open Market Committee, as well as the recent change to pay interest on reserve balances at the Federal Reserve, enacted by the Emergency Economic Stabilization Act from 2008, as important tools of U.S. monetary policy. After elaborating on reserve requirements, which are liability-based restrictions, and capital requirements, which are asset-based, he provides a simple, illustrative example that delivers an important intuition about the difficulties that banks have faced during the recent crisis from 2007-2008. This leads to Professor Shiller's concluding remarks about regulatory approaches to the prevention of future banking crises.
00:00 - Chapter 1. The Origins of Central Banking: The Bank of England
06:27 - Chapter 2. The Suffolk System and the National Banking Era in the U.S.
12:08 - Chapter 3. The Founding of the Federal Reserve System
25:46 - Chapter 4. The Move to Make Central Banks Independent
30:49 - Chapter 5. U.S. Monetary Policy: Federal Funds Rate and Reserve Requirements
45:23 - Chapter 6. Capital Requirements, Basel III and Rating Agencies
52:34 - Chapter 7. Capital Requirements and Reserve Requirements in the Context of a Simple Example
01:05:30 - Chapter 8. Capital Requirements to Stabilize the Financial System in Crisis Times
Complete course materials are available at the Yale Online website: online.yale.edu
This course was recorded in Spring 2011.
Tagged under: Goldsmith bankers,Bank England,Suffolk System,discounting bank notes,National Bank Notes,Federal Reserve System,discount window,reserve requirements,capital requirements,European Central Bank,Bank Japan
Clip makes it super easy to turn any public video into a formative assessment activity in your classroom.
Add multiple choice quizzes, questions and browse hundreds of approved, video lesson ideas for Clip
Make YouTube one of your teaching aids - Works perfectly with lesson micro-teaching plans
1. Students enter a simple code
2. You play the video
3. The students comment
4. You review and reflect
* Whiteboard required for teacher-paced activities
With four apps, each designed around existing classroom activities, Spiral gives you the power to do formative assessment with anything you teach.
Quickfire
Carry out a quickfire formative assessment to see what the whole class is thinking
Discuss
Create interactive presentations to spark creativity in class
Team Up
Student teams can create and share collaborative presentations from linked devices
Clip
Turn any public video into a live chat with questions and quizzes
Tried out the canvas response option on @SpiralEducation & it's so awesome! Add text or drawings AND annotate an image! #R10tech
Using @SpiralEducation in class for math review. Student approved! Thumbs up! Thanks.
Absolutely amazing collaboration from year 10 today. 100% engagement and constant smiles from all #lovetsla #spiral
Students show better Interpersonal Writing skills than Speaking via @SpiralEducation Great #data #langchat folks!
A good tool for supporting active #learning.
The Team Up app is unlike anything I have ever seen. You left NOTHING out! So impressed!