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Hardcover The New Lombard Street: How the Fed Became the Dealer of Last Resort Book
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ISBN: 0691143986

ISBN13: 9780691143989

The New Lombard Street: How the Fed Became the Dealer of Last Resort

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Format: Hardcover

Condition: Very Good*

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Book Overview

How the U.S. Federal Reserve began actively intervening in markets

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...

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