作者：JosephJWang
出版社：Joseph
出版年：2021-1-18
页数：225
定价：USD14.99
装帧：Paperback
ISBN：9780999136744
内容简介
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Central banking is magic. With a few words, the Fed can lift the stock market out of desperation and catapult it towards euphoric highs. With a few keystrokes, the Fed can conjure up trillions of dollars and fund virtually unlimited Federal spending. And with a few poor decisions, the Fed can plunge the entire world into a recession. The Federal Reserve is one of the most powerful institutions in the world, and also one of the most difficult to understand.
The Fed acts through its Open Markets Desk, which sits at the heart of the global financial system as the world’s ultimate and limitless provider of dollars. On behalf of policy makers, the Desk gathers market intelligence from all the major market participants, sifts through reams of internal data, and works behind the scenes keep the financial system intact. It is responsible for all of the Fed's market operations, from trillions in quantitative easing to hundreds of billions in repo and FX-swap loans. The financial crises of 2008 and 2020 abated only through the emergency interventions of the Desk.
Joseph Wang spent five years studying the monetary system as a trader on the Desk. From that vantage point, Joseph saw firsthand how the Fed operates and how the financial system really works. This book is a distillation of his experience that aims to educate and demystify. After reading this book, you will understand how money is created, how the global dollar system is structured, and how it all fits into the broader financial system.
The views in this book do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System.
作者简介
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Joseph spent 5 years studying the plumbing of the financial system as a senior trader on the open markets desk. The Desk sits at the center of the dollar system as its ultimate and infinite provider of dollars. It has access to virtually all regulatory and financial data, as well as open lines of communication with all major market participants. It is one of the few places in the world where one can definitively learn how the system works.
Prior to joining the Desk, Joseph was a credit analyst and in another life he practiced law. He holds a B.A. in Economics from Northwestern University, a J.D. from Columbia Law School, and an MSc. in Financial Economics from Oxford University.
评论 ······
写的非常好。至少像我这样没有fed经验的phd student需要不断温故知新。看的电子版，之后会买实体书多多翻看。其实这本书放在monetary economics/ international finance 2年级的syllabus也不为过。
最近读过的最好的科普，基本上把金融市场top down的过了一遍，非常MECE，非常实操（我现在才理解effr和sofr的差异），也非常三层四面。读到最后恍然大悟，为啥菲尔普斯曲线曾经如此重要，it's in fed's mandate: inflation and employment. The best macro 101
21 # 09 非常好的入门读物，举例和很多数据都update到了新冠疫情发生之后，并且无论是经典概念/理论还是像MMT和YCC这样相对新一点的理论都简明扼要地讲得很清楚，收获很多。A common misconception is that a bank takes in deposits and then lends those deposits out to other people. Ra…
还算简明易懂，从专业角度解释了Fed的职能和这些年来的操作和变化。同时还澄清了一些常见的金融谬误。了解美国金融体系的一本非常好的入门书。
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