New Lombard Street
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 ...
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 ...
