Perry Mehrling

money view; hierarchy of money, dealer-of-last-resort

Professor of economics at Boston University, previously at Barnard College, Columbia University. Author of 'The New Lombard Street' (2011), which recast the Federal Reserve's crisis role as dealer of last resort rather than lender of last resort. His 'money view' treats payments and liquidity constraints as the analytical core of macroeconomics, distinct from mainstream quantity-theory approaches.