Perry G. Mehrling


Perry G. Mehrling is professor of economics at Pardee School of Global Studies at Boston University. He was professor of economics at Barnard College in New York City for 30 years. There, he taught courses on the economics of money and banking, the history of money and finance, and the financial dimensions of the U.S. retirement, health, and education systems. His most recent book is The New Lombard Street: How the Fed became the dealer of last resort (Princeton 2011). His best-known book Fischer Black and the Revolutionary Idea of Finance (Wiley 2005, 2012) has recently been released in a revised paperback edition. Currently, Prof. Mehrling directs the educational initiatives of the Institute for New Economic Thinking, one of which is his course Economics of Money and Banking, available on Coursera at

By this expert

Elasticity and Discipline in the Global Swap Network

Paper Working Paper Series | | Nov 2015

This paper sketches the outlines of the new international monetary system that has emerged in the aftermath of the global financial crisis.

The IMF Worries About EME Corporate Leverage

Article | Oct 2, 2015

Hot on the heels of the BIS, now comes the IMF Global Financial Stability report, “Corporate Leverage in Emerging Markets–A Concern?”. Yes, a concern, and just in time for the annual meeting in Peru next week.

Young Scholars Will Bring New Economic Thinking

Article | Apr 23, 2013

So why am I hopeful about the future?

OMT: Slouching toward Eurobills?

Article | Oct 30, 2012

The Eurocrisis has many dimensions—bank solvency crisis, sovereign debt crisis, political unity crisis, and economic/unemployment crisis—but time after time it has been the liquidity crisis dimension driving events, and ECB response to the liquidity crisis driving institutional evolution. The reason is simple. Liquidity kills you quick.

Featuring this expert

Breaking the Climate Change Stalemate

Video | Oct 2, 2012

Climate change policy is caught in a stalemate between those who fear the environmental consequences of not doing enough and those who fear the economic consequences of overreacting. But controversy over the extent and sources of climate change need not stand in the way of a positive economic policy response.

Challenging the Foundation

Video | Apr 11, 2012

George Soros, Axel Leijonhufvud and Perry Mehrling in Berlin, Germany (2012).

Growth and Crisis: The Two Faces of Credit

Video | Feb 20, 2012

At least since Joseph Schumpeter we know that credit is good for economic growth. At least since 2007 we know that too much credit foreshadows financial turmoil.

Inequality in Asia: The Local Effects of Global Capitalism

Video | Feb 16, 2012

Inequality did not increase during the early stages of economic development in Japan and the East Asian Tigers. But in India and China it did. Why is that?