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Learner Reviews & Feedback for Economics of Money and Banking by Columbia University

1,100 ratings
303 reviews

About the Course

The last three or four decades have seen a remarkable evolution in the institutions that comprise the modern monetary system. The financial crisis of 2007-2009 is a wakeup call that we need a similar evolution in the analytical apparatus and theories that we use to understand that system. Produced and sponsored by the Institute for New Economic Thinking, this course is an attempt to begin the process of new economic thinking by reviving and updating some forgotten traditions in monetary thought that have become newly relevant. Three features of the new system are central. Most important, the intertwining of previously separate capital markets and money markets has produced a system with new dynamics as well as new vulnerabilities. The financial crisis revealed those vulnerabilities for all to see. The result was two years of desperate innovation by central banking authorities as they tried first this, and then that, in an effort to stem the collapse. Second, the global character of the crisis has revealed the global character of the system, which is something new in postwar history but not at all new from a longer time perspective. Central bank cooperation was key to stemming the collapse, and the details of that cooperation hint at the outlines of an emerging new international monetary order. Third, absolutely central to the crisis was the operation of key derivative contracts, most importantly credit default swaps and foreign exchange swaps. Modern money cannot be understood separately from modern finance, nor can modern monetary theory be constructed separately from modern financial theory. That's the reason this course places dealers, in both capital markets and money markets, at the very center of the picture, as profit-seeking suppliers of market liquidity to the new system of market-based credit....

Top reviews

Jul 16, 2017

An intellectually engaging course opening a debate about how we think about markets and how we should tackle the current challenges. Accessible to non-economists. I warmly recommend it to everyone.

Jun 26, 2020

Extremely helpful is understanding the money view of banking system. One of the best courses. A small suggestion - it can be interspersed with more examples especially from the emerging markets.

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26 - 50 of 297 Reviews for Economics of Money and Banking

By Ranjana P

Apr 29, 2017

Well structured course with an exceptionally insightful view of how the money markets works. The readings that are given are exceptional and I have learnt more about the financial markets that many other courses. Professor Mehrling is an exceptionally charismatic educator and takes us through a journey that clearly explains the crisis and gives us an alternative view that might just help make finance clearer to anyone. I really hope that unit two of this course will be recorded and be distributed by coursera.

By Andras I

Nov 7, 2019

Challenging for someone like me with no economics background (other than the obligatory classes at university 20 years ago) but it's a well of knowledge and cleanly, conscisely presented. Only issue is at times feels a bit repetitive (even considering that the educator is trying to point out similarities in structure at different levels of the hierarchy) and a bit hard to keep the final point of the lecture in mind while going through some details. But overall learned a lot and had a good time studying!

By Dhruv S

Apr 21, 2020

A really great course taught by Professor Perry G Mehrling that is suitable for beginners and intermediate students wishing to know more about the subject of economics, specifically how banking and the global economy works. The course outlines and explains many different concepts, and perspectives of economics in a neutral way as to explain the concepts best. Along with this every concept is explained with balance sheets, providing a quantitative and unique way of learning Economics. Great course!

By Travis

May 15, 2017

This is an excellent course for those looking for a better understanding of how money & liquidity impact the global economy, particularly, how the transfer of risk through derivatives and swap contracts created a systemic risk of which few recognize until the financial crisis of '07-'09. I have a much better understanding of the interconnected nature of today's global financial system and the mechanism by which money and risk are transferred from taking this course.


Oct 5, 2019

A brilliant course for those interested in an in depth understanding of how the money markets work. Professor Mehrling is amazing at what he does! You don't need to have an economics background to appreciate the course (and you will be glad if you don't as the course opens your eyes to how inadequate academic economics is in understanding the real world today). Highly recommend. Accompanied by great readings and course material as well.

By Massimiliano B

Jul 20, 2020

This was one of the best courses I’ve taken on Coursera, really useful and highly intellectual. Also demanding and challenging to a certain extent with a lot of non obvious questions that require more than simply understanding the lesson. I work for an Investment Bank in FXMM as IT project manager and this course clarified many of the things that I see daily and helped me to figure out the whole picture from the bank point of view.

By Magnus Ö

Apr 26, 2020

Gives a nice introduction to the money view. Took this course to get a framework for the prices i see in my bloomberg terminal, and to better understand how central banks actions propogate through the financial system. Perry is a great lecturer and clearly has some enthusiasm for the topic. One thing that would make the course even better would perhaps be a guest lecture from Zoltan Poszar (maybe to describe a practitioners view)

By Balakrishnan T

Sep 11, 2020

Extremely interesting course built on very practical aspects of money markets. What was really interesting was that while the course is a few years old, in 2020 we can still use the background of the evolution of the money view to understand the actions being taken by central bankers and the government in what seems to be a mix of Central bank's money view and Keynes's view of increasing demand through fiscal means.


May 28, 2017

Excellent course and concise overview! I highly recommend this course for the novice or advanced novice to the money markets. I walked away with a better understanding of that ocean of detail and theory, and I am now more confident knowing its effect on the capital markets. Most importantly, I know where to focus my time in this area and where to find key data/info given my career role. Thank you again! Best,

By Brent S

May 14, 2020

Excellent course, Professor Mehrling! The lectures were insightful and clear. The course was challenging and the reading material a bit dense But in the end, I feel that I understand the importance of Professor Mehrling's Money View. The course is memorable because it built on the evolution of money and banking and wove into that story the inner workings of today's finance and banking system.

By amarendra H

May 14, 2017

My ability to understand the functioning of Central banks and the effects of their actions on global financial markets have improved greatly after the completion of this course. Prof Perry Mehrling was greatly knowledgeable person and was very effective in transferring his in-depth knowledge through this course. I am glad that I have enrolled for this course and completed it successfully.

By Denis M

Jul 11, 2017

This is a really good course tackling a very difficult subject.

Though my brain still hurts when I engage with the subject matter, I feel the lectures have shone quite a lot of light on the obscurities of money and banking. The lectures are clear and thorough and I particularly like the way the concepts we learn are brought to bear on current news (e.g. examining FT articles).

By Ben F

Aug 22, 2020

This course splendidly covered the developments from gold standard to modern day finance and in this way greatly enhanced my understanding of how this machine works. The mandatory readings as well as the material Prof. Mehrling mentioned throughout the course were also extremely helpful in building up knowledge about how derivatives are used in the real world.

By Marcus H

Oct 16, 2020

Great course and a great instructor! The course gives you a deep understanding of the banking and financial system. I recommed this course for all which interested in Finance or the financial markets. The course is not to hard, but i personally think, it is not bad when you have some prior knowledge.

I hope one day i find on Coursera more from Perry Mehrling.

By Akshai R K

Jun 3, 2020

I can't stress how good this course was in all areas. His non conventional ways were always interesting and the avenues that he presented are really exciting way beyond comprehension. This course is suitable for those who want to know the basics of economics from a real working world perspective. To be honest, I am going to miss his class.

By Vina S N

Sep 1, 2020

It was my first time taking a course on coursera. To be honest I am a little scared if I can not understand how to use this platform or app or I can not understand this course. But this application is easy to understand, also Professor Merhling is very good at explaining about the topics presented. I am happy to enroll for this course.


Oct 1, 2020



By Benjamin F

Aug 19, 2018

Really good, but because English is not my mother tongue I will maybe go trough the course a second time. The second half of the course is more demanding, but nonetheless interesting. To be honest I did not read all the articles by due time, some of them are quite long. This is the best course I finished so far on coursera.

By Vinay R P

Jul 15, 2017

Learned a lot from this course. Contains detailed information on Money and Banking .

Best part was when Prof Perry G Mehrling talks at the beginning of the course about relationship between the subject and analysis of Financial Times.

Having completed the course, I am able to understand the depth of challenge he threw.

By Bojie S

Jan 7, 2017

The content and idea provided in the course are simply amazing! The best ever I had on Coursera and I really appreciate all the research effort made by Professor Perry Mehrling. Hope many more people using Coursera could have a look at the innovative ideas explained by Professor Mehrling in money market and finance.

By Jennifer H

Jan 7, 2020

I am very lucky to find this course as my PhD thesis is about "the Banking evolution and bank performance". I looked for relevant literature to understand the phenomenon of Banking evolution and this course is exactly what I needed. Thank you very much! I am the one holding the minority view as well.

By Nabilah N

Aug 26, 2017

A great way to revise a course that I did during my undergraduate. Especially because I have always found financial economics boring or hard to understand but Mr. Mehrling's lectures and reading materials are great resources to make it a fascinating subject to re-learn and finally understand.

By Sebastian S

Apr 3, 2017

Excellent course, excellent professor, extremely interestig topics, presented in an understandable manner. the only little con might be that the assignments are not appropriate (too easy). This course is a teaser and a perfect starting point for any substantial engagement in modern finance

By Giovanni B

Mar 8, 2020

The most insightful economics class I've ever taken. After completion, I'm gonna join the Young Scholars Initiative of INET in order to further develop "my money view" and, hopefully, one day contribute to this thinking with new ideas. Thank You Professor Mehrling! And thank you Coursera.


Mar 28, 2020

Being a central banker, I liked this course a lot - it showed me many new aspects of our role, not just in the area where I am working in (which is Treasury). I also liked many of the suggested readings a lot, especially those on the history and development of monetary policy.