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

1,433 ratings

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.


May 28, 2020

The "Economics of Money and Banking" course provided an inspiring look on the modern international finance system. Definitely, recommending it for both newcomers and already experienced students.

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26 - 50 of 378 Reviews for Economics of Money and Banking

By Vishwesh R

Mar 10, 2019

Some really complex topics explained in really simple and fundamental terms

By Manan M

Oct 10, 2020

The course needs to be updated with time.

By José G F Q d A

Nov 27, 2016

This is a truly superb course, probably unique in its breadth, depth and realistic, fact-based approach to teaching money and banking. I particularly liked the systematic use of balance sheets for the presentation of the materials, the emphasis on History and institutions to understand the contemporary banking system, the explanations on the hierarchy of money and credit and of how all banking is essentially an exchange of IOUs (mostly created from thin air). The transition from traditional banking to shadow banking is very well explained. The role of the Fed as a liquidity backstop for the financial system, the eurodollar as a source of global funding and the causes of the financial crisis are all clearly presented. I'm now eagerly waiting for an updated version of the course, since the recorded lectures are from late 2012.

By Arnab R

Jul 25, 2020

I am not a student of economics yet always believed I had the intuitive sense to understand it. So I dared to take this 13 week course adding excessive discipline over elasticity so that I complete it . There were times I had to replay the videos multiple times to pick the finer points. Times I had to google to understand terms like budget line, possibility frontier , covered interest parity etc. I did not mind it at all because the entire course was so inspiring, so full of knowledge that I was ready to put all my heart to grasp it. The course is superb, the instructor Perry is definitely one among the world's best teacher. Since I started studying as a 3 year old- this is the among the 3 or 4 courses that will influence my thinking the most. Thankyou , thankyou. This certificate is my prized collection.

By Alexandre Z R

Oct 25, 2017

I did in my local university a course in Monetary Economics and then I did this. This course it's not a traditional course, if you know previously something about it, you will recognize this is a lifetime work of investigation, theorization, of a academic passion about how this trully work in markets. It's not a easy course, I have to repeat many weeks to get along. But Professor Mehrling structured the course with reading materials that give you a broader understading, he uses real data to explain and exemplify, he reads FT and discuss. I'm so grateful for this course, before that I used to think I knew monetary system. Now that I know much more I'm aware of my ignorance. Hope some day he make another course, or just update this one with the new events in the central baking world.

By Shivam S

Apr 27, 2021

A must pursue course for the finance people. instructor's approach to the money view by using balance sheet for understanding finance concepts by reviewing news from Financial Times newspaper is truly great to understand how money flows between international markets and international banks. Understanding crisis in these times of modern finance with the view point of Economists who contributed in monetary theory such as Bagehot and Allyn Young. Introduction to Shadow banking and various concepts like credit default swaps, Eurodollar markets. Last but not the least a lot of study material is provided by the instructor which is very valuable, which includes banking crisis reports, books of Economists, abstracts from books and research papers and many more.

By Nicolas H

Dec 8, 2016

While the course presupposes a state and underconceptualizes or rather even ignores the law it still is the go to online course for anyone interested in the phenomenon that probably is as misunderstood as it is often mentioned: money. Specifically "global money". Perry has amazing teaching skills, too. You can tell he not only has taught this course a lot of times but he also loves what he's doing and keeps on getting an even better teacher. I've done this course multiple times and will probably keep doing it. There is so much in here to learn and to more deeply understand...

By Dhruba D

Sep 10, 2017

Economics and Finance have always been explaining theories and concepts to students. Often when thought back/pondered upon, the theories are unable to explain all the queries of real life.

This course stitches through all the theories and present a very well thought out and a complete picture of the financial world. A very unique perspective and a rare perspective at that.

Highly recommended that you register and pay for this course. As it makes the learning so much more interesting, intriguing and gives us so much understanding of the money view of the financial world.

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 T B

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 Jt T

Aug 26, 2021

The professor explains the system of money and banking in a detailed way and he really knows what he is talking about. Every time when I clicked on the learning videos, the journey to a deeper understanding of the field of study starts in an enjoyable way. The course deepens and strengths my knowledge about the field and motivates me to learn more. Thanks for offering this course online.

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 Iago S

Feb 24, 2021

This course is amazing for anyone who is trying to understand better the money markets and banking system. Through a very practical approach, the Professor Perry Mehrling conducts us through the thinking and dynamics ruling the financial and money market in fact. Perry Mehrling is a great thinker about the money view and this class is a comprehensive and accessible teach.

By Dylan F

Mar 5, 2021

As some one without any tertiary education in economics or finance, this course was incredible. Granted it took me a little longer as I needed to slow it down and do small amounts of research outside of the coursework to truly understand the coursework, that being said incredibly interesting and genuinely easy to understand.

I will be looking for more courses.

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.