The New Lombard Street: How the Fed Became the Dealer of Last Resort

By Perry Mehrling. 2010

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THE MACROECONOMICS OF SHADOW BANKING (2018, background): “Following Mehrling (2011), government bonds are usually considered as risk-free assets because financial institutions can always move them on the balance sheet of the central bank in exchange for reserves in the context of refinancing operations.”
Bagehot was a Shadow Banker: Shadow Banking, Central Banking, and the Future of Global Finance (2013, unknown): “These dealers will be the central focus of our analysis.”
The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and the Swiss National Bank’s Corporate Security Purchases (2019, background): “To rescue a global financial system on the brink of collapse, central bankers assumed new roles as lenders and market makers of last resort (Mehrling 2010, Gabor and Ban 2016).”
Central banking and the infrastructural power of finance: the case of ECB support for repo and securitization markets (2020, background): “More recently, in the wake of the failure of Lehman Brothers, the ECB assumed the role of ‘dealer of last resort’ for ABSs (cf. Mehrling, 2010).”
Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective (2016, unknown): “They form the most important collateral used on money markets and repo markets (Mehrling 2011, Gabor 2014).”