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As a guiding theme of these 36 content-rich lectures, you observe the ways in which economies require efficient and evolving financial institutions and markets to fulfill their potential. In building a full view of our financial system, you delve into these and other vital subjects: central banks, commercial banks, and the Federal Reserve; interest rates and interest rate policy; bonds and stock markets; and foreign exchange and international banking.
Across the arc of this lecture series, you'll tackle key topics that shed light on the functioning of our financial system as a whole. You study the critical subject of inflation and its relationship to the consumer price index and to excess money growth. You'll investigate the causes and implications of the federal deficit and the national debt. In the international arena, you'll learn about the implications of trade deficits in global economic relationships and the question of monetary policy coordination between nations, weighing the significant benefits to the global economy of cooperation between central banks.
This is a rare chance to gain a grounded understanding of our monetary and financial systems, and to grasp the vital elements of finance that directly affect our way of life, our national concerns, and your own life and future.
PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.
Customer ReviewsMost Helpful
By LongerILiveLessIKnow on 01-14-14
Bank mysteries only somewhat less mysterious
I listened to this to help me gain a deeper understanding of what the hell it is that the Fed and other central bankers do. It helped somewhat. Salemi’s explanations are clear and he’s unbiased in his presentation (unlike, say, Ron Paul’s End the Fed). The topics cover more territory than just central banking. Here are the lecture titles to help you know what the course covers:
1. The Importance of Money
2. Money as a Social Contract
3. How Is Money Created?
4. Monetary History of the United States
5. Local Currencies and Nonstandard Banks
6. How Inflation Erodes the Value of Money
7. Hyperinflation Is the Repudiation of Money
8. Saving—The Source of Funds for Investment
9. The Real Rate of Interest
10. Financial Intermediaries
11. Commercial Banks
12. Central Banks
13. Present Value
14. Probability, Expected Value, and Uncertainty
15. Risk and Risk Aversion
16. An Introduction to Bond Markets
17. Bond Prices and Yields
18. How Economic Forces Affect Interest Rates
19. Why Interest Rates Move Together
20. The Term Structure of Interest Rates
21. Introduction to the Stock Market
22. Stock Price Fundamentals
23. Stock Market Bubbles and Irrational Exuberance
24. Derivative Securities
25. Asymmetric Information
26. Regulation of Financial Firms
27. Subprime Mortgage Crisis and Reregulation
28. Interest Rate Policy at the Fed and ECB
29. The Objectives of Monetary Policy
30. Should Central Banks Follow a Policy Rule?
31. Extraordinary Tools for Extraordinary Times
32. Central Bank Independence
33. The Foreign Exchange Value of the Dollar
34. Exchange Rates and International Banking
35. Monetary Policy Coordination
36. Challenges for the Future
For what it’s worth, I had a really hard time finishing this, taking almost four months. I’m generally not a fan of the Great Courses (I listened to two others on cybersecurity and critical decision-making). The courses seem to share the same strength: organization/conceptual clarity in surveying the various topics you might expect to find under the topic’s umbrella. But they also share the same weakness, i.e., a certain superficial quality. I did not think that Salemi dumbed down the lectures as I felt with the other Great Courses. But, IMHO, he did not linger long enough on some difficult issues.
Also, you should know that this lecture series comes from a video. Salemi references many graphs, charts, and formulas that you obviously can’t see. In some cases (e.g., the explanations of several formulas), the absent visuals made the lecture quite hard to follow.
Salemi, while an excellent lecturer, is one of the slowest speakers you’ll find on Audible. At 2x speed, he sounded like a normal lecturer.
All in all, while I’d recommend passing, I’m not sure what book out there is better as a survey of these topics.
91 of 93 people found this review helpful
By Philo on 07-15-13
The fundamentals, skipping the hype and trickery
This lecture series does what academics do best for me (full disclosure, I am one): based on much painstaking background work (invisible to the listener), the professor puts together plain, clear explanations, and a map, in effect, of what the parts are, how they work, and why they are this way. (Thus some parts may be obvious to the listener, but the overall content is very good.) Meanwhile, the technical terminology is built right in.
A critical point is, the professor does not have an axe to grind, a hidden agenda. I have heard and read countless explanations since 2008 of banking, finance, Great Recession, the history, etc., from politicians, authors, news, etc., in which (1) the fundamental concepts are not made clear, and (2) the speaker/writer starts right in with a biased, often emotion-laden, simplistic "explanation" designed merely to manipulate the listener, mostly because there is a hidden interest somewhere: getting election/power, selling splashy books, etc. The listener can come away "feeling smart," and perhaps in a suitable emotive huff of anger at the supposed "bad guys," without ever learning a reasonable amount about the underlying business / topic. THIS audio is the antidote. To paraphrase Hendrix: learn before you burn.
The prof uses generally smaller words, and speaks in a slower cadence, than some others, which I appreciate, as this fits well with listening while doing another activity like driving, or my endless hikes (sometimes while reacting to traffic, etc.). I am able to mix all this together and come out with good comprehension, without a lot of rewinds.
45 of 46 people found this review helpful