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In a move sure to appeal to millennial parents everywhere, Fisher-Price has announced the launch of a new line of musical toys featuring beloved hits from the 90’s and 2000’s. “I simply couldn’t stand to hear “Old McDonald” or “BINGO” one more time,” remarked one local parent. “For too long, parents have been subjected to the same tired tunes on repeat,” commented Fisher-Price spokesperson, Melody Rhymes. “With our new line of musical toys, we’re giving parents a much-needed break from the monotony while introducing their little ones to the songs of their youth.”
Read the rest of the satire news article here on TattletaleTimes.com

Best Breakfast in Lancaster Pa We embarked on a culinary adventure to find the best breakfast in Lancaster, PA, and let us tell you, it was a mouthwatering journey like no other.From cozy cafes to elegant restaurants, we sampled a variety of breakfast dishes that left us craving more.With friendly staff and a range of atmospheres, Lancaster has something to satisfy every palate.Join us as we uncover the hidden gems and well-known favorites that make this city a breakfast lover's paradise.Key TakeawaysThere are many unique and varied breakfast options available in Lancaster, PA, with restaurants such as Orange, The Bread Pedaler, The Pantry Restaurant, and Rachels Cafe & Creperie offering delicious and creative dishes.The breakfast establishments in Lancaster are known for their friendly service and charming ambiance, with places like Prince Street Cafe, Gracie's on West Main, and Cafe One Eight providing a welcoming atmosphere.Many of the breakfast restaurants in Lancaster prioritize using fresh, local, and organic ingredients, with places like The Greenfield Restaurant, Cafe 24 Hundred, and The Pressroom Restaurant following a farm-to-table approach.For those looking for a more upscale breakfast experience, The Belvedere Inn, Gracies On West Main, and Cafe One Eight offer refined and sophisticated cuisine in a luxurious and intimate setting.Unique and Varied Breakfast DishesWhat are some unique and varied breakfast dishes offered at the restaurants in Lancaster, PA?There are several unique breakfast places near me that serve a wide range of delicious and creative dishes.One such place is On Orange, a popular restaurant known for its tasty breakfast and lunch options. They offer a variety of unique dishes, including their famous avocado toast topped with a poached egg and drizzled with a balsamic reduction.Another great option is The Bread Pedaler, which specializes in homemade bread and pastries. They serve unique breakfast dishes like their bacon, egg, and cheddar croissant sandwich, which is a crowd favorite.The Pantry Restaurant is also worth mentioning for their diverse menu, featuring dishes like their savory crepes filled with ham, cheese, and mushrooms.These unique breakfast places near me offer a wide range of delicious and varied dishes that are sure to satisfy any craving. Whether you're in the mood for something sweet or savory, you'll find plenty of options to choose from in Lancaster, PA.Delicious and Creative Breakfast OptionsWe love exploring Lancaster, PA for its delicious and creative breakfast options at various restaurants. One of our favorite places to visit is On Orange, known for its unique and varied breakfast and lunch dishes. The food here isn't only tasty but also offers a great variety to suit different preferences. The service is always top-notch, and the atmosphere is welcoming and cozy.Another great choice is Rachels Cafe & Creperie, where you can indulge in delicious and creative breakfast dishes. They've a wide range of options available for different dietary preferences, making it a perfect spot for everyone.Commonwealth On Queen and Aussie and The Fox are also worth mentioning for their delectable breakfast offerings. Both places serve up mouthwatering dishes that are sure to satisfy your cravings. With their friendly service and trendy locations, these restaurants provide a delightful dining experience.Whether you're looking for a charming café atmosphere or a refined and elegant setting, Lancaster has it all. Prince Street Cafe, Gracie's on West Main, and Cafe One Eight are all excellent choices for a delightful breakfast experience. They offer a variety of options, including sandwiches, pastries, and vegetarian and vegan dishes.The Greenfield Restaurant, Cafe 24 Hundred, and The Pressroom Restaurant are known for their classic and creative breakfast dishes. They take pride in their farm-to-table approach, ensuring that you enjoy fresh and flavorful meals every time. For a more upscale experience, The Belvedere Inn, Gracies On West Main, and Cafe One Eight are the perfect choices. These stylish and elegant restaurants will impress you with their refined cuisine, luxurious atmosphere, and impeccable service.Looking for a down-to-earth breakfast experience? Look no further than Idas Cafe and Scratch Bakes. These eateries serve traditional American comfort cuisine using fresh and handcrafted ingredients. The prices are affordable, making it a great option for a satisfying and budget-friendly meal.If you're staying at a hotel, consider visiting Two Kings or Prince Street Cafe. These restaurants, located within hotels, offer extensive breakfast buffets with great views while dining.Amanita and The Restaurant at Oregon Dairy are farm-to-table establishments that truly highlight the local produce and community. With their delightful and charming atmosphere, these restaurants provide a unique dining experience.Tomato Pie Cafe and Park City Diner & Coffee Shop are popular choices in both Lititz and Lancaster. They serve breakfast and lunch, with a focus on name-brand pie and exquisite coffee.Lastly, we can't forget about Route 30 Diner and Pancake Farm, family-owned daytime restaurants known for their delicious meals and friendly staff. The reasonable prices make them a great option for a satisfying breakfast. And if you're in the mood for traditional Pennsylvania Dutch cuisine, Dienners Country Restaurant and Loxleys Restaurant are the places to go. They offer breakfast and lunch buffets with made-to-order gourmet favorites in a unique and themed atmosphere.Don't miss out on Brick House Cafe, owned and operated by the Fisher family. They serve casual cuisine favorites with fresh ingredients and offer a delectable menu of breakfast options. Located in Manheim, this charming café is definitely worth a visit.Charming Cafes With a Welcoming AmbianceCharming cafes with a welcoming ambiance are the perfect places to enjoy a relaxing breakfast or brunch. These cafes often have cozy interiors with comfortable seating and pleasant decor, creating a warm and inviting atmosphere.In addition, the staff at these cafes are known for their friendliness and attentive service, making every visit a delightful experience.Atmosphere and DecorThe charming cafes in Lancaster offer a welcoming ambiance that immediately puts you at ease as you walk through their doors. The atmosphere and decor of these cafes play a significant role in creating a pleasant dining experience.Each cafe has its unique style, from cozy and rustic to modern and trendy. The decor is carefully curated, with attention to detail and a focus on creating a comfortable and inviting space. The use of warm colors, soft lighting, and comfortable seating contributes to the overall atmosphere.Whether you're looking for a quaint and charming cafe or a more upscale and elegant establishment, Lancaster has a wide range of options to satisfy every taste. So, if you're in search of the best breakfast in Lancaster, be sure to consider the atmosphere and decor of these charming cafes to enhance your dining experience.Friendly Staff and ServiceThe cafes in Lancaster have friendly staff and provide excellent service, making your dining experience even more enjoyable. From the moment you walk through the door, you're greeted with warm smiles and a genuine desire to make your visit a memorable one.The staff is knowledgeable about the menu and can offer recommendations based on your preferences. They go above and beyond to ensure that your needs are met and that you feel welcomed and valued as a customer. Whether you're looking for a quick bite or a leisurely meal, the cafes in Lancaster are committed to providing friendly and attentive service.From taking your order to refilling your coffee cup, the staff is always eager to assist and ensure that you have a pleasant dining experience. So sit back, relax, and let the friendly staff and excellent service enhance your breakfast in Lancaster.Vegetarian and Vegan OptionsWe can explore the charming cafes in Lancaster that offer a welcoming ambiance and cater to different dietary preferences by providing delicious vegetarian and vegan options. These cafes understand the importance of accommodating those who choose to follow a vegetarian or vegan lifestyle, and they do so with creativity and flavor.From Rachels Cafe & Creperie to Commonwealth On Queen and Aussie and The Fox, these establishments serve up delicious and creative breakfast dishes that cater to various dietary preferences. They're known for their friendly service and convenient, trendy locations.Additionally, Prince Street Cafe, Gracie's on West Main, and Cafe One Eight are charming cafes that offer a variety of breakfast options, including sandwiches and pastries, and they're known for their quality coffee and tea.With their commitment to providing vegetarian and vegan options, these cafes ensure that everyone can enjoy a delightful breakfast experience in Lancaster.Classic and Creative Breakfast DishesAt Amanita and The Restaurant at Oregon Dairy, we can enjoy classic and creative breakfast dishes made with local, seasonal, and organic ingredients. These two farm-to-table restaurants are dedicated to providing a delightful and charming dining experience, while also supporting local produce and community. When it comes to classic and creative breakfast dishes, Amanita and The Restaurant at Oregon Dairy truly shine.Here are four examples of the mouthwatering options you can expect:Classic Eggs Benedict with a twist, featuring locally sourced ham and a rich hollandaise sauce.A creative take on French toast, made with brioche bread, topped with fresh berries, and drizzled with local maple syrup.A hearty breakfast burrito filled with scrambled eggs, local sausage, peppers, onions, and melted cheese.For those with a sweet tooth, indulge in their signature pancake stack, made with organic flour and topped with seasonal fruit compote.At Amanita and The Restaurant at Oregon Dairy, you can trust that every dish is crafted with care and attention to detail. Their commitment to using local, seasonal, and organic ingredients ensures that you'll not only enjoy delicious breakfast dishes, but also support sustainable and ethical dining practices.Stylish and Elegant RestaurantsWhen it comes to stylish and elegant restaurants in Lancaster, PA, there are a few establishments that stand out.These restaurants offer upscale cuisine and a refined dining experience, with impeccable service and attention to detail.From the luxurious and intimate atmosphere to the sophisticated and delicious dishes, these restaurants provide an unforgettable dining experience for those looking for a truly special meal.Upscale Cuisine and AtmosphereGracie's On West Main and Cafe One Eight are two of the stylish and elegant restaurants in Lancaster that offer upscale cuisine and provide a luxurious and intimate atmosphere. When it comes to finding a high-end breakfast near me, these restaurants are definitely worth considering.Here are four reasons why:Exquisite Culinary Offerings: Gracie's On West Main and Cafe One Eight boast a menu filled with delectable breakfast dishes crafted with the finest ingredients. From perfectly cooked eggs to fluffy pastries, you can expect a feast for your taste buds.Elegant Ambiance: Step into these restaurants and you'll be greeted with a sophisticated and inviting atmosphere. The tasteful decor, cozy seating, and soft lighting create the perfect setting for a memorable breakfast experience.Impeccable Service: The staff at Gracie's On West Main and Cafe One Eight are known for their attentive and knowledgeable service. From the moment you enter, you can expect to be treated like royalty, with every detail taken care of.Luxurious Experience: When dining at these upscale restaurants, you'll enjoy a truly luxurious experience. From the elegant table settings to the personalized attention, every aspect is designed to make you feel pampered and indulged.Whether you're looking for a special breakfast occasion or simply want to treat yourself to a high-end meal, Gracie's On West Main and Cafe One Eight are the perfect choices for a memorable and refined breakfast experience.Refined and Sophisticated DiningThe Belvedere Inn is an elegant and refined dining establishment, offering a sophisticated and intimate ambiance for a memorable culinary experience. When it comes to the best breakfast in Lancaster, PA, The Belvedere Inn stands out for its upscale cuisine and refined atmosphere.With a focus on quality and attention to detail, they serve a delectable selection of breakfast dishes that are sure to impress. From classic favorites like eggs benedict and fluffy pancakes to innovative creations like avocado toast with poached eggs, their menu caters to all tastes. The Belvedere Inn also prides itself on using the freshest ingredients sourced from local farmers and artisans.Transitioning into the next section, their impeccable service and attention to detail further enhance the overall dining experience.Impeccable Service and ExperienceWe were impressed by the impeccable service and experience at the stylish and elegant restaurants in Lancaster, PA, such as The Belvedere Inn and Cafe One Eight. When it comes to finding the best breakfast in Lancaster, there are several options to choose from. Here are some notable establishments worth considering:On Orange, The Bread Pedaler, The Pantry Restaurant: These places offer unique and varied breakfast and lunch dishes. They're rated highly for their taste and variety, and provide good service and atmosphere. They're also moderately affordable and easily accessible.Rachels Cafe & Creperie, Commonwealth On Queen, Aussie and The Fox: These restaurants serve delicious and creative breakfast dishes. They offer a variety of options for different dietary preferences and are known for their friendly service. Their locations are convenient and trendy.Prince Street Cafe, Gracie's on West Main, Cafe One Eight: These charming cafes have a welcoming ambiance. They serve a variety of breakfast options, including sandwiches and pastries. They're known for their quality coffee and tea, and also offer vegetarian and vegan options.The Greenfield Restaurant, Cafe 24 Hundred, The Pressroom Restaurant: These establishments offer classic and creative breakfast dishes. They're known for their farm-to-table approach and provide a comfortable and charming atmosphere. The service is excellent and knowledgeable.These are just a few examples of the great breakfast options available in Lancaster, PA. Whether you're looking for unique dishes, friendly service, or a charming ambiance, there's something for everyone in this vibrant food scene.Down-To-Earth Eateries With Traditional American Comfort CuisineIdas Cafe and Scratch Bakes are two down-to-earth eateries offering traditional American comfort cuisine, satisfying our cravings with their delicious breakfast options. Located in Lancaster, PA, these eateries serve up a variety of dishes that are sure to start your day off right.At Idas Cafe, you can indulge in classic breakfast favorites such as fluffy pancakes, crispy bacon, and perfectly cooked eggs. Their menu also features hearty omelettes filled with a variety of toppings, from cheese and veggies to savory meats. The warm and inviting atmosphere of Idas Cafe makes it a popular spot for locals and visitors alike.Scratch Bakes, on the other hand, is known for its freshly baked pastries and bread. From flaky croissants to buttery biscuits, their breakfast options are a treat for the taste buds. Pair your pastry with a cup of their expertly brewed coffee for the perfect morning pick-me-up.Both Idas Cafe and Scratch Bakes offer affordable and inexpensive breakfast options, making them a great choice for those looking for a satisfying meal without breaking the bank. So next time you find yourself in Lancaster, PA, be sure to stop by these down-to-earth eateries for a delicious breakfast experience.Farm-To-Table Restaurants With Local, Seasonal, and Organic IngredientsAs Lancaster locals, we frequently enjoy dining at farm-to-table restaurants that prioritize using local, seasonal, and organic ingredients. These restaurants not only offer delicious and nutritious meals but also contribute to sustainable and ethical food practices. Here are four notable farm-to-table restaurants in Lancaster:On Orange: This restaurant takes pride in sourcing ingredients from local farmers and artisans. Their menu features unique and varied breakfast and lunch dishes that showcase the flavors of the region. With high ratings for taste and variety, On Orange offers a memorable dining experience.The Greenfield Restaurant: Known for their farm-to-table approach, The Greenfield Restaurant is committed to using fresh and locally sourced ingredients. Their classic and creative breakfast dishes are a true delight for the taste buds. The comfortable and charming atmosphere adds to the overall dining experience.Amanita: Amanita is dedicated to supporting local produce and the community. With a delightful and charming atmosphere, this farm-to-table restaurant offers a menu that showcases the best of seasonal ingredients. The commitment to using local, organic ingredients shines through in every dish.Tomato Pie Cafe: Located in Lititz and Lancaster, Tomato Pie Cafe is a must-visit for farm-to-table enthusiasts. Their breakfast and lunch menu features dishes made with locally sourced ingredients. The name-brand pies and exquisite coffee are additional reasons to visit this charming cafe.These farm-to-table restaurants not only provide exceptional dining experiences but also contribute to the local economy and promote sustainable food practices.Frequently Asked QuestionsAre Any of the Breakfast Restaurants Mentioned in the Article Pet-Friendly?Some of the breakfast restaurants mentioned in the article are pet-friendly. They offer a welcoming atmosphere for both humans and their furry friends. These pet-friendly establishments understand the importance of accommodating all members of the family.With outdoor seating options and pet-friendly policies, they make it easy for pet owners to enjoy a delicious breakfast while spending quality time with their pets. So, if you're looking for a breakfast spot where you can bring your four-legged companion, these pet-friendly restaurants in Lancaster, PA are worth considering.Do Any of the Breakfast Restaurants Offer Gluten-Free Options?Some of the breakfast restaurants mentioned in the article do offer gluten-free options. These options cater to individuals with dietary restrictions and provide a variety of delicious dishes to choose from.The restaurants prioritize accommodating different dietary preferences and ensuring that everyone can enjoy a satisfying breakfast experience. From unique and creative breakfast dishes to traditional favorites, there are gluten-free options available for those seeking them.Are Reservations Required at Any of the Breakfast Restaurants?Reservations aren't required at any of the breakfast restaurants in Lancaster, PA. Our research shows that all the establishments mentioned offer a first-come, first-served basis for seating.This means that you can simply walk in and enjoy a delicious breakfast without the need for a reservation. Whether you prefer a charming cafe, a trendy location, or an upscale dining experience, you can find a variety of options that cater to different tastes and preferences.Are There Any Breakfast Restaurants That Offer Outdoor Seating?Yes, there are breakfast restaurants in Lancaster, PA that offer outdoor seating. Some of these restaurants have charming and comfortable outdoor spaces where you can enjoy your meal.They provide a lovely atmosphere and allow you to dine al fresco while enjoying the beautiful surroundings. It's a great option for those who prefer to eat outside and soak up the fresh air while indulging in a delicious breakfast.Are There Any Breakfast Restaurants That Have Private Dining Options for Special Occasions?There are several breakfast restaurants in Lancaster, PA that offer private dining options for special occasions. These establishments provide a more intimate and exclusive setting for guests to celebrate. They offer a range of delicious breakfast dishes and have a reputation for impeccable service.Whether you're looking for a stylish and elegant atmosphere or a charming and cozy ambiance, these restaurants have something for everyone.ConclusionOur breakfast journey through Lancaster, Pennsylvania has been a delectable expedition of flavors and hospitality.From cozy cafes to elegant restaurants, this charming city offers a diverse range of breakfast options that cater to every palate.Whether you're craving classic comfort food or innovative creations, you'll find it all here.So come and indulge in the mouthwatering dishes and warm atmosphere that await you in Lancaster, where breakfast dreams come true.

All tapes are posted here

It's like a mini Mattel store and their Monster High section has some retailer exclusives! This section isn't well archived so I'm asking for the communities help to see what exactly they have.

The Pokemon Company announced that the popular Generation 1 WateIce-type Pokemon Lapras is getting a giant plush, and it's available to pre-order right now for a limited time. The new Lapras plush could make for a great holiday gift for Pokemon fans later this year, as it's expected to be released sometime in December 2024.
Lapras is one of the original 151 Pokemon in the series, making it a fan-favorite Pokemon for multiple generations. Although it can't evolve into any other Pokemon, Lapras can use Gigantamax if it has a Gigantamax factor in Pokemon Sword and Shield. In the Alolan region, Lapras can be seen as a gentle and helpful contributor to Alolan society, with the Pokemon often helping fishers and travelers navigate the region's waters. Lapras is present in all mainline Pokemon titles, and players may capture Lapras in the Pokemon GO mobile game as well.
The Pokemon franchise's official Twitter account confirms the giant Lapras plush is available to pre-order now at the Pokemon Center online store until Monday, June 3. Priced at $300, the Lapras plush stands tall at 27 inches and measures about 34 inches long, making it one of the biggest plush products offered by The Pokemon Company to date. What's more, the Lapras plush is embroidered to emphasize the Pokemon's prominent features, such as the large gray shell on its back. The Pokemon Company states that the plush is large enough for fans to sit and rest on, similarly to how players can use Lapras as a Ride Pokemon in Pokemon titles like Pokemon Sun and Moon.
Pokemon Center Opens Pre-Orders for Giant Lapras Plush
Costs $300 Pre-orders available until June 3 Measurements: 34 x 24 x 27 in
Pokemon fans who pre-order the new Lapras plush can expect it to ship sometime in mid-December 2024. Standard shipping will take roughly five to nine days, depending on where the customer is located in the United States. Fortunately, users in the United Kingdom and Canada may still purchase a Lapras plush by shopping at the UK and Canada Pokemon Center online stores. The Pokemon Company is consistent with releasing its products in the aforementioned regions, with one of the most recent releases being the new Marill and Dragonite Squishmallow plushes.
Lapras' popularity means that fans can expect more official merchandise from The Pokemon Company in the future, and the Pokemon will certainly return in future game entries. In addition, Lapras fans in the Pokemon community will likely continue to make custom designs and original concepts for the Pokemon. One recent example saw a Pokemon Scarlet and Violet player design a convergent form of Lapras with a unique aesthetic to call their own. The convergent form gives Lapras different abilities and traits compared to the original form from Generation 1.

For our schedule and links to other discussions, see the Money and Banking 2024 master post.
This is the discussion thread for Economics of Money and Banking Warsaw Lecture 2: History of Money and Finance?

• Lecture Video

This lecture provides historical context for how people have thought about money and banking over time, and, in particular, how the Money View approach evolved. This material is largely absent from the original 2012 lectures, but the historical context can give us an intellectual starting point to build on.
NOTE 1: As with Warsaw Lecture 1, the audio in this lecture only plays over the left channel. I recommend downmixing to mono in your computer's audio settings, so it doesn't distract you.
NOTE 2: The recording doesn't start until a few minutes in, toward the end of Slide 2.
The slides are not always visible in the recording. I've included their content below.

Slide 2: Two traditions (0:00 – 0:18)

“There were, at the least, two strands in classical economics. There was one (represented, roughly speaking, by Ricardo and his followers) which maintained that all would be well if by some device credit money could be made to behave like metallic money; there was another (represented, so far as I have taken the story, by Thornton and Mill) which held that credit money must be managed, even though (as was admitted) it is difficult to manage it. This is a major difference, and it has outlasted Keynes.” Hicks 1967, “Monetary Theory and History”

Slide 3: Drivers (0:18 – 5:18)

• World Wars, World Depression, Rise of Welfare State, Stabilization Policy
• Rise of the United States (1913 Fed, 1944 Bretton Woods), from sterling to dollar reserve
• Professionalization of Economics, Formal Turn in Economics, Econometric Movement
• De-colonization, Independence, Financial Crisis
• Emerging Markets, Financial Globalization, Global Financial Crisis

Slide 4: The Money View (5:18 – 6:41)

• Banking as a Payments System
  • Copeland (1952): A Moneyflow Economy
  • Minsky (1957): The Survival Constraint
• Banking as a Market Making System
  • Hawtrey (1919): Hierarchy of Money and Credit
  • Hicks (1989): Centrality of the Dealer Function
  • Bagehot (1873): Dealer of Last Resort

Slide 5: The Economics/Finance View (6:41 – 8:12)

• MV=PT, money as means of exchange
• IS-LM (nominal interest rate), money as store of value
• Purchasing Power Parity, P=sP* (FX), money as measure of value
• DSGE with Taylor Rule (inflation targeting)

Slide 6: Finance and Macroeconomics (8:12 – 10:36)

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Finance: “consumption CAPM” Economics: “Real Business Cycles”

Slide 7: Fatal Abstractions (10:36 – 13:06)

• No “Banking as a Payment System”
  • No Money Flow, NIPA
  • No Survival Constraint, Budget Constraint
• No “Banking as a Market-Making System”
  • No Hierarchy, Money as n+1th market
  • No Dealers, Price equilibrates, supply and demand
  • No Dealer of Last Resort, Central Bank operates on inflation expectations

Slide 8: Monetary Thought, 1913 (13:06 – 18:15)

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Slide 9: Political Thought, 1913 (18:15 – 21:53)

• Three Bogeymen
  • Big Finance Memory of 1907 Crisis (JP Morgan)
    • And 1910 (Jekyll Island)
  • Big Government Memory of 1862 (Greenbacks)
  • Big Wide World Actuality of Sterling System
• Political Solution
  • Real Bills Language (vs. Finance and Government)
  • Gold Convertibility (vs. Wide World)
  • Board of Governors, democratic oversight
• Funding Liquidity vs. Market Liquidity

Slide 10: Language vs. Reality (21:53 – 26:21)

• Funding liquidity versus market liquidity
  • Real bills doctrine, self-liquidating bills
  • Shiftability doctrine, Moulton 1918
    • Primitive repo, Primitive shadow banking!
• Wartime transformation
  • Centrality of government debt (Bogey #2)
  • Centrality of government debt dealers (Bogey #1)
• Tenth Annual Report (1923)
  • Invention of open market operations

Slide 11: Great Depression Transformation (26:21 – 28:21)

• Federal Reserve failure
  • 1931 lender of last resort but not dealer of last resort (funding liquidity, not market liquidity)
• Federal Reserve transformation
  • Banking Act of 1935, “apotheosis of shiftability”
  • Banking Act of 1937, “orderly conditions” tantamount to dealer of last resort, essential hybridity

Slide 12: Emerging Norms of Management (28:21 – 33:53)

• Keynes 1930 Treatise, normal backwardation
  • Keynes 1936 GT, liquidity preference
  • Hicks 1939, V&C, forward rate bias
• Wartime hiatus, and more transformation
  • From war finance to Bretton Woods 1944 (Bogey #3)
  • From war finance to Fed-Treasury Accord 1951
• FOMC “Report of the Ad Hoc Subcommittee on the Government Securities Market” (1952)
  • Level of interest rates
  • “Tone” of the money market, centrality of private dealers

Slide 13: Capital Finance, indirect (33:53 – 36:04)

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Slide 14: International Dollar, indirect (36:04 – 37:16)

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Slide 15: Origins of Macroeconomics? (37:16 – 38:28)

• Alvin Hansen
  • Continental Business Cycles (Schumpeter) + American Institutionalism (Burns/Mitchell)
• John Maynard Keynes
  • English Banking Traditions (Tooke, Bagehot, Marshall, Hawtrey)
• James Tobin: neoclassical synthesis
  • Irving Fisher (Walrasianism) + Cambridge Quantity equation

Slide 16: Evolution of Macro? (38:28 – 40:11)

• Internal Inconsistency, Monetarist Challenge
  • Phelps (1968), Friedman (1968), Muth (1961)
• New Classical Theory (Lucas 1975, 1976, 1977)
  • “Equilibrium Model of the Business Cycle”
  • “Econometric Policy Evaluation”
  • “Understanding Business Cycles”
• Real Business Cycles
  • Kydland and Prescott (1982)
  • Long and Plosser (1983)

Slide 17: The Lucas Link: Macro vs. Finance (40:11 – 42:52)

“On the one hand, it is easy to postulate agents and market institutions which ignore or foolishly waste information: the result is a theory which seriously understates agents’ abilities to vary their decision rules with changes in the environment (such as, for example, the theory underlying the major econometric forecasting models). It is equally easy to postulate ‘efficient’ securities markets which rapidly transmit all information to all traders: the result is a static general equilibrium model. To observe that one must avoid both extremes to understand the business cycle does not take one very far in discovering the correct ‘centrist’ model, but it seems nonetheless an essential point of departure.” (Lucas 1975, 1138).

Slide 18: Rise of the Academics (42:52 – 46:34)

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Slide 19: Modigliani (46:34 – 47:22)

• “Liquidity Preference and the Theory of Interest and Money” (1944)

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Slide 20: Samuelson (1947 [1937]) (47:22 – 50:04)

• Robertson’s Money (1922)
• Monetary Walrasianism
  • Hicks 1935 “A suggestion for simplifying…”
  • Marschak 1938 “Money and the theory of assets”
• M = M(p1,….,pn,pm,I,r)
  • Monetary theory of the rate of interest? NO
  • Liquidity preference theory of term structure? NO
• Neoclassical Synthesis (1955, 1967)

Slide 21: An Aside on Hicks (50:04 – 51:20)

• Repudiation of 1937 “Keynes and the Classics”, but not 1935 “Simplifying”
• 1962 Presidential Address “Liquidity” restarts his monetary inquiry, culminating in 1989 Market Theory of Money
• Not monetary Walrasianism, rather completion of Keynes Treatise on Money
• Hicks and the money view

Slide 22: Emerging Norms of Management (51:20 – 53:09)

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Slide 23: State of Debate circa 1975 (53:09 – 55:12)

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Slide 24: Can Monetary Policy Work? (55:12 – 56:52)

“If the interest rate on money, as well as the rates on all other financial assets, were flexible and endogenous, then ….there would be no room for monetary policy to affect aggregate demand.” Tobin (1969, 26)

Slide 25: Monetarism Mark I (56:52 – 57:14)

• “One can see why the initial monetarist tide was so successful – no one had thought of building any dykes.”
  • Hahn on neoclassical “synthesis” (1983, 51) in Paul Samuelson and Modern Economic Theory

Slide 26: The "Hahn Problem" (57:14 – 58:15)

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Slide 27: The Problem of Time (58:15 – 1:00:25)

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Slide 28: Rise of Finance (1:00:25 – 1:01:00)

• CAPM Origins [Marschak 1938]
  • Markowitz (1956) to Sharpe (1964)
  • Modigliani-Miller (1958) to Treynor (1962)
• Options Pricing Origins
  • Treynor to Black-Scholes (1973)
  • Samuelson to Merton (1973)

Slide 29: "Monetarism" Mark II (1:01:00 – 1:01:35)

• Black (1970) “Banking in a World Without Money”
• Real Business Cycles
  • Kydland and Prescott (1982)
  • Long and Plosser (1983)
• Dynamic Stochastic General Equilibrium Model
  • No banks, no money, liquidity as a free good
  • Price level formed by “expectations” and Central Bank Taylor Rule

Slide 30: Risk control in efficient markets (1:01:35 – 1:03:17)

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Slide 31: Special Theories of "Liquidity" (1:03:17 – 1:04:18)

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Slide 32: The Problem of time, Redux (1:04:18 – 1:05:05)

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Slide 33: The Money View (1:05:05 – 1:05:10)

• Banking as a Payments System
  • Copeland (1952): A Moneyflow Economy
  • Minsky (1957): The Survival Constraint
• Banking as a Market Making System
  • Hawtrey (1919): Hierarchy of Money and Credit
  • Hicks (1989): Centrality of the Dealer Function
  • Bagehot (1873): Dealer of Last Resort

Slide 34: "Capitalism is essentially a financial system" (1967) (1:05:10 – 1:05:31)

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Slide 35: The Vision of Minsky (1999) (1:05:31 – 1:08:12)

“By his own reckoning, Minsky was an institutionalist economist in the sense that he viewed the structure of the economic world not as immanent in some set of underlying data—such as endowments, technology, and preferences—but rather as constituted by a set of key economic institutions. He was institutionalist too in his insistence that our economy is essentially, not incidentally, monetary in character. His way of fleshing out that idea was to look at every economic unit—firms, households, governments, even countries—as though it were a bank daily balancing cash inflow against cash outflow. From that point of view, the categories that most economists, and most people, take to be solid simply melt into air. Production, consumption, and trade, are nothing more than flows of money in and out and between different economic units. The most real thing is money, but money is nothing more than a form of debt, which is to say a commitment to pay money at some time in the future. The whole system is therefore fundamentally circular and self-referential. There is nothing underneath, as it were, holding it up. In Minsky’s hyper-modern institutionalism, institutions do not merely organize the stuff of some pre-existing real world; there are the only real world there is. Financial relationships are not about mediating something else on the ‘real’ side of the economy; they are the constitutive relationships of the whole system. The veil of money is the very fabric of the modern economy.”

Please post any questions and comments below. We will have a one-hour live discussion of Warsaw Lecture 2 on Wednesday, May 13th, at 2:00pm EDT.

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