Perry Mehrling

Perry Mehrling

Professor of International Political Economy

Boston University, Frederick S. Pardee School of Global Studies

Biography

Perry Mehrling is Professor of International Political Economy at Boston University. He holds a BA from Harvard College, MSc from the London School of Economics, and PhD from Harvard University. Prior to joining Boston University in 2018, he taught economics at Barnard College, Columbia University for thirty years.

His books include "The New Lombard Street: How the Fed Became the Dealer of Last Resort" (2011), "Fischer Black and the Revolutionary Idea of Finance" (2005), and "Money and Empire: Charles P. Kindleberger and the Dollar System" (2022). Mehrling developed the "money view" framework for analyzing monetary systems, which he teaches through a Coursera course "Economics of Money and Banking."

His research examines central banking operations, financial market evolution, and the relationship between private finance and public monetary institutions. He serves on the Academic Council of the Institute for New Economic Thinking and has held visiting positions at MIT Sloan School, University of Nice, and other institutions. At Boston University, he teaches courses on global money, money and banking, and international finance.

Publications

Payment vs. funding: The law of reflux for today

Perry Mehrling (2022) - INET Working Paper Series

Updates Fullarton's law of reflux for modern financial conditions. Distinguishes between payment systems and funding markets to analyze how money creation and destruction work in contemporary market-based credit systems.

Reflux Dynamics Balance Sheet Relations