Marcia Stigum’s *The Money Market*

Often people ask for me background reading about the financial crisis.  I recommend blogs first and foremost but still people wish for a brief primer.  Well, I can recommend a 1200 page primer, namely Marcia Stigum’s The Money Market, now in its fourth edition.  It provides comprehensive coverage of all the major institutions in…the money market.  When I used to teach monetary economics at the Ph.d. level, I made all of the students read this entire book (in an earlier and slightly shorter edition) and I quizzed them on every chapter.  This was considered highly unorthodox at the time and of course 1200 pages is a lot of opportunity cost.  Still, I think it was one of the better educational decisions I have made as a professor and now I view it as somewhat vindicated.  The book is not perfect but it is a very good place to start.  It is also useful as a source of reference.


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