Category: Morgan Ricks

Current Scholarship
New York Times Podcast: A Radical Way of Thinking About Money with Morgan Ricks

We discuss what lessons banking regulators missed from the Great Recession; the need to panic-proof the entire financial system; the government’s role in insuring or backstopping deposits; what it would mean for the government to start treating money as a public good for us all; and more.
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New York Times Podcast: A Radical Way of Thinking About Money with Morgan Ricks”

Current Scholarship
New Symposium on “Networks, Platforms, and Utilities” by Ricks, Sitaraman, Welton, and Menand

Morgan Ricks, Ganesh Sitaraman, Shelley Welton, and Lev Menand

Networks, Platforms, and Utilities (NPU) is the first entirely new casebook integrating NPU law in a quarter century—and the first with some temporal distance from the deregulatory movement of the late twentieth century. The book thus contributes to larger intellectual shifts in the academy and public policy.
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New Symposium on “Networks, Platforms, and Utilities” by Ricks, Sitaraman, Welton, and Menand”

Banking: Intermediation or Money Creation
M. Ricks, What’s at Stake in Debates over Bank Money Creation Mechanics?

January 23, 2020

Morgan Ricks, Vanderbilt University

“[T]he familiar controversy as to how and by whom bank-deposits are ‘created’ is a somewhat unreal one.” So wrote John Maynard Keynes near the start of his 1930 Treatise on Money.[i] Keynes asked whether deposit balances can be created “actively” by banks or only passively by depositors “on their own initiative.” He thought it was obvious that banks can create deposit balances actively, albeit only within practical limits. Keynes acknowledged that active deposit creation—i.e., crediting deposit accounts in the process of lending or investing—tends to “diminish the reserves” of the bank as newly created balances are “paid away to the customers of other banks.”
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M. Ricks, What’s at Stake in Debates over Bank Money Creation Mechanics?”