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Joseph J Wang
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Central Banking 101 Paperback – January 18, 2021

by Joseph J Wang (Author)
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Central banking is magic. With a few words, the Fed can lift the stock market out of desperation and catapult it towards euphoric highs. With a few keystrokes, the Fed can conjure up trillions of dollars and fund virtually unlimited Federal spending. And with a few poor decisions, the Fed can plunge the entire world into a recession. The Federal Reserve is one of the most powerful institutions in the world, and also one of the most difficult to understand.

The Fed acts through its Open Markets Desk, which sits at the heart of the global financial system as the world’s ultimate and limitless provider of dollars. On behalf of policy makers, the Desk gathers market intelligence from all the major market participants, sifts through reams of internal data, and works behind the scenes to keep the financial system intact. It is responsible for all of the Fed's market operations, from trillions in quantitative easing to hundreds of billions in repo and FX-swap loans. The financial crises of 2008 and 2020 abated only through the emergency interventions of the Desk.

Joseph Wang spent five years studying the monetary system as a trader on the Desk. From that vantage point, Joseph saw firsthand how the Fed operates and how the financial system really works. This book is a distillation of his experience that aims to educate and demystify. After reading this book, you will understand how money is created, how the global dollar system is structured, and how it all fits into the broader financial system.

The views in this book do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System.
Previous page
  1. Print length
    225 pages
  2. Language
    English
  3. Publication date
    January 18, 2021
  4. Dimensions
    5 x 0.51 x 8 inches
  5. ISBN-10
    0999136747
  6. ISBN-13
    978-0999136744
  7. See all details
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Product details

  • Publisher ‏ : ‎ Joseph (January 18, 2021)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 225 pages
  • ISBN-10 ‏ : ‎ 0999136747
  • ISBN-13 ‏ : ‎ 978-0999136744
  • Item Weight ‏ : ‎ 8 ounces
  • Dimensions ‏ : ‎ 5 x 0.51 x 8 inches
  • Customer Reviews:

About the author

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Joseph J Wang

Joseph J Wang

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Joseph spent 5 years studying the plumbing of the financial system as a senior trader on the open markets desk. The Desk sits at the center of the dollar system as its ultimate and infinite provider of dollars. It has access to virtually all regulatory and financial data, as well as open lines of communication with all major market participants. It is one of the few places in the world where one can definitively learn how the system works.

Prior to joining the Desk, Joseph was a credit analyst and in another life he practiced law. He holds a B.A. in Economics from Northwestern University, a J.D. from Columbia Law School, and an MSc. in Financial Economics from Oxford University.

Customer reviews

4.7 out of 5 stars
4.7 out of 5
734 global ratings

Top reviews from the United States

GefilteFish
5.0 out of 5 stars Concise, Simple language, Straight to the point.
Reviewed in the United States on October 16, 2023
Verified Purchase
Amazing explanation of how the financial plumbing of the US works. Great readable "reference" book for the layman. "Reference," in quotes because it's actually engaging unlike most reference books. This book explains how the fed works, what specifically shadow banking is, etc in straight-to-the-point language, with real-world explanations and examples, but without meandering off-topic.
It's up-to-date as of Covid but not much after iirc. For the second edition, it'd be great to have a glossary of terms, and quizzes at the end of the chapter would be a bonus.
3 people found this helpful
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Ed Cleaves
5.0 out of 5 stars Comprehensive Explanation of Central Banking
Reviewed in the United States on November 28, 2023
Verified Purchase
I liked the neutral tone of this book. There was very little political tone. The book builds on basic concepts and eventually becomes quite complex (but still understandable). Amazingly, the book was written after Covid 19, but some of the development in the financial markets are already a little out dated. The book filled in some knowledge gaps that I had and will probably help me improve my focus on future financial events, with more insights.
3 people found this helpful
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Magic Runner
4.0 out of 5 stars Good overview about how money works and the role of the central bank!
Reviewed in the United States on March 23, 2023
Verified Purchase
Worthwhile read and addresses a lot of topics that currently are heavily discussed during the 2023 banking crises. Recommend for people that want to get a better understanding about the role of a central bank, the different forms of money and money creation, how the different money markets work etc.
2 people found this helpful
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Hoang Le
5.0 out of 5 stars Straight to the point and easy to follow.
Reviewed in the United States on December 17, 2023
Verified Purchase
Love that the author's style for this book is so straightforward.This is a textbook for anyoneWho is interested in macroeconomic, central- banking and finance.
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Essa
5.0 out of 5 stars A must read
Reviewed in the United States on June 16, 2023
Verified Purchase
This is one of the best books I came across that explains very well how the global financial system works. I was simply blinded until I read this book. It is nonsense free with practical examples from the personal experience of the author as a central banker. If you’ve got questions about inflation, QE, and the interference of the Fed in markets, this books is definitely for you.
6 people found this helpful
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Erard Gilles
5.0 out of 5 stars clear and instructive
Reviewed in the United States on October 22, 2023
Verified Purchase
Don't be mislead by the title! It is not CB for the dummies. If fact you need some education. For example you know what a reverse repo is? If yes, you're good to go. Otherwise, don't expect the get the definition first (you will but when the subject is specifically discussed).
4 people found this helpful
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Ryan!
5.0 out of 5 stars A lot has changed in the last 20 years
Reviewed in the United States on March 30, 2023
Verified Purchase
This book covered a lot of central banking including changes related to recent events.

Several new tools have been added to the Federal Reserves toolkit and are covered herein.

This is worth a read by finance adjacent folks looking for some context on the international banking front and the impact of the dollar as the global reserve currency.
2 people found this helpful
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John B. Gibson
3.0 out of 5 stars Moderately helpful
Reviewed in the United States on November 20, 2023
Verified Purchase
It defines economic terms with other economic terms. That is confusing and not helpful to my understanding. For example, when the Fed is trying to reduce its balance sheet by letting bonds retire doesn't the Treasury pay off the bond a wouldn't that leave the Fed's balance sheet in the same condition it was already in?
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Top reviews from other countries

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Mie
5.0 out of 5 stars Valioso
Reviewed in Brazil on December 18, 2022
Verified Purchase
Para meu nível de conhecimento do sistema financeiro americano, achei enriquecedor.
One person found this helpful
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Josh
5.0 out of 5 stars A glimpse behind the curtain
Reviewed in Canada on November 27, 2022
Verified Purchase
Joseph Wang delivers a comprehensive overview of the entire financial system.
Reading this book led me to many “aha!” moments. I was finally able to put the pieces together.

There is a lot of concentrated knowledge in these pages. Don’t be surprised if you need/want to reread a number of passages!

Highly recommended!
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Emilio Cabrera
5.0 out of 5 stars Leveling the playfield in terms of understanding the FED.
Reviewed in Mexico on September 28, 2022
Verified Purchase
The real mistery is why wouldn't a jewel like this be in the core curriculum of a bachelor/masters program focused on markets and finance.

A must for any professional in banking. This should be your core!
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Josh
5.0 out of 5 stars An excellent primer on central banking and the financial system
Reviewed in the United Kingdom on July 13, 2023
Verified Purchase
I am unaware of any other book that offers the same practical, operational insights into central banking and these banks relations with the other major market actors. It is, necessarily perhaps, a high level overview; but it is one that captures the key moving parts and their dynamics.

If I'm wrong, please let me know. I would welcome the opportunity to read even stronger tomes on this subject.

The book makes some assumptions about the reader's background knowledge; for example, introducing LIBOR with no explanation. A new edition should focus on plugging these gaps. Otherwise, the book is a masterclass in successively connecting complex, intangible concepts into a greater whole.

A second minor criticism is that the book is essentially exclusively US focused. I don't believe that this detracts from the book significantly, given that developed central banks tend to operate in similar ways. A new edition might attempt to draw out any material differences in practice, etc.

I congratulate Joseph on producing this superb book, and do not hesitate in recommending it, subject to my qualification above.
One person found this helpful
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Client d'Amazon
5.0 out of 5 stars J'ai beaucoup appris
Reviewed in France on May 14, 2023
Verified Purchase
Grâce à ce livre mes connaissances et ma compréhension du système à incroyablement augmenter. Merci beaucoup de nous avoir transmis tout ce savoir ☺️
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