Central Banking 101

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.

Perfect length, very clear explanations. Short but very insightful book for anyone that does not understand exactly what a repo transaction is, how central bank reserves work, what the money market is, what the Fed put is, etc.

Useful information but essentially a very high level summary of the main concepts with a few examples.. A relatively short book - hardly a bible to be used as reference material. Also, the book's title suggests it's about Central Banking in general but it's not (it's about the US central bank specifically). A touch overpriced.

Informative and useful

I'm halfway through but moved to write a review already. The writer has a very clear style and explains the simple but unintuitive mechanics of central banking and money creation. Thankfully, this is done (mostly) without judgement. Many mysteries will become clear, and popular misconceptions will be dispelled.

A truly great book for anyone who is new to industry, student or even those in the industry for long time. Central banking is far more complicated than we assume. I’d highly recommend, only hope there are more books like this in the market for all products, practical and not just text books.

A concise and entertaining education in how the financial system actually works in practice. I learned a lot and feel less mystified at headlines about the Bank of England or the Federal Reserve.

The primer is basically on how the FED works with only cursory references to other countries’ central banking systems. While some basics are common, a lot of operational details differ. However, the book is an excellent introduction to this subject and I hope is read by as many people as possible so that people understand what their money, inflation, and interest really mean and work. Also, the bitcoin community could benefit from some knowledge too.

Super interesting and unbiased. Author makes such a complex topic feel much easier to understand. I also like that, despite focusing on central banks roles and mechanisms, author also explains a lot about the banking system as a whole. Overall very rich reading.

If you have an interest in central banking or money, I highly recommend this book. Very easy to understand and comprehensive. I’ve watched countless YouTube videos to try and understand banking but this book is the best resource I have found to teach the fundamentals. Informative, enjoyable, and easy read!

great! A ton of value! Explain how things work in a monetary system ruled by central bank. It is very interesting

This book is a fantastic guide to the Federal Reserve's monetary policy. The clear writing and use of illustrative exemples allow non-economists to understand the concepts as well. I personally found it a great complement to the author's blog, Fed Guy, to follow the current developments in the field and in the broader markets as of June 2022. Hoping Joseph Wang will publish other books on the subject in the near future.

I read this intermittently over a few days and found myself learning a lot about not just the US Fed and its processes but the financial market on a whole. This book offers a succinct and clear outline of how the Fed guides interest rates by directly interacting with various markets - Treasuries, Corporate Bonds, Agency MBS, Commercial Loans. It also offers a clear overview on the major players in the financial market - primary dealers, commercial banks, hedge funds, and a few others. I also appreciated the short blurbs interspersed throughout the chapters which offered a clear walkthrough of real events. One thing I will note though is that this book is very much focused on the US Fed, which is to be expected considering the author's background working on the open market desk. If you're from any other country this would mean that it doesn't offer a 1:1 picture of the specific mechanics of your central bank but I do think it helps in knowing what the right questions are to ask. In sum, I'd say this is worth the short read, especially if you're like me and aren't familiar with financial markets. 5/5