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A Masterclass In Central Banking | Professor Jane Knodell
Forward Guidance
The Second Bank of the United States
There are roughly three categories that you characterize in your article on of what the second bank of the United States owns. Number one, discounts, number two, exchange, and number three, treasury debt. What is discount and what is exchange? Okay. So discounts are basically commercial paper, right? So business loans, right? And it's called a discount because if I give your borrowing $10,000, that paper would be bought at a discount from face value. Then according to how the interest rate and then when the bill matures, the debtor pays the full face value. It's kind of like a treasury bill. Except it seems like a lot more risky.
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