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June 25, 2018
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Richard M. Ebeling

Tariff Wars and the Fallacy of the Balance of Trade

The hoopla and hysteria about balance of trade deficits, and that somehow “others” are taking advantage of us because we buy more from them than they buy from us, in fact, is the result of an analytical myopia of failing to “follow the money” through all the different forms and channels that import and export spending can take, both for an individual or the country as a whole. Once you do, you realize that the balance of trade “problem” is all an illusion.

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Fig 1 caton
James L. Caton

Base Money and the Birth and Use of Credit Money

The complexity of credit markets creates difficulty for teaching monetary theory purely through reference to observed data. An appropriate framing should follow the evolution of money and credit.

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William J. Luther

How Does the Fed Influence the Federal Funds Rate in a Floor System?

The Fed must abandon its traditional policy lever — open-market operations — in favor of managing the interest it pays on reserves if it is to hit its FFR target while operating in a floor system.

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William J. Luther

How Does the Fed Influence the Federal Funds Rate in a Corridor System?

The Fed has a lot of policy tools, to be sure. But, traditionally — that is, when the Fed was operating in a corridor system — it exerted influence on the FFR primarily through its open-market operations.

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