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Negative INterest Rate
Jerry Jordan

The contractionary, contradictory nature of negative interest rates

A negative interest rate imposed by a central bank on reserve balances of commercial banks is not an interest rate at all.  It is a tax.  As such, like all taxes, it transfers resources from the private sector to the government sector and has a contractionary effect on economic activity.  The European central banks and the […]


Aaron Nathans

COLA: We Forecast Tiny Social Security Benefit Increase

The American Institute for Economic Research is forecasting the smallest Social Security cost-of-living adjustment since that administration began automatic annual adjustments in the 1970s. We are forecasting with 90 percent confidence that when the increase is announced on Oct. 18, it will be between 0.2 percent and 0.5 percent. Our senior research fellow Max Gulker […]


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