Monetary Policy

Wednesday, January 9th, 2019

Argentina has secured an IMF agreement and announced aggressive policies to reduce its fiscal deficit and inflation rate. But that might not be enough to comfort its creditors.

Tuesday, December 18th, 2018

Argentina has seen a series of currency crises as an excessive reaction to international events and changes in market conditions in the last few months. Argentine monetary policy is largely to blame.

Wednesday, November 28th, 2018

Paul Volcker takes issue with the Federal Reserve’s two-percent inflation target. He is right to do so.

Tuesday, November 27th, 2018

The Divisia monetary aggregates suggest that the equation of exchange is still a useful apparatus for monetary policy.

Friday, November 23rd, 2018

The combined effort of the central banks of the United States, Japan, and Europe to “stimulate” their economies has initiated an asset price bubble.

Monday, October 29th, 2018

A new NBER working paper considers how actions in the federal funds market affect stock prices and trade volume.

Tuesday, October 9th, 2018

By continuing its policy of paying interest on excess reserves, the Federal Reserve is courting a crisis.

Tuesday, October 2nd, 2018

The essence of economics is far too complex to accredit to a politician.

Wednesday, September 26th, 2018

The Federal Reserve has created so much base money that it has found itself between the devil and the deep sea: choosing whether to let the money circulate in the economy, thereby pushing up prices, or to remove this money quickly, thereby potentially creating a deflationary spiral.

Wednesday, September 19th, 2018

Does the experience of the Bernanke Fed demonstrate that monetary policy is ineffective at the zero lower bound? Absolutely not.

Wednesday, August 29th, 2018

Money is not just what the government says it is. The market has been struggling to create alternatives for a very long time.

Monday, August 27th, 2018

Trump’s trade war is heating up. How can the Fed ensure it doesn’t cool down our economy too much?

Thursday, August 23rd, 2018

Would a self-governing society ever choose to delegate the broad monetary, financial, and regulatory powers now enjoyed by central banks?

Wednesday, August 22nd, 2018

Weaponizing one’s influence over expectations can certainly shake up a political scene. But it also serves to shake markets, the source of material prosperity.

Monday, August 20th, 2018

The consequences of proposed exit strategies deserve serious attention. Schnabl’s work is a step in the right direction.

Friday, August 10th, 2018

If Paul Krugman wants to experience what a modernized P2P exchange of sound money feels like, my offer stands. I’m willing to help.

Friday, August 10th, 2018

Despite Japan's perfect Keynesian-textbook policy making, the economy has not revived. As a legacy of the policies, the Japanese government debt has grown to a dimension rarely reached outside of times of war.

Wednesday, August 8th, 2018

Nearly 10 years after QE1 began, economists and pundits continue to ask whether the Fed’s expansionary monetary policy was effective. Instead, they should consider whether the Fed actually engaged in expansionary monetary policy.

Thursday, August 2nd, 2018

George Selgin speaks at the American Institute for Economic Research, July 28, 2018. 

Wednesday, August 1st, 2018

All policy discussions must recognize constraints. The hard part is knowing which constraints are relevant.

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