Inflating the Circulating Medium: Cause or Effect?

– July 9, 2021

“The concern over the potential for increased future price levels (‘inflation’ as measured by CPI or PCE) is largely misplaced. It may not be the most serious or most likely outcome of the ongoing ‘unconventional’ policies that have been inflating the circulating medium.” ~ Christopher Lingle

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A Conversation on Monetary Policy During the Covid Era

– July 7, 2021

“On this episode of the Authors Corner, Ethan Yang interviews AIER Senior Fellow Dr. Tom Hogan on the radical developments that have characterized US monetary policy and the future of money.” ~ AIER

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Enough About Interest Rates!

– July 3, 2021

“We need to change the public conversation surrounding monetary policy. Talking about the Fed’s activities in terms of interest rates is easy, but deeply flawed. It is better to keep an eye on more relevant variables, like the overall size of the balance sheet.” ~ Alexander William Salter

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Is Inflation Below the Fed’s Target? Yes and No.

– June 30, 2021

“Adjusting for oil and auto prices puts the rate of inflation below the Fed’s 2 percent average target rate. Still, high rates of NGDP growth and mounting bank reserves should cause Fed officials to be leery of high inflation going forward.” ~ Thomas L. Hogan

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Are Digital Assets Coming of Age?

– June 27, 2021

“During the intervening five years, much has happened to support the case for digital assets. More legitimacy will be needed to satisfy the institutional investment community, but it is reasonable to conclude that digital assets have finally come of age.” ~ Colin Lloyd

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Did the Fed Just Raise Interest Rates?

– June 20, 2021

“In the Fed’s current floor system, the rate of IOR is the key tool of monetary policy. If the Fed raised the rate of IOR, then it raised interest rates.” ~ Thomas L. Hogan

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Reining In the Fed

– June 18, 2021

“We know all too well that when it comes to bureaucratic mission creep, it’s incredibly difficult to put the genie back in the bottle. That’s why we must work to right the Fed’s course starting now. Its roles in fighting recessions and preventing financial panics are too important to be hijacked by partisanship.” ~ Alexander William Salter

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Problems of Federal Reserve Policy—and How to Solve Them

– June 8, 2021

“To stabilize the economy, informed citizens must study the faults of discretionary central banking and call for reforms to protect against them. ‘Money and the Rule of Law’ accomplishes the first goal. The second is up to us.” ~ Thomas L. Hogan

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Is the Fed Paying Banks Not to Lend?

– June 6, 2021

“The evidence shows that banks treated excess reserves as a profitable alternative to loans. High rates of IOER caused them to increase reserve holdings and decrease their loan allocations. The Fed was indeed paying banks not to lend.” ~ Thomas L. Hogan

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Why Do Inflation Expectations Matter?

– June 3, 2021

“Powell is telegraphing to the market that he hears their concerns about inflation. We will have to wait through the next several months to learn whether or not investors will be convinced.” ~ James L. Caton

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The Success of Climate Mainstreaming

– May 21, 2021

“Mainstreaming any important topic means to single-mindedly put everyone’s efforts in one basket and ignore all other important issues. That was my mistake ten years ago: not seeing the bigger picture. Now the world has caught up, keen on making that same mistake, central banks more so than most. Don Quixote de la Mancha sends his regards.” ~ Joakim Book

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To Lean, Clean, or Reign Supreme

– May 16, 2021

“After a decade or more of economic and financial events that put central banks under heavy strain – financial collapse, a slow and timid recovery, the pandemic – strange things are again amiss in financial markets. Broda and Druckenmiller are right to say that ‘the Fed seems to be fighting the last battle.’ Ironically, so are they: we’re back in the lean-or-clean debate of twenty years ago.” ~ Joakim Book

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