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Kansas City Fed President Thomas Hoenig is a lone dissenter at the Federal Open Market Committee (FOMC)–the central bank’s main policymaking body. At the June FOMC meeting, for the fourth time in a row, he dissented to the Fed’s statement that economi …
READ MORE“To many observers, the Federal Reserve’s extraordinary policy actions during the recent crisis averted a financial Armageddon and curtailed the depth and duration of the recession (Rudebusch 2009). To combat panic and dislocation in financial markets, …
READ MORE“The Federal Reserve is widely expected to leave rates unchanged at its policy-setting meeting today, but low inflation and continued uncertainty about the recovery has economists pushing their forecasts for the eventual rate increase even further into …
READ MORE“Inflation worries the general public much more than it does the economics profession, and economists remain perplexed as to exactly why. The costs that concern economists are inflation’s deadweight loss. But that is only a part of the losses that conc …
READ MORE“Stocks wavered early Wednesday as investors awaited word from the Federal Reserve on its latest interest-rate decision and the outlook for the U.S. economy. The Dow Jones Industrial Average, which entered Wednesday’s trading on a two-day losing streak …
READ MORE“There is wide agreement about the major goals of economic policy: high employment, stable prices, and rapid growth. There is less agree-ment that these goals are mutually compatible or, among those who re-gard them as incompatible, about the terms at …
READ MORE“Federal Reserve officials could express more caution about the U.S. economy’s recovery after their meeting this week, giving them additional reason to keep short-term interest rates close to zero for a while. The three meetings of the Fed’s policy-set …
READ MORE“No news isn’t always good news. When Federal Reserve officials meet this week, almost two months will have passed since their last policy-setting conclave, the longest such stretch of the year. And it has been a pretty woeful period for financial mark …
READ MOREIn a Wall Street Journal op-ed, former Fed Chairman Alan Greenspan warns of U.S. fiscal profligacy, in part fuelled by the current low borrowing costs of the government: “Despite the surge in federal debt to the public during the past 18 months—to $8.6 …
READ MORESpain was hit hard by the financial crisis. Like the U.S. and the UK, Spain experienced high capital inflows and rapidly rising housing prices in the years leading up to the crisis. And like the U.S. and the UK it is now stuck with a struggling banking …
READ MORE“Anna Schwartz must be the oldest active revolutionary on earth. Born in 1915 in New York, she can still be found nearly every day at her office in the National Bureau of Economic Research on Fifth Avenue, where she has been tirelessly gathering data s …
READ MORE“In a recent article in the Cato Journal dealing with the transparency of Federal Reserve monetary policy, Federal Open Market Committee (FOMC) Chairman Ben Bernanke provided an authoritative account of current Federal Reserve strategy (Cato Journal, v …
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