Rising Use of the Fed’s Discount Window Raises Questions

– January 25, 2023

“The fact that the amounts being borrowed at the discount window are rising in an oscillatory fashion with progressively higher ‘highs’ and higher ‘lows’ hints, while not conclusively, that the amounts being borrowed are increasing as the Fed increases rates.” ~ Peter C. Earle


Does the Fed Control Interest Rates?

– December 26, 2022

“The Fed is a failed institution in need of major reforms. But we won’t make the right changes if we don’t understand the basic relationship between central banks and capital markets.” ~ Alexander William Salter


Risky Business: A Review

– December 22, 2022

“Risky Business will appeal to readers more interested in selection markets than in real-world insurance products, and to people with a high tolerance for ahistorical assumptions about the need for detailed insurance regulation and other government market interventions.” ~ Robert E. Wright


After Three Holiday Seasons, Pandemic Monetary Policy Still Driving up Prices

– December 15, 2022

“The HDAY Index and TDAY Index lead to the same irrefutable conclusion: the ongoing cost of policies implemented to mitigate the spread of COVID are large and, almost three years later, proving disconcertingly persistent.” ~ Peter C. Earle


Ocean Shipping’s Effect on Inflation was Negligible

– December 14, 2022

“High shipping prices have had a provably inconsequential effect on the general price level over the past two years. Expansionary monetary policies remain the prime culprit for the high prices and other economic distortions that persist in the US economy.” ~ Peter C. Earle


Crypto Bad!

– December 5, 2022

“When people say crypto bad, we have first to ask: what specific aspect of the cryptocurrency industry are you talking about? Then the follow-up question must always be: compared to what?” ~ Max Borders


Bank and Crypto Runs: F(ac)TX vs Fiction

– November 25, 2022

“Despite the historical record, ever since Diamond and Dybvig published their article, many if not most economists have tended to view every financial firm collapse as a ‘Diamond Dybvig Moment.'” ~ George Selgin


An Inflationary Thanksgiving, Revisited

– November 24, 2022

“Americans face another costly holiday season owing to the heavy-handed and arguably unnecessary monetary and fiscal programs early in the COVID pandemic.” ~ Peter C. Earle


Bob Chapek, Patient Zero in the Shareholder Backlash Against Wokentainment?

– November 23, 2022

“The firing of Disney CEO Bob Chapek is the first major backlash against years of wasteful, stakeholder-driven management. Hopefully, this is the first of many more such battles between woke corporate managers and shareholders.” ~ Peter C. Earle


The False Face of SBF, FTX, and ESG

– November 15, 2022

“For FTX and ESG, beneath a surface of virtue signaling and noblesse oblige are decidedly less-idealistic machinations: fraud, rent-seeking, influence-buying, and greenwash.” ~ Peter C. Earle


Inflation Remains Stubbornly High

– November 11, 2022

“The neutral real interest rate is thought to be around 0.25 percent, suggesting the Fed may need to raise its nominal interest rate target another 175 to 200 basis points just to get to neutral.” ~ William J. Luther


What Is an FTX?

– November 10, 2022

“The existence of the FTT token combined with the opacity of the relationship between Alameda and FTX is crucial to the story.” ~ Joshua R. Hendrickson