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“Hypothetical monetary systems always look better than actual experience. Economists therefore view their responsibility as deciding what characteristics money ought to have, then imposing that money on the public. The same economists presumably would …
READ MORE“In a free market economy from which fiduciary media are excluded, economic progress will be limited, perhaps severely, by the high cost and correspondingly limited supply of small-denomination money—money that is needed to accomplish retail and other …
READ MORE“Whether in Republican or Democratic administrations, the Washington policy consensus for a decade has been “print and spend.” When that doesn’t work, the Washington prescription is to double the dose—more monetary easing and dollar devaluation, and al …
READ MORE“Money is non-neutral, and the capital structure in an economy consists of combination of heterogeneous capital goods that multiple-specific uses. Once these propositions are included in the analysis, along with other messy aspects of the real world, o …
READ MORE“The Confederacy then turned to debt issue as a means of war finance. The South successfully sold some long-term government securities during the early stages of the war. Bond issues proved a limited source of war financing as Southern prospects dimini …
READ MORE‘The most important initiative you could take to improve the world economy would be to stabilize the dollar-euro rate.’Global monetary relations are in disarray. Exchange rates fluctuate wildly among the world’s major trade partners, spawning talk of p …
READ MORE“Federal Reserve Chairman Ben S. Bernanke on Friday laid out a case for the central bank to take further action to bolster growth, citing the risks of prolonged high unemployment and a U.S. economy slipping into a deflationary spiral. In a much-anticip …
READ MORE“But I wonder if in these discussions of monetary policy in response to the financial crisis the political economy of public policy is not seriously being overlooked. I have in fact raised these concerns before, and while the political economy costs ar …
READ MORE“This is a story about how an economist and his buddies tricked the people of Brazil into saving the country from rampant inflation. They had a crazy, unlikely plan, and it worked. Twenty years ago, Brazil’s inflation rate hit 80 percent per month. At …
READ MOREFrom our friends at the Mercatus Center: “Although it has yet to make an appearance on the current economic scene, inflation continues to be a ghost that haunts the future of the U.S. economy. The Federal Reserve System has pumped an unprecedented amou …
READ MOREBy Reuven Brenner* Seemingly out of the blue, the U.S. Federal Reserve chairman is hinting at a return to the gold standard. If so, currency markets are in for a shock. Last month in a speech before the Economic Club of New York, Alan Greenspan praise …
READ MORE“What matters is to have an agreed-upon unit of account in terms of which trading partners could price every contractual agreement, preferably having the medium of exchange serve as the unit of account, too. This anchor is missing in the international …
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