The Fall of the Dominoes

– August 5, 2021

“What we can do at this point is to look back at key points where we could have stopped them falling – like taking seriously the idea of a limited government and the principle of sound money – and ensure that, when the dust settles, we warn future generations not to repeat those errors.” ~ Antony Davies

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Bringing Money Under the Rule of Law

– August 1, 2021

“The problem, of course, is that the Fed has always been under constant political pressure, but even when it is acting independently, its adventurism can and has ended poorly. To combat this, the authors argue that the Fed should be bound by explicit rules that constrain it from exercising broad discretion.” ~ Ethan Yang

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Is Our Current Inflation Temporary? Look at the Numbers

– July 31, 2021

“John Williams, the New York Fed President, is expecting 3% inflation this year. I’m expecting inflation in 2021 to be above 5%. In six months, we’ll be able to look at the actual numbers and see whose estimate was closer.” ~ Randall G. Holcombe

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Is Inflation Really a Problem?

– July 29, 2021

“Inflation has real costs when it’s unpredictable. We want monetary institutions to keep generalized price increases on a steady, anticipable path. Since central banks often go out of their way not to be understood, we might have a valid complaint against them after all.” ~ Alexander W. Salter

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A Conversation On Wall Street and Dangerous Monetary Policy

– July 27, 2021

“On this episode of the Authors Corner, Ethan Yang sits down with former hedge fund manager and founder of Signals Matter, Matt Piepenburg, to discuss his book Rigged to Fail. Matt brings his years of experience in the financial industry and his academic scholarship to offer a nuanced discussion on financial markets and the Federal Reserve.” ~ AIER

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Unemployment Over the Business Cycle

– July 27, 2021

“Without significant monetary and regulatory reform, our recovery from the Covid-19 recession will not only not fix these negative conditions, but will only set up the U.S. for our next recession, one that will almost certainly be even more severe.” ~ Robert F. Mulligan

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Is Inflation Merely Catching Up?

– July 25, 2021

“The price level today is greater than what it was expected to be in the absence of a pandemic and what the Fed implicitly said it would be given its two-percent inflation target. The price level has more than caught up with expectations. The question, now, is whether it will continue to grow so rapidly, remain elevated, or subside.” ~ William J. Luther

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Monetary Policy Since the Great Recession

– July 25, 2021

“The U.S. economy has now entered unexplored territory, though this territory has unhappy similarities with Revolutionary-era hyperinflation, Civil War inflation of the 1860s, and the stagflation of the 1970s. None of these historical experiences were something anybody would want to relive.” ~ Robert F. Mulligan

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Why is Monetary Policy Focusing on the Overnight Lending Market?

– July 21, 2021

“Borrowing in the overnight lending market allows for the Federal Reserve to access a larger pool of funds from a diversity of financial institutions. As a result, the Fed can borrow these funds at lower rates and avoid attracting negative attention that would be generated by an increase in the interest rate target and the interest rate paid on reserves.” ~ James L. Caton

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Understanding the Covid-19 Recession

– July 20, 2021

“National debt ballooned together with the Fed’s balance sheet even before the pandemic hit, and once it did we’ve been spending with unprecedented recklessness for relief, recovery, and even supposed infrastructure expansion. Spending this wealth that has yet to be created guarantees, not just future inflation, but a future recession.” ~ Robert F. Mulligan

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Lumber Prices Return to Earth

– July 14, 2021

“A new round of expansionary monetary policy, wildfires, or other developments could bring more upheaval to this ordinarily sedate market, but for now it appears that the lumber market delirium has been quelled.” ~ Peter C. Earle

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Appreciating F. A. Hayek’s Insights on Money and the Business Cycle

– July 13, 2021

“Hayek’s monetary and business cycle writings from 90 years ago, and his many contributions to the general understanding of the dynamic market process and the limits to government omniscience, are and will be crucial to that task of fighting for the free and prosperous society.” ~ Richard M. Ebeling

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