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Thomas Hoenig, a voting member of the Fed’s interest rate decision body, the Federal Open Market Committee (FOMC), has on several occasions expressed concerns about the direction of U.S. monetary policy. During the last year, he has been a lone voice o …
READ MOREMuch has been made recently of the plan to audit the Fed (here, here and here). It is a very interesting idea. Given the amount of money ($2 trillion) the Fed sent out in bailout loans, it makes sense that the taxpayers who funded it want to know where …
READ MORE“This week’s Senate floor votes on the powers of the Federal Reserve caught my attention. Despite Congress’s bipartisan lashing of the Fed for its performance before and after the financial crisis of 2008, the Fed this week defeated two challenges to i …
READ MORE“While few doubt that very high inflation is bad for growth, there is less agreement about the effects of moderate inflation. Using panel regressions and allowing for a nonlinear specification, this paper finds a statistically and economically signific …
READ MORE“For Turkey, Metin (1995) analyzed inflation using a general framework of sectoral relationships and found that fiscal expansion was a determining factor for inflation. The excess demand for money affected inflation positively, but only in the short ru …
READ MORE“In this classroom experiment, students develop a price index based on candy-purchasing decisions made by members of their class. They use their index to practice calculationg inflation rates and to consider the strengths and weaknesses of the consumer …
READ MORE“My thesis will be that monetarists, while their criticism ofthe Fed’sthesis will be that monetarists, while their criticism ofthe Fed’s expansionist history has been most welcome and has been instrumental in the struggle against inflation, do not go f …
READ MOREUniversity of Maryland economist Carmen Reinhart recently published a book with co-researcher Kennet Rogoff presenting several hundred years of data on financial crises. The title This Time Is Different alludes to the mentality that often develops duri …
READ MORE“Those who wish to preserve freedom should recognize, however, that inflation is probably the most important single factor in that vicious circle wherein one kind of government action makes more and more government control necessary. For this reason, a …
READ MOREOn Wednesday, I posted a link to a Freedom Daily article by Jim Powell. It was a very interesting article. I highly recommend it for those who are not aware of the history of Argentina and its fall from prosperity. I also highly recommend it to those w …
READ MORE“The world economy is continually changing, but one constant is dissatisfaction with the euro. Toward the beginning of the decade, the main complaint was that the euro was too weak for booming economies like Ireland. Now the complaint is that it is too …
READ MORE“Nowadays it is usual in economics to talk about the Austrian theory of the trade cycle. This description is extremely flattering for us Austrian economists, and we greatly appreciate the honor thereby given us. Like all other scientific contributions, …
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