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“Inflation is a tax on financial assets. This tax is paid by those unlucky investors, corporations, and foreign central banks that hold financial assets denominated in the currency that is inflating. A simple way of thinking about inflation as a tax is …
READ MORE“Though circumstances and times change, the basic principles of economic progress and sound market order do not. There is no mystery about them. They involve sound money, low taxes, property rights, making it easy for businesses to be set up, and, once …
READ MORE“Even as the Dow sits above 10,000, the public remains justifiably anxious about the state of the economy. The Federal Reserve has worked overtime to convince the public that it has saved the economy from a meltdown, but with unemployment at a 26-year …
READ MORE“Let’s go back to the gold standard. If the very idea seems at odds with what is currently happening in our country — with Congress preparing to pass a massive economic stimulus bill that will push the fiscal deficit to triple the size of last year’s …
READ MORE“Federal Reserve Board Chairman Ben Bernanke spent most of his speech to the American Economic Association on Jan. 3 responding to the critique that easy monetary policy during 2002-2005 contributed to the housing boom, to excessive risk taking, and th …
READ MORE“There are significant parallels between the Roaring 1920s and the Bullish 1980s. Both decades were characterized by a policy-induced artificial boom that ended with an inevitable bust. The Federal Reserve had a hand in both episodes, keeping the inter …
READ MORE“This essay reinterprets the gold standard by applying the monetary theory of the balance of payments to the experience of the two most important countries on it, America and Britain. Before explaining, testing and using the theory in detail, it will b …
READ MORE“This government is now on a gold basis; that is to say, the nation stands pledged to redeem all its debts or obligations in gold. This is not the result of arbitrary legislation on our part, but a necessity imposed by the demands of trade and commerce …
READ MORE“It can be argued that two apparently divergent macroeconomic schools of thought that have persisted in the history of economics are both part of a larger theoretical view which is capable of meeting most of these criteria. The Austrian theory of the t …
READ MOREThis paper examines the effects of inflation uncertainty on real economic activityb y utilizing a flexible, dynamic,m ultivariatef rameworkt hata ccom-modates possible interaction between the conditional means and variances. The empirical model is base …
READ MORE“Neoclassical treatments of inflation understate the costs associated with inflation, even at very low levels. A comparative institutions perspective that recognizes the epistemological properties of prices and the institutional process by which inflat …
READ MORE“There is much evidence that common stock returns and inflation have been negatively related during the post-1953 period. Zvi Body, Jeffrey Jaffe and Gershon Mandelker, Charles Nelson, and my article with G. William Schwert document negative relations …
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