Central Banking
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Alan Blinder’s Inflationary Incoherence
“There’s nothing wrong with making incorrect predictions. It happens to all of us. There is something wrong with obstinacy in the face of overwhelming contradictory evidence..” ~ Alexander W. Salter
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Disinflation Dreams and Keynesian Confusion
“America’s central bank has a lot of work to do to restore its lost credibility. Nevertheless, we have reasons to be optimistic.” ~ Alexander W. Salter
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The Federal Reserve’s Quasi-Fiscal Deficit
“Although realizing losses—or, running quasi-fiscal deficits—is new to the Fed, it is more common in developing countries. The consequences of running quasi-fiscal deficits include inflation and lack of central bank credibility.” ~ Nicolas Cachanosky
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Waller Explains Why the Fed is Still Raising Rates
“While Waller sees the recent slowdown in inflation as positive, he is not ready to declare victory as it is only a single data point.” ~ Bryan P. Cutsinger
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The Fed Hits 3,000 Percent Inflation
“US inflation was not always as persistently high as it has been under the Fed. Before the Fed, the purchasing power of the dollar was determined by supply of and demand for gold.” ~ Thomas L. Hogan
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Disinflation good, Fed bad
“There’s no way for non-market actors to direct credit more reliably than market actors. The discipline of profit and loss is essential.” ~ Alexander W. Salter
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A World Dedollarized is Gold Remonetized
“What matters is having a ready means of transacting outside dollar-based systems and institutions in exigent circumstances: to maintain continuity of trade, and to hedge against the policy errors of central bankers.” ~ Peter C. Earle
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Will Lower Inflation Halt Rate Hikes?
“No matter how you slice it, real rates look sufficiently restrictive to bring down inflation. Indeed, they may be overly restrictive at this stage in the tightening cycle.” ~ William J. Luther
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FOMC Raises Rates in July
“The Fed’s experiment with ‘average inflation targeting,’ which made policy even more discretionary and hence less predictable, has been a failure. It’s time for the Fed to recommit to credible price stability.” ~Alexander W. Salter
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Central Bankers, Let the Price System Work!
“Congress is free to define ‘price stability’ however it wishes. If it wants a strict inflation target in all circumstances, that’s its right. But legislators would be well-advised to pay close attention to the microeconomic foundations of monetary policy.” ~ Alexander W. Salter
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•
Alan Blinder’s Inflationary Incoherence
“There’s nothing wrong with making incorrect predictions. It happens to all of us. There is something wrong with obstinacy in the face of overwhelming contradictory evidence..” ~ Alexander W. Salter
-
•
Disinflation Dreams and Keynesian Confusion
“America’s central bank has a lot of work to do to restore its lost credibility. Nevertheless, we have reasons to be optimistic.” ~ Alexander W. Salter
-
•
The Federal Reserve’s Quasi-Fiscal Deficit
“Although realizing losses—or, running quasi-fiscal deficits—is new to the Fed, it is more common in developing countries. The consequences of running quasi-fiscal deficits include inflation and lack of central bank credibility.” ~ Nicolas Cachanosky
-
•
Waller Explains Why the Fed is Still Raising Rates
“While Waller sees the recent slowdown in inflation as positive, he is not ready to declare victory as it is only a single data point.” ~ Bryan P. Cutsinger
-
•
The Fed Hits 3,000 Percent Inflation
“US inflation was not always as persistently high as it has been under the Fed. Before the Fed, the purchasing power of the dollar was determined by supply of and demand for gold.” ~ Thomas L. Hogan
-
•
Disinflation good, Fed bad
“There’s no way for non-market actors to direct credit more reliably than market actors. The discipline of profit and loss is essential.” ~ Alexander W. Salter
-
•
A World Dedollarized is Gold Remonetized
“What matters is having a ready means of transacting outside dollar-based systems and institutions in exigent circumstances: to maintain continuity of trade, and to hedge against the policy errors of central bankers.” ~ Peter C. Earle
-
•
Will Lower Inflation Halt Rate Hikes?
“No matter how you slice it, real rates look sufficiently restrictive to bring down inflation. Indeed, they may be overly restrictive at this stage in the tightening cycle.” ~ William J. Luther
-
•
FOMC Raises Rates in July
“The Fed’s experiment with ‘average inflation targeting,’ which made policy even more discretionary and hence less predictable, has been a failure. It’s time for the Fed to recommit to credible price stability.” ~Alexander W. Salter
-
•
Central Bankers, Let the Price System Work!
“Congress is free to define ‘price stability’ however it wishes. If it wants a strict inflation target in all circumstances, that’s its right. But legislators would be well-advised to pay close attention to the microeconomic foundations of monetary policy.” ~ Alexander W. Salter