Central Banking
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Three Principles for Monetary Institutions: Review of Money and the Rule of Law
“Money and the Rule of Law questions a lot of things we usually take for granted in the discussion of monetary policy, and makes the case for generality, predictability, and robustness created by strict monetary rules.” ~ Art Carden
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The Fed’s Higher Fed Funds Rate Projections Mean What?
“It is rarely prudent to assume that a central bank’s central planners can predict the future better than you can, or that they really know what they are doing and why.” ~ Alan Reynolds
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Paul Volcker, the Fed, and ‘Tight Credit.’ The Myth That Won’t Die.
“It’s no surprise that economic types want to believe all good things run through central planners, but readers of political and economic commentary would be wise to be skeptical. The Fed’s power is well overstated.” ~ John Tamny
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Negative Interest Rates and the ECB’s Brave New Credit World
“The widely negative real interest rates, which have already been a reality in some segments of the European capital markets, might foreshadow this loss of welfare for the European people.” ~ Gunther Schnabl & Nils Sonnenberg
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The IMF Should Be Eliminated, Not Expanded
“There are many good economists who work for the IMF and they often produce high-quality research. Sadly, their sensible analysis doesn’t seem to have any impact on the decisions of the organization’s top bureaucrats.” ~ Daniel J. Mitchell
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Monetary Institutions and Monetary Control: What the Fed Should and Shouldn’t Do
“Professors Boettke, Salter, and Smith take aim at the root of monetary policy of our time; finding it deeply deficient, they recommend putting central banks under very strict rules. Bring on the fetters.” ~ Joakim Book
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Corridor Versus Floor Operating Systems
“Although the Fed’s and the banks’ balance sheets have ballooned since the Great Recession, these reserves are less leveraged than they had been under the corridor system, because the IORB interest rate enables banks to earn income without lending.” ~ Robert F. Mulligan
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Illusions of Central Bank Independence
“Blame for this grim outcome will likely fall at the feet of the usual suspects, ‘neo-liberal’ policies and unfettered markets. Meanwhile the true culprits, the global fiat currency regime and unrepentant central bankers, will be absolved of their sins.” ~ Christopher Lingle
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Inflating the Circulating Medium: Cause or Effect?
“The concern over the potential for increased future price levels (‘inflation’ as measured by CPI or PCE) is largely misplaced. It may not be the most serious or most likely outcome of the ongoing ‘unconventional’ policies that have been inflating the circulating medium.” ~ Christopher Lingle
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Are Digital Assets Coming of Age?
“During the intervening five years, much has happened to support the case for digital assets. More legitimacy will be needed to satisfy the institutional investment community, but it is reasonable to conclude that digital assets have finally come of age.” ~ Colin Lloyd
-
•
Three Principles for Monetary Institutions: Review of Money and the Rule of Law
“Money and the Rule of Law questions a lot of things we usually take for granted in the discussion of monetary policy, and makes the case for generality, predictability, and robustness created by strict monetary rules.” ~ Art Carden
-
•
The Fed’s Higher Fed Funds Rate Projections Mean What?
“It is rarely prudent to assume that a central bank’s central planners can predict the future better than you can, or that they really know what they are doing and why.” ~ Alan Reynolds
-
•
Paul Volcker, the Fed, and ‘Tight Credit.’ The Myth That Won’t Die.
“It’s no surprise that economic types want to believe all good things run through central planners, but readers of political and economic commentary would be wise to be skeptical. The Fed’s power is well overstated.” ~ John Tamny
-
•
Negative Interest Rates and the ECB’s Brave New Credit World
“The widely negative real interest rates, which have already been a reality in some segments of the European capital markets, might foreshadow this loss of welfare for the European people.” ~ Gunther Schnabl & Nils Sonnenberg
-
•
The IMF Should Be Eliminated, Not Expanded
“There are many good economists who work for the IMF and they often produce high-quality research. Sadly, their sensible analysis doesn’t seem to have any impact on the decisions of the organization’s top bureaucrats.” ~ Daniel J. Mitchell
-
•
Monetary Institutions and Monetary Control: What the Fed Should and Shouldn’t Do
“Professors Boettke, Salter, and Smith take aim at the root of monetary policy of our time; finding it deeply deficient, they recommend putting central banks under very strict rules. Bring on the fetters.” ~ Joakim Book
-
•
Corridor Versus Floor Operating Systems
“Although the Fed’s and the banks’ balance sheets have ballooned since the Great Recession, these reserves are less leveraged than they had been under the corridor system, because the IORB interest rate enables banks to earn income without lending.” ~ Robert F. Mulligan
-
•
Illusions of Central Bank Independence
“Blame for this grim outcome will likely fall at the feet of the usual suspects, ‘neo-liberal’ policies and unfettered markets. Meanwhile the true culprits, the global fiat currency regime and unrepentant central bankers, will be absolved of their sins.” ~ Christopher Lingle
-
•
Inflating the Circulating Medium: Cause or Effect?
“The concern over the potential for increased future price levels (‘inflation’ as measured by CPI or PCE) is largely misplaced. It may not be the most serious or most likely outcome of the ongoing ‘unconventional’ policies that have been inflating the circulating medium.” ~ Christopher Lingle
-
•
Are Digital Assets Coming of Age?
“During the intervening five years, much has happened to support the case for digital assets. More legitimacy will be needed to satisfy the institutional investment community, but it is reasonable to conclude that digital assets have finally come of age.” ~ Colin Lloyd