Central Banking
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“Fed Official Warns of Starting a Cycle of Boom and Bust”
“In a sharply worded dissent to the Federal Reserve’s decision to help ease the supply of credit to the economy, a member of the Fed committee that sets interest rates said Friday that the central bank’s monetary strategy could backfire and touch off a new boom-and-bust cycle. The member, Thomas M. Hoenig, the president of…
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Europe Jumps Off the Keynesian Bus — WSJ
By ALLAN H. MELTZER — President Obama is the victim of bad advice and misinformation. From his advisers, the Democratic caucus and the New York Times, he hears that markets have failed and the country needs more government spending to increase consumer spending. He is told that any plan to reduce government spending and the…
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Monetary Policy and Productivity
“This relationship holds, I believe, because low inflation tends to focus people’s attention on productive investments at the same time it promotes confidence by delivering stability, while high inflation tends to encourage speculative investments and discourage investment because it increases uncertainty. If prices are generally stable, for example, then it is difficult to make money…
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“Fed Economic Outlook Sends Investors to Gold”
“The Fed’s commitment to maintaining liquidity and its deteriorating growth outlook are broadly speaking bullish for gold,” said Standard Bank analyst Leon Westgate. Gold is often seen as a stronger store of value than equities and other commodities in times of economic uncertainty, and the metal gained ground after the Federal Open Market Committee on…
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Deflation and Liberty
“The link between the paper dollar and the exponential expansion of public debt is well known. From the point of view of the creditors, the federal government controls the Federal Reserve—the monopoly producer of paper dollars—and it can therefore never go bankrupt. If necessary, the federal government can have any quantity of dollars printed to…
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“The High Costs of Very Low Interest Rates”
“The prevailing view among economists, policy makers and Federal Reserve Board governors is that a zero or near-zero short-term interest rate stimulates the economy—the lower the rate, the better. It is time to re-examine this conventional wisdom. In fact, lowering interest rates too much may not stimulate recovery, but actually slow it. Yes, there are…
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“Gold Is Steady Ahead of Fed”
“Spot gold was mostly flat early Monday in a quiet start to the week, as market participants await the Federal Reserve meeting Tuesday. Analysts said they expected the Fed’s comments this week to indirectly boost gold.” Read more. “Gold Is Steady Ahead of Fed” Matthew Walls The Wall Street Journal, August 9, 2010. Image by…
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“Senate Rejection of Fed Nominees Slows White House Plan”
“The Obama administration’s effort to fill every vacancy on the Federal Reserve Board is running into more trouble than expected after Senate leaders returned Peter A. Diamond’s nomination to the White House late Thursday. The move means President Obama must renominate Diamond or pick a new candidate. The White House did not immediately comment on…
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“Dollar Near Eight-Month Low”
“The dollar traded near an eight-month low against the yen on speculation the Federal Reserve will take more credit easing measures to revive its flagging economic recovery, diminishing the appeal of U.S. assets. The greenback was close to its lowest level in three months versus the euro before a U.S. report today that economists said…
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“Federal Reserve Information and the Behavior of Interest Rates”
“This paper tests for the existence of asymmetric information between the Federal Reserve and the public by examining Federal Reserve and commercial inflation forecasts. It demonstrates that the Federal Reserve has considerable information about inflation beyond what is known to commercial forecasters. It also shows that monetary-policy actions provide signals of the Federal Reserve’s information…
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“Fed Official Warns of Starting a Cycle of Boom and Bust”
“In a sharply worded dissent to the Federal Reserve’s decision to help ease the supply of credit to the economy, a member of the Fed committee that sets interest rates said Friday that the central bank’s monetary strategy could backfire and touch off a new boom-and-bust cycle. The member, Thomas M. Hoenig, the president of…
-
Europe Jumps Off the Keynesian Bus — WSJ
By ALLAN H. MELTZER — President Obama is the victim of bad advice and misinformation. From his advisers, the Democratic caucus and the New York Times, he hears that markets have failed and the country needs more government spending to increase consumer spending. He is told that any plan to reduce government spending and the…
-
Monetary Policy and Productivity
“This relationship holds, I believe, because low inflation tends to focus people’s attention on productive investments at the same time it promotes confidence by delivering stability, while high inflation tends to encourage speculative investments and discourage investment because it increases uncertainty. If prices are generally stable, for example, then it is difficult to make money…
-
“Fed Economic Outlook Sends Investors to Gold”
“The Fed’s commitment to maintaining liquidity and its deteriorating growth outlook are broadly speaking bullish for gold,” said Standard Bank analyst Leon Westgate. Gold is often seen as a stronger store of value than equities and other commodities in times of economic uncertainty, and the metal gained ground after the Federal Open Market Committee on…
-
Deflation and Liberty
“The link between the paper dollar and the exponential expansion of public debt is well known. From the point of view of the creditors, the federal government controls the Federal Reserve—the monopoly producer of paper dollars—and it can therefore never go bankrupt. If necessary, the federal government can have any quantity of dollars printed to…
-
“The High Costs of Very Low Interest Rates”
“The prevailing view among economists, policy makers and Federal Reserve Board governors is that a zero or near-zero short-term interest rate stimulates the economy—the lower the rate, the better. It is time to re-examine this conventional wisdom. In fact, lowering interest rates too much may not stimulate recovery, but actually slow it. Yes, there are…
-
“Gold Is Steady Ahead of Fed”
“Spot gold was mostly flat early Monday in a quiet start to the week, as market participants await the Federal Reserve meeting Tuesday. Analysts said they expected the Fed’s comments this week to indirectly boost gold.” Read more. “Gold Is Steady Ahead of Fed” Matthew Walls The Wall Street Journal, August 9, 2010. Image by…
-
“Senate Rejection of Fed Nominees Slows White House Plan”
“The Obama administration’s effort to fill every vacancy on the Federal Reserve Board is running into more trouble than expected after Senate leaders returned Peter A. Diamond’s nomination to the White House late Thursday. The move means President Obama must renominate Diamond or pick a new candidate. The White House did not immediately comment on…
-
“Dollar Near Eight-Month Low”
“The dollar traded near an eight-month low against the yen on speculation the Federal Reserve will take more credit easing measures to revive its flagging economic recovery, diminishing the appeal of U.S. assets. The greenback was close to its lowest level in three months versus the euro before a U.S. report today that economists said…
-
“Federal Reserve Information and the Behavior of Interest Rates”
“This paper tests for the existence of asymmetric information between the Federal Reserve and the public by examining Federal Reserve and commercial inflation forecasts. It demonstrates that the Federal Reserve has considerable information about inflation beyond what is known to commercial forecasters. It also shows that monetary-policy actions provide signals of the Federal Reserve’s information…
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