Central Banking
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“Illinois Free Banking Experience”
“Recent studies by Rolnick and Weber (1983, 1984) have presented evidence challenging the conventional view of the Free Banking Era (1837-1863). The conventional view depicts a period of financial chaos in which lenient regulations gave rise to a plethora of banks, bank notes and coun-terfeit bank notes, unscrupulous “wildcat” bankers, and large noteholder losses. Rolnick…
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“New Evidence on the Free Banking Era”
“The United States has experienced many periods of major banking panics during which a large number of banks have failed and financial markets have been in considerable disarray. The period consid-ered by many as the worst is the one period when banks were more or less left alone to pursue their own profit-motivated interests, the…
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“Free Banking and Information Asymmetry”
“A traditional argument against free banking is that it will collapse because of information externalities: it is impossible for depositors to tell whether a high deposit rate offered by a bank is due to its high efficiency or risky lending strategy. This paper shows that in a separating equilibrium a higher-quality bank offers a lower…
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“Free Banking and Monetary Control”
“Were free banking to reemerge today, it would probably be based, not on a gold standard, but on irredeemable paper (‘fiat’) base money issued by a former or extant central bank. Under this form of free banking, the price level is no longer given, and conventional monetary policy questions remain relevant. In particular, would free…
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“Fed’s Duke:Time For Review Of Community Reinvestment Act”
“Federal Reserve Governor Elizabeth Duke called Monday for a thorough review and update of a federal law that limits discriminatory credit practices in low-income neighborhoods. “Today’s financial landscape is vastly different from the one in which the Community Reinvestment Act was enacted in 1977,” Duke said. “In the wave of the foreclosure crisis, there are…
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“The Gold Standard: A Principled Case”
“In recent months, we have witnessed fierce arguments between, on the one side, those who defend the current system of “fiat money,” in which, as John Maynard Keynes stated, money “is created and issued by the State, but is not convertible by law into anything other than itself, and has no fixed value in terms…
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“Fed Nominees Support Expanded Duties”
“Hours before the Senate approved a far-reaching overhaul of Wall Street regulations on Thursday, President Obama’s three nominees to the board of the Federal Reserve said they were prepared to help the central bank handle its vastly expanded duties to ensure financial stability and oversee financial institutions, The New York Times’s Sewell Chan reported. “We…
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“Economic Recovery Slower Than Expected”
“Federal Reserve leaders marked down their expectations for growth and inflation last month, concluding that the economic recovery is proceeding more slowly than they had thought in the spring but that the slowdown did not warrant new policy actions. But Fed leaders did agree to explore options for supporting the economy further in case conditions…
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Money and Banking: The American Experience
The style of Money and Banking: The American Experience is one of article and comment. An author provides an article on the issues of money and banking in the U.S. and another academic provides a comment on said article. The table of contents is as follows: Introduction by Clifford F. Thies “Money and Banking: The…
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“Your Money Back”
“Is Ron Paul’s suggestion that the Federal Reserve be eliminated a “fringe position,” as Josh Barro suggested in the June 21 issue of National Review (“Mend the Fed”)? It depends on what “fringe” means. If it means simply that a large majority disagrees, then Representative Paul’s position deserves that characterization. But if “fringe” is meant…
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“Illinois Free Banking Experience”
“Recent studies by Rolnick and Weber (1983, 1984) have presented evidence challenging the conventional view of the Free Banking Era (1837-1863). The conventional view depicts a period of financial chaos in which lenient regulations gave rise to a plethora of banks, bank notes and coun-terfeit bank notes, unscrupulous “wildcat” bankers, and large noteholder losses. Rolnick…
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“New Evidence on the Free Banking Era”
“The United States has experienced many periods of major banking panics during which a large number of banks have failed and financial markets have been in considerable disarray. The period consid-ered by many as the worst is the one period when banks were more or less left alone to pursue their own profit-motivated interests, the…
-
“Free Banking and Information Asymmetry”
“A traditional argument against free banking is that it will collapse because of information externalities: it is impossible for depositors to tell whether a high deposit rate offered by a bank is due to its high efficiency or risky lending strategy. This paper shows that in a separating equilibrium a higher-quality bank offers a lower…
-
“Free Banking and Monetary Control”
“Were free banking to reemerge today, it would probably be based, not on a gold standard, but on irredeemable paper (‘fiat’) base money issued by a former or extant central bank. Under this form of free banking, the price level is no longer given, and conventional monetary policy questions remain relevant. In particular, would free…
-
“Fed’s Duke:Time For Review Of Community Reinvestment Act”
“Federal Reserve Governor Elizabeth Duke called Monday for a thorough review and update of a federal law that limits discriminatory credit practices in low-income neighborhoods. “Today’s financial landscape is vastly different from the one in which the Community Reinvestment Act was enacted in 1977,” Duke said. “In the wave of the foreclosure crisis, there are…
-
“The Gold Standard: A Principled Case”
“In recent months, we have witnessed fierce arguments between, on the one side, those who defend the current system of “fiat money,” in which, as John Maynard Keynes stated, money “is created and issued by the State, but is not convertible by law into anything other than itself, and has no fixed value in terms…
-
“Fed Nominees Support Expanded Duties”
“Hours before the Senate approved a far-reaching overhaul of Wall Street regulations on Thursday, President Obama’s three nominees to the board of the Federal Reserve said they were prepared to help the central bank handle its vastly expanded duties to ensure financial stability and oversee financial institutions, The New York Times’s Sewell Chan reported. “We…
-
“Economic Recovery Slower Than Expected”
“Federal Reserve leaders marked down their expectations for growth and inflation last month, concluding that the economic recovery is proceeding more slowly than they had thought in the spring but that the slowdown did not warrant new policy actions. But Fed leaders did agree to explore options for supporting the economy further in case conditions…
-
Money and Banking: The American Experience
The style of Money and Banking: The American Experience is one of article and comment. An author provides an article on the issues of money and banking in the U.S. and another academic provides a comment on said article. The table of contents is as follows: Introduction by Clifford F. Thies “Money and Banking: The…
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“Your Money Back”
“Is Ron Paul’s suggestion that the Federal Reserve be eliminated a “fringe position,” as Josh Barro suggested in the June 21 issue of National Review (“Mend the Fed”)? It depends on what “fringe” means. If it means simply that a large majority disagrees, then Representative Paul’s position deserves that characterization. But if “fringe” is meant…
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