Fiscal Policy
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“Liquidity Trap or Malinvested Resources?”
“Many people claim today that the U.S. economy is in a “liquidity trap” and only government can spend us out of this mess. Commentators from Paul Krugman to Martin Wolf of the Financial Times assert we are in a “Keynesian situation”; unless government spending rescues us, we are doomed to suffer decades of economic stagnation.…
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The U.S. Debt Burden
In the aftermath of the financial crisis, the U.S. public debt-to-GDP ratio has been receiving special attention. A recent report from the Treasury to Congress said that the ratio of total government debt to nominal GPD will rise from 93 percent this year to 102 percent by 2015. The report also concludes that the net…
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“Fed’s Fisher sees slower U.S. Growth Ahead”
“In the second half of 2010, the U.S. will experience “slower economic growth than we’ve had in the first and second quarter,” Fisher told the Japanese business daily Nikkei. He estimated U.S. growth of 2%-3%, saying that the figure will likely come “closer to the low end of that range.” Fisher is not a voting…
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“The Use of Knowledge in Society”
“The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess. The…
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The United States: Deficit Champion
“Evidence that the current Administration is taking a different tack on economic policy was abundant at the recent Group of 20 (G-20) meetings in Toronto. The European governments, led by Germany, were arguing for deficit and debt reduction while the U.S. was resisting attempts to rein in spending. Although the U.S. went along with the…
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“A Fiscal Theory of Government’s Role in Money”
“As an alternative to market failure explanations, we draw on theory and historical evidence to argue that fiscal considerations explain the roles governments typically play in producing and regulating money. Public monopoly production of coins and banknotes, substitution of fiat for commodity standards, and restrictions on substitutes for government money all generate revenue and especially…
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“Why Obamanomics Has Failed”
“The administration’s stimulus program has failed. Growth is slow and unemployment remains high. The president, his friends and advisers talk endlessly about the circumstances they inherited as a way of avoiding responsibility for the 18 months for which they are responsible. But they want new stimulus measures—which is convincing evidence that they too recognize that…
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“The Financial Crisis: A Timeline of Events and Policy Actions”
“February 2007 February 27, 2007 | Freddie Mac Press Release The Federal Home Loan Mortgage Corporation (Freddie Mac) announces that it will no longer buy the most risky subprime mortgages and mortgage-related securities. April 2007 April 2, 2007 | SEC Filing New Century Financial Corporation, a leading subprime mortgage lender, files for Chapter 11 bankruptcy…
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“Fed Watch: Europe Debt Crisis May Lead to More Cautious FOMC”
“Federal Reserve officials could express more caution about the U.S. economy’s recovery after their meeting this week, giving them additional reason to keep short-term interest rates close to zero for a while. The three meetings of the Fed’s policy-setting body so far this year have all ended with the U.S. central bank giving a gradually…
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Greenspan Warns of Fiscal Profligacy
In a Wall Street Journal op-ed, former Fed Chairman Alan Greenspan warns of U.S. fiscal profligacy, in part fuelled by the current low borrowing costs of the government: “Despite the surge in federal debt to the public during the past 18 months—to $8.6 trillion from $5.5 trillion—inflation and long-term interest rates, the typical symptoms of…
-
“Liquidity Trap or Malinvested Resources?”
“Many people claim today that the U.S. economy is in a “liquidity trap” and only government can spend us out of this mess. Commentators from Paul Krugman to Martin Wolf of the Financial Times assert we are in a “Keynesian situation”; unless government spending rescues us, we are doomed to suffer decades of economic stagnation.…
-
The U.S. Debt Burden
In the aftermath of the financial crisis, the U.S. public debt-to-GDP ratio has been receiving special attention. A recent report from the Treasury to Congress said that the ratio of total government debt to nominal GPD will rise from 93 percent this year to 102 percent by 2015. The report also concludes that the net…
-
“Fed’s Fisher sees slower U.S. Growth Ahead”
“In the second half of 2010, the U.S. will experience “slower economic growth than we’ve had in the first and second quarter,” Fisher told the Japanese business daily Nikkei. He estimated U.S. growth of 2%-3%, saying that the figure will likely come “closer to the low end of that range.” Fisher is not a voting…
-
“The Use of Knowledge in Society”
“The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess. The…
-
The United States: Deficit Champion
“Evidence that the current Administration is taking a different tack on economic policy was abundant at the recent Group of 20 (G-20) meetings in Toronto. The European governments, led by Germany, were arguing for deficit and debt reduction while the U.S. was resisting attempts to rein in spending. Although the U.S. went along with the…
-
“A Fiscal Theory of Government’s Role in Money”
“As an alternative to market failure explanations, we draw on theory and historical evidence to argue that fiscal considerations explain the roles governments typically play in producing and regulating money. Public monopoly production of coins and banknotes, substitution of fiat for commodity standards, and restrictions on substitutes for government money all generate revenue and especially…
-
“Why Obamanomics Has Failed”
“The administration’s stimulus program has failed. Growth is slow and unemployment remains high. The president, his friends and advisers talk endlessly about the circumstances they inherited as a way of avoiding responsibility for the 18 months for which they are responsible. But they want new stimulus measures—which is convincing evidence that they too recognize that…
-
“The Financial Crisis: A Timeline of Events and Policy Actions”
“February 2007 February 27, 2007 | Freddie Mac Press Release The Federal Home Loan Mortgage Corporation (Freddie Mac) announces that it will no longer buy the most risky subprime mortgages and mortgage-related securities. April 2007 April 2, 2007 | SEC Filing New Century Financial Corporation, a leading subprime mortgage lender, files for Chapter 11 bankruptcy…
-
“Fed Watch: Europe Debt Crisis May Lead to More Cautious FOMC”
“Federal Reserve officials could express more caution about the U.S. economy’s recovery after their meeting this week, giving them additional reason to keep short-term interest rates close to zero for a while. The three meetings of the Fed’s policy-setting body so far this year have all ended with the U.S. central bank giving a gradually…
-
Greenspan Warns of Fiscal Profligacy
In a Wall Street Journal op-ed, former Fed Chairman Alan Greenspan warns of U.S. fiscal profligacy, in part fuelled by the current low borrowing costs of the government: “Despite the surge in federal debt to the public during the past 18 months—to $8.6 trillion from $5.5 trillion—inflation and long-term interest rates, the typical symptoms of…
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