Monetary Policy
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Rising Use of the Fed’s Discount Window Raises Questions
“The fact that the amounts being borrowed at the discount window are rising in an oscillatory fashion with progressively higher ‘highs’ and higher ‘lows’ hints, while not conclusively, that the amounts being borrowed are increasing as the Fed increases rates.” ~ Peter C. Earle
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Beware the Soft Landing Narrative (Video)
“Earle thinks a more charitable version of the Fed’s handling of monetary policy over the last three years might emerge, resulting in less public skepticism about the limits of monetary policy.” ~ AIER
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Welcome the Disinflation, Beware the Narrative
“Let us all hope that disinflation proceeds expeditiously and, if it does, we remain mindful that the outcome is in spite of, rather than owing to, central bankers and their narrow assortment of lagging and unpredictable policy instruments.” ~ Peter C. Earle
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Putting Aggregate Demand and Aggregate Supply to Work
“Economists use aggregate demand and aggregate supply (AS-AD model) to understand how inflation and real income growth are jointly determined.” ~ Bryan Cutsinger & Alexander William Salter
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After Three Holiday Seasons, Pandemic Monetary Policy Still Driving up Prices
“The HDAY Index and TDAY Index lead to the same irrefutable conclusion: the ongoing cost of policies implemented to mitigate the spread of COVID are large and, almost three years later, proving disconcertingly persistent.” ~ Peter C. Earle
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The Federal Reserve’s Expanding Mandate (Video)
“In this video, Kate Wand sat down with AIER Senior Research Faculty Thomas Hogan to discuss the Federal Reserve’s expanding objectives and how they affect its ability to conduct monetary policy.” ~ AIER
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Ocean Shipping’s Effect on Inflation was Negligible
“High shipping prices have had a provably inconsequential effect on the general price level over the past two years. Expansionary monetary policies remain the prime culprit for the high prices and other economic distortions that persist in the US economy.” ~ Peter C. Earle
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Aggregate Demand and Aggregate Supply: Keep It Simple, Stupid!
“This simple model is a good first approximation to aggregate economic performance. Economists know this. Unfortunately, they sometimes ignore it for partisan reasons.” ~ Alexander William Salter
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To Temper the Effects of Monetary Restraint, We Need Pro-Growth Fiscal Policy
“To temper the effects of monetary tightening, avoid a prolonged recession, and ultimately ignite economic prosperity, we need an executive and Congress willing to pursue pro-growth fiscal policy. ” ~ Kat Dwyer
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Rising Inflation Expectations Pose a New Threat to Fed Efforts
“Herding, of sorts, may thwart the effects of contractionary monetary policy measures to some degree. The Fed has a tough job ahead of it, one which may have just become a bit tougher.” ~ Peter C. Earle
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•
Rising Use of the Fed’s Discount Window Raises Questions
“The fact that the amounts being borrowed at the discount window are rising in an oscillatory fashion with progressively higher ‘highs’ and higher ‘lows’ hints, while not conclusively, that the amounts being borrowed are increasing as the Fed increases rates.” ~ Peter C. Earle
-
•
Beware the Soft Landing Narrative (Video)
“Earle thinks a more charitable version of the Fed’s handling of monetary policy over the last three years might emerge, resulting in less public skepticism about the limits of monetary policy.” ~ AIER
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•
Welcome the Disinflation, Beware the Narrative
“Let us all hope that disinflation proceeds expeditiously and, if it does, we remain mindful that the outcome is in spite of, rather than owing to, central bankers and their narrow assortment of lagging and unpredictable policy instruments.” ~ Peter C. Earle
-
•
Putting Aggregate Demand and Aggregate Supply to Work
“Economists use aggregate demand and aggregate supply (AS-AD model) to understand how inflation and real income growth are jointly determined.” ~ Bryan Cutsinger & Alexander William Salter
-
•
After Three Holiday Seasons, Pandemic Monetary Policy Still Driving up Prices
“The HDAY Index and TDAY Index lead to the same irrefutable conclusion: the ongoing cost of policies implemented to mitigate the spread of COVID are large and, almost three years later, proving disconcertingly persistent.” ~ Peter C. Earle
-
•
The Federal Reserve’s Expanding Mandate (Video)
“In this video, Kate Wand sat down with AIER Senior Research Faculty Thomas Hogan to discuss the Federal Reserve’s expanding objectives and how they affect its ability to conduct monetary policy.” ~ AIER
-
•
Ocean Shipping’s Effect on Inflation was Negligible
“High shipping prices have had a provably inconsequential effect on the general price level over the past two years. Expansionary monetary policies remain the prime culprit for the high prices and other economic distortions that persist in the US economy.” ~ Peter C. Earle
-
•
Aggregate Demand and Aggregate Supply: Keep It Simple, Stupid!
“This simple model is a good first approximation to aggregate economic performance. Economists know this. Unfortunately, they sometimes ignore it for partisan reasons.” ~ Alexander William Salter
-
•
To Temper the Effects of Monetary Restraint, We Need Pro-Growth Fiscal Policy
“To temper the effects of monetary tightening, avoid a prolonged recession, and ultimately ignite economic prosperity, we need an executive and Congress willing to pursue pro-growth fiscal policy. ” ~ Kat Dwyer
-
•
Rising Inflation Expectations Pose a New Threat to Fed Efforts
“Herding, of sorts, may thwart the effects of contractionary monetary policy measures to some degree. The Fed has a tough job ahead of it, one which may have just become a bit tougher.” ~ Peter C. Earle