Monetary Policy
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Don’t Hand Over Your Money to Uncompetitive Banks
Having lived abroad for most of the last seven years, I am painfully aware of the challenges that emerge from having incomes, assets, and costs in different currencies. Sometimes that yields you unexpected windfalls, like when the British pound (GBP) between 2013 and 2015 was dirt cheap for us with incomes and assets in Swedish…
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LIBOR Is Out, SOFR Is in: What It Means
That the LIBOR fixings were manipulated was an open secret among financial market participants stretching back to the late 1980s
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Why the Moral Panic Over the Libra? (Video)
When Facebook proposed the Libra, however, moral panic swept Washington.
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The Road to Serfdom…via Credit Markets
The role of bitcoin, and cryptocurrencies more broadly, in a negative interest rate world (as unlikely as that truly is), is twofold.
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The Mythology of Cantillon Effects
To Cantillon all new money had the same redistributive and uneven effects, regardless of whether it was first spent in the real economy or entered the credit markets, reducing interest rates.
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How Much Independence Has Fed Lost?
The genius of the recent NBER paper, by Duke’s Francesco Bianchi and London Business School’s Howard Kung and Thilo Kind, is that it directly measures the effect of President Donald J. Trump’s tweets critical of the Federal Reserve on the Federal Funds Rate, a key overnight interbank interest rate.
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The Return of the Century Bond
Following the last few years of record-low yields, first on government debt and more recently on private sector debt, we have seen an unexpected twist: the renewal of this long-dead market.
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The Economic Future of a Negative Interest Rate World
In the long run, the deleterious effect of negative interest rates turns economic theory on its head.
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Currency War with China: 1934 and 2019
Today’s currency war with China promises to deliver what currency wars always deliver: instability and uncertainty.
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Fed Intervention in Real Time Payments Is Pointless and Maybe Destructive
the Fed should stay in its lane and stop trying to re-invent what banks are already doing.
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•
Don’t Hand Over Your Money to Uncompetitive Banks
Having lived abroad for most of the last seven years, I am painfully aware of the challenges that emerge from having incomes, assets, and costs in different currencies. Sometimes that yields you unexpected windfalls, like when the British pound (GBP) between 2013 and 2015 was dirt cheap for us with incomes and assets in Swedish…
-
•
LIBOR Is Out, SOFR Is in: What It Means
That the LIBOR fixings were manipulated was an open secret among financial market participants stretching back to the late 1980s
-
•
Why the Moral Panic Over the Libra? (Video)
When Facebook proposed the Libra, however, moral panic swept Washington.
-
•
The Road to Serfdom…via Credit Markets
The role of bitcoin, and cryptocurrencies more broadly, in a negative interest rate world (as unlikely as that truly is), is twofold.
-
•
The Mythology of Cantillon Effects
To Cantillon all new money had the same redistributive and uneven effects, regardless of whether it was first spent in the real economy or entered the credit markets, reducing interest rates.
-
•
How Much Independence Has Fed Lost?
The genius of the recent NBER paper, by Duke’s Francesco Bianchi and London Business School’s Howard Kung and Thilo Kind, is that it directly measures the effect of President Donald J. Trump’s tweets critical of the Federal Reserve on the Federal Funds Rate, a key overnight interbank interest rate.
-
•
The Return of the Century Bond
Following the last few years of record-low yields, first on government debt and more recently on private sector debt, we have seen an unexpected twist: the renewal of this long-dead market.
-
•
The Economic Future of a Negative Interest Rate World
In the long run, the deleterious effect of negative interest rates turns economic theory on its head.
-
•
Currency War with China: 1934 and 2019
Today’s currency war with China promises to deliver what currency wars always deliver: instability and uncertainty.
-
•
Fed Intervention in Real Time Payments Is Pointless and Maybe Destructive
the Fed should stay in its lane and stop trying to re-invent what banks are already doing.