Monetary Policy
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The Regulatory Pendulum: Why Financial Rules Keep Missing the Mark
Until policymakers accept that financial regulation shifts risk rather than eliminates it, we will keep cycling through crisis, overreaction, unintended consequences, and the next crisis.
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If Independent Agencies Are Unconstitutional, so Is the Fed
The Court says expertise can’t override separation of powers. So why does the most powerful independent agency — the Fed — get a carveout?
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AIER Holiday Index: Pandemic Policies Still Raising Prices
Five years of interventionist policy, inflationary finance, and trade restrictions have steadily eroded consumers’ purchasing power.
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Dallas Fed President: It’s Time to Replace the Fed’s Interest Rate Target
Reducing the Fed’s role in the financial system would be a step in the right direction.
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Inflation Retreats from Late-Summer Highs, Nears Fed Target
Headline and core inflation both cooled over the past two months, led by softening energy costs. Missing data complicates projections.
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The Return of Quantitative Easing
After several years of quantitative tightening, the Fed is restarting QE amid persistent market and policy pressures.
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The Fed Cut Rates Again–What Else Is New?
Powell’s remarks highlighted the inherent difficulty of balancing inflation and employment under the Fed’s current dual mandate.
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The Fed’s Unlawful Floor System Pays Banks Billions to Sit on Reserves
To prevent emergency lending from depreciating the dollar, the Fed broke the law by deliberately paying a premium rate on reserves.
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A Rare Split at the Fed — and Why It Makes Sense
Both hawks and doves cite major rules to justify their stance. But the division inside the Fed isn’t dysfunction — it’s a sign of officials taking both mandates seriously.
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The Fed Doesn’t Determine the Price of Credit. Markets Do
The repo market reveals the limits of Fed intervention, showing how short-term credit conditions are ultimately determined by banks, borrowers, and market forces — not central planners.
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•
The Regulatory Pendulum: Why Financial Rules Keep Missing the Mark
Until policymakers accept that financial regulation shifts risk rather than eliminates it, we will keep cycling through crisis, overreaction, unintended consequences, and the next crisis.
-
•
If Independent Agencies Are Unconstitutional, so Is the Fed
The Court says expertise can’t override separation of powers. So why does the most powerful independent agency — the Fed — get a carveout?
-
•
AIER Holiday Index: Pandemic Policies Still Raising Prices
Five years of interventionist policy, inflationary finance, and trade restrictions have steadily eroded consumers’ purchasing power.
-
•
Dallas Fed President: It’s Time to Replace the Fed’s Interest Rate Target
Reducing the Fed’s role in the financial system would be a step in the right direction.
-
•
Inflation Retreats from Late-Summer Highs, Nears Fed Target
Headline and core inflation both cooled over the past two months, led by softening energy costs. Missing data complicates projections.
-
•
The Return of Quantitative Easing
After several years of quantitative tightening, the Fed is restarting QE amid persistent market and policy pressures.
-
•
The Fed Cut Rates Again–What Else Is New?
Powell’s remarks highlighted the inherent difficulty of balancing inflation and employment under the Fed’s current dual mandate.
-
•
The Fed’s Unlawful Floor System Pays Banks Billions to Sit on Reserves
To prevent emergency lending from depreciating the dollar, the Fed broke the law by deliberately paying a premium rate on reserves.
-
•
A Rare Split at the Fed — and Why It Makes Sense
Both hawks and doves cite major rules to justify their stance. But the division inside the Fed isn’t dysfunction — it’s a sign of officials taking both mandates seriously.
-
•
The Fed Doesn’t Determine the Price of Credit. Markets Do
The repo market reveals the limits of Fed intervention, showing how short-term credit conditions are ultimately determined by banks, borrowers, and market forces — not central planners.