Monetary Economics
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The Housing Crisis Is a Supply Problem
Rising prices make us look for someone to blame, but the broken market has a simple cause: it’s illegal to build enough homes.
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Headline Inflation Surged in March, but Core Remained Muted
March’s inflation spike looks alarming, but it’s driven entirely by energy shocks. Strip that out and the trend looks largely unchanged.
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Why Gold Continues to Buck Trends and Outperform Stocks
Geopolitical tensions and the global financial system have changed dramatically since 2000. Markets rise and fall; what’s propelling gold?
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Could a Rule-Bound Fed Constrain Congressional Spending?
The Fed’s lack of clear rules makes it vulnerable to outside pressure. A commitment to price stability could force Congress to confront its own excesses.
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Business Conditions Monthly January 2026
Consumer-level price pressures have eased, but upstream costs are building. Rising producer prices and higher input costs — particularly in metals and energy — suggest continued pipeline pressures.
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The Fed Sees Higher Inflation Coming — and May Cut Rates Anyway
Inflation is well above two percent, but rate paths haven’t moved. The disconnect suggests a shift in how much inflation the Fed is willing to tolerate.
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Bigger Isn’t Better: A Case for Downsizing the Federal Reserve
Does the Fed need 24,000 employees? A leaner, more automated institution could reduce costs and improve transparency.
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Monetary Policy Rules Suggest Fed Should Hold Steady in March
The federal funds rate is already lower than levels recommended by several well-known policy guidelines. Recent uncertainty does not justify further easing.
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Fed Officials Face Diverging Mandates
Evidence suggests that inflation is relatively widespread, job creation has weakened, the Fed will likely hold the policy rate steady.
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Warsh: The Fed Helped Create Fiscal Dominance
Federal Reserve chair nominee Kevin Warsh argues the Fed has drifted far beyond its mandate, becoming a “general-purpose agency of government.”
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•
The Housing Crisis Is a Supply Problem
Rising prices make us look for someone to blame, but the broken market has a simple cause: it’s illegal to build enough homes.
-
•
Headline Inflation Surged in March, but Core Remained Muted
March’s inflation spike looks alarming, but it’s driven entirely by energy shocks. Strip that out and the trend looks largely unchanged.
-
•
Why Gold Continues to Buck Trends and Outperform Stocks
Geopolitical tensions and the global financial system have changed dramatically since 2000. Markets rise and fall; what’s propelling gold?
-
•
Could a Rule-Bound Fed Constrain Congressional Spending?
The Fed’s lack of clear rules makes it vulnerable to outside pressure. A commitment to price stability could force Congress to confront its own excesses.
-
•
Business Conditions Monthly January 2026
Consumer-level price pressures have eased, but upstream costs are building. Rising producer prices and higher input costs — particularly in metals and energy — suggest continued pipeline pressures.
-
•
The Fed Sees Higher Inflation Coming — and May Cut Rates Anyway
Inflation is well above two percent, but rate paths haven’t moved. The disconnect suggests a shift in how much inflation the Fed is willing to tolerate.
-
•
Bigger Isn’t Better: A Case for Downsizing the Federal Reserve
Does the Fed need 24,000 employees? A leaner, more automated institution could reduce costs and improve transparency.
-
•
Monetary Policy Rules Suggest Fed Should Hold Steady in March
The federal funds rate is already lower than levels recommended by several well-known policy guidelines. Recent uncertainty does not justify further easing.
-
•
Fed Officials Face Diverging Mandates
Evidence suggests that inflation is relatively widespread, job creation has weakened, the Fed will likely hold the policy rate steady.
-
•
Warsh: The Fed Helped Create Fiscal Dominance
Federal Reserve chair nominee Kevin Warsh argues the Fed has drifted far beyond its mandate, becoming a “general-purpose agency of government.”