Monetary Economics
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The New Zimbabwean ZiG: Sixth Time a Charm?
“Even the most faithfully implemented commodity-backed money standard is fundamentally predicated on the integrity and competence of its overseers.” ~Peter C. Earle
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A Better Model Won’t Fix The Fed
“The whole point of expectations-responsive monetary policy is to remove the discretionary and technocratic elements from central banking. Disappointingly but unsurprisingly, the Fed is doing the opposite: doubling down on discretion and technocracy.” ~Alexander W. Salter
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Inflation We Can Feel But Don’t Measure
“Regardless of whether one thinks that the CPI should include interest rates and/or asset prices, it seems clear that consumers factor in these costs when evaluating the cost of living.” ~Joshua R. Hendrickson
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How the US Treasury Induced a New Era of Swiss Monetary Policy
“Central bankers are told that their domestic monetary policy obligations…must be balanced with or even subjugated to currency management practices that accommodate American exporters and competitors more broadly.” ~Mariana F. Trujillo and Peter C. Earle
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AIER Everyday Price Index Hits All-Time Record in March 2024
“It is increasingly clear that the choice to stop rate hikes at the 5.25 to 5.50 policy rate range was at best premature and may ultimately prove insufficient.” ~Peter C. Earle
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The Fed and Political Independence: It’s Complicated
“We should focus less on who’s allowed to run the Fed and more on what the Fed’s allowed to do in the first place.” ~Alexander W. Salter
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Inflation Remained Elevated in February
“Market participants continue to expect three cuts this year — and that those cuts will begin in the first half of the year. But they have adjusted the odds.” ~William J. Luther
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“The Price of Time” and Broken Central Banking
“The unique value of Chancellor’s book, beyond tracing this intellectual history of interest and illustrating it by financial debacles up and down the centuries, is to connect the social and market outcomes with the broken money markets.” ~Joakim Book
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Congress Could Unload the Fed’s Weapon
“If Congress could balance its budget, which hasn’t happened since 2001, it would remove a bullet the Fed could shoot at the economy.” ~Vance Ginn
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How the West Won the Money Race
“Today the world still benefits from monetary and financial innovations begun in China, then picked up and carried like a baton in Renaissance Europe.” ~Paul McDonnold
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•
The New Zimbabwean ZiG: Sixth Time a Charm?
“Even the most faithfully implemented commodity-backed money standard is fundamentally predicated on the integrity and competence of its overseers.” ~Peter C. Earle
-
•
A Better Model Won’t Fix The Fed
“The whole point of expectations-responsive monetary policy is to remove the discretionary and technocratic elements from central banking. Disappointingly but unsurprisingly, the Fed is doing the opposite: doubling down on discretion and technocracy.” ~Alexander W. Salter
-
•
Inflation We Can Feel But Don’t Measure
“Regardless of whether one thinks that the CPI should include interest rates and/or asset prices, it seems clear that consumers factor in these costs when evaluating the cost of living.” ~Joshua R. Hendrickson
-
•
How the US Treasury Induced a New Era of Swiss Monetary Policy
“Central bankers are told that their domestic monetary policy obligations…must be balanced with or even subjugated to currency management practices that accommodate American exporters and competitors more broadly.” ~Mariana F. Trujillo and Peter C. Earle
-
•
AIER Everyday Price Index Hits All-Time Record in March 2024
“It is increasingly clear that the choice to stop rate hikes at the 5.25 to 5.50 policy rate range was at best premature and may ultimately prove insufficient.” ~Peter C. Earle
-
•
The Fed and Political Independence: It’s Complicated
“We should focus less on who’s allowed to run the Fed and more on what the Fed’s allowed to do in the first place.” ~Alexander W. Salter
-
•
Inflation Remained Elevated in February
“Market participants continue to expect three cuts this year — and that those cuts will begin in the first half of the year. But they have adjusted the odds.” ~William J. Luther
-
•
“The Price of Time” and Broken Central Banking
“The unique value of Chancellor’s book, beyond tracing this intellectual history of interest and illustrating it by financial debacles up and down the centuries, is to connect the social and market outcomes with the broken money markets.” ~Joakim Book
-
•
Congress Could Unload the Fed’s Weapon
“If Congress could balance its budget, which hasn’t happened since 2001, it would remove a bullet the Fed could shoot at the economy.” ~Vance Ginn
-
•
How the West Won the Money Race
“Today the world still benefits from monetary and financial innovations begun in China, then picked up and carried like a baton in Renaissance Europe.” ~Paul McDonnold