Sound Money Project
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Who’s Winning the Race for Real-Time Payments?
“The extent to which the Federal Reserve will take measures to hold back TCH-RTP’s growth was not yet clear (and maybe it still isn’t). Institutions may be hedging their bets or testing both systems.” ~Nicolás Cachanosky
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Inflation: It’s Not the Supply Side
” Some combination of fiscal and monetary policy remains the best explanation for the once-in-a-generation inflation rates that peaked in summer 2022, as well as their gradual decline.” ~Alexander W. Salter
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Dollarization Is Not Magic
“Rather than dismissing it as magic, one should recognize that dollarization is a pragmatic approach to restoring stability in high-inflation countries that lack credible institutions.” ~Nicolás Cachanosky
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Inflation Undershoots Fed Projections
“The FOMC changed course last week, foregoing a previously projected rate hike and projecting deeper rate cuts in 2024 than previously anticipated. But those rate cuts may come too late.” ~William J. Luther
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The Inflationary-Profits Hypothesis is Mush
“Once a bastion of sound reporting, the Wall Street Journal’s economy desk is slowly descending into incoherence…Simple economics demonstrates why the inflationary-profits hypothesis is bunk.” ~Alexander W. Salter
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FOMC Holds Rates, Revises Projections
“After months of worrying that they had not yet done enough, FOMC members now seem to think they have a handle on inflation and will see it gradually return to 2 percent. Let’s hope they are correct.” ~William J. Luther
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Despite CPI Uptick, Monetary Policy Remains Tight
“The slight bump in inflation won’t spook them into going even tighter. And despite the cries from financial markets, it’s too early to contemplate cuts.” ~Alexander W. Salter
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Lessons from Argentina’s Dollarization Debate: The Challenge of the Commitment Device
“If a large country like Argentina were to fare better under dollarization, economists would be forced to reconsider the role of central banks in monetary theory.” ~Nicolas Cachanosky
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Disinflation Dream Come True
“The Fed will probably keep the fed funds target range unchanged in December. Officials previously signaled additional tightening, but things have changed.” ~Alexander W. Salter
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Hyperinflation and Dollarization: A Path to Economic Stability for Argentina
“The risk of hyperinflation in Argentina does not arise from the intention to dollarize but from a central bank that appears incapable or unwilling to exercise restraint. Argentina’s historical record shows that central bank independence is absent.” ~Nicolas Cachanosky
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•
Who’s Winning the Race for Real-Time Payments?
“The extent to which the Federal Reserve will take measures to hold back TCH-RTP’s growth was not yet clear (and maybe it still isn’t). Institutions may be hedging their bets or testing both systems.” ~Nicolás Cachanosky
-
•
Inflation: It’s Not the Supply Side
” Some combination of fiscal and monetary policy remains the best explanation for the once-in-a-generation inflation rates that peaked in summer 2022, as well as their gradual decline.” ~Alexander W. Salter
-
•
Dollarization Is Not Magic
“Rather than dismissing it as magic, one should recognize that dollarization is a pragmatic approach to restoring stability in high-inflation countries that lack credible institutions.” ~Nicolás Cachanosky
-
•
Inflation Undershoots Fed Projections
“The FOMC changed course last week, foregoing a previously projected rate hike and projecting deeper rate cuts in 2024 than previously anticipated. But those rate cuts may come too late.” ~William J. Luther
-
•
The Inflationary-Profits Hypothesis is Mush
“Once a bastion of sound reporting, the Wall Street Journal’s economy desk is slowly descending into incoherence…Simple economics demonstrates why the inflationary-profits hypothesis is bunk.” ~Alexander W. Salter
-
•
FOMC Holds Rates, Revises Projections
“After months of worrying that they had not yet done enough, FOMC members now seem to think they have a handle on inflation and will see it gradually return to 2 percent. Let’s hope they are correct.” ~William J. Luther
-
•
Despite CPI Uptick, Monetary Policy Remains Tight
“The slight bump in inflation won’t spook them into going even tighter. And despite the cries from financial markets, it’s too early to contemplate cuts.” ~Alexander W. Salter
-
•
Lessons from Argentina’s Dollarization Debate: The Challenge of the Commitment Device
“If a large country like Argentina were to fare better under dollarization, economists would be forced to reconsider the role of central banks in monetary theory.” ~Nicolas Cachanosky
-
•
Disinflation Dream Come True
“The Fed will probably keep the fed funds target range unchanged in December. Officials previously signaled additional tightening, but things have changed.” ~Alexander W. Salter
-
•
Hyperinflation and Dollarization: A Path to Economic Stability for Argentina
“The risk of hyperinflation in Argentina does not arise from the intention to dollarize but from a central bank that appears incapable or unwilling to exercise restraint. Argentina’s historical record shows that central bank independence is absent.” ~Nicolas Cachanosky