Sound Money Project
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“Free Banking and Information Asymmetry”
“A traditional argument against free banking is that it will collapse because of information externalities: it is impossible for depositors to tell whether a high deposit rate offered by a bank is due to its high efficiency or risky lending strategy. This paper shows that in a separating equilibrium a higher-quality bank offers a lower…
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“Free Banking and Monetary Control”
“Were free banking to reemerge today, it would probably be based, not on a gold standard, but on irredeemable paper (‘fiat’) base money issued by a former or extant central bank. Under this form of free banking, the price level is no longer given, and conventional monetary policy questions remain relevant. In particular, would free…
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“Fed’s Duke:Time For Review Of Community Reinvestment Act”
“Federal Reserve Governor Elizabeth Duke called Monday for a thorough review and update of a federal law that limits discriminatory credit practices in low-income neighborhoods. “Today’s financial landscape is vastly different from the one in which the Community Reinvestment Act was enacted in 1977,” Duke said. “In the wave of the foreclosure crisis, there are…
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“The Gold Standard: A Principled Case”
“In recent months, we have witnessed fierce arguments between, on the one side, those who defend the current system of “fiat money,” in which, as John Maynard Keynes stated, money “is created and issued by the State, but is not convertible by law into anything other than itself, and has no fixed value in terms…
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Summer Reading II
Summer reading is eclectic and before getting to my second installment of notes on This Time is Different, I want to recommend a non-economics book. A Chance in Hell by Jim Michaels is a riveting account of how the military and political situation turned in Anbar province in Western Iraq. It is first and foremost…
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“Fed Nominees Support Expanded Duties”
“Hours before the Senate approved a far-reaching overhaul of Wall Street regulations on Thursday, President Obama’s three nominees to the board of the Federal Reserve said they were prepared to help the central bank handle its vastly expanded duties to ensure financial stability and oversee financial institutions, The New York Times’s Sewell Chan reported. “We…
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“The Uncertainty Principle”
“So Republicans Scott Brown, Olympia Snowe and Susan Collins now say they’ll provide the last crucial votes to get the Dodd-Frank financial reform through the Senate. Hmmm. Could this be Minority Leader Mitch McConnell’s secret plan to take back the Senate, guaranteeing another year or two of regulatory and lending uncertainty and thus slower economic…
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“Economic Recovery Slower Than Expected”
“Federal Reserve leaders marked down their expectations for growth and inflation last month, concluding that the economic recovery is proceeding more slowly than they had thought in the spring but that the slowdown did not warrant new policy actions. But Fed leaders did agree to explore options for supporting the economy further in case conditions…
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“Finance Overhaul Casts Long Shadow on the Plains”
“Farmer Jim Kreutz uses derivatives to soften the blow should the price of feed corn drop before harvest. His brother-in-law, feedlot owner Jon Reeson, turns to them to hedge the price of his steer. The local farmers’ co-op uses derivatives to finance fixed-price diesel for truckers who carry cattle to slaughter. And the packing plant…
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Money and Banking: The American Experience
The style of Money and Banking: The American Experience is one of article and comment. An author provides an article on the issues of money and banking in the U.S. and another academic provides a comment on said article. The table of contents is as follows: Introduction by Clifford F. Thies “Money and Banking: The…
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“Free Banking and Information Asymmetry”
“A traditional argument against free banking is that it will collapse because of information externalities: it is impossible for depositors to tell whether a high deposit rate offered by a bank is due to its high efficiency or risky lending strategy. This paper shows that in a separating equilibrium a higher-quality bank offers a lower…
-
“Free Banking and Monetary Control”
“Were free banking to reemerge today, it would probably be based, not on a gold standard, but on irredeemable paper (‘fiat’) base money issued by a former or extant central bank. Under this form of free banking, the price level is no longer given, and conventional monetary policy questions remain relevant. In particular, would free…
-
“Fed’s Duke:Time For Review Of Community Reinvestment Act”
“Federal Reserve Governor Elizabeth Duke called Monday for a thorough review and update of a federal law that limits discriminatory credit practices in low-income neighborhoods. “Today’s financial landscape is vastly different from the one in which the Community Reinvestment Act was enacted in 1977,” Duke said. “In the wave of the foreclosure crisis, there are…
-
“The Gold Standard: A Principled Case”
“In recent months, we have witnessed fierce arguments between, on the one side, those who defend the current system of “fiat money,” in which, as John Maynard Keynes stated, money “is created and issued by the State, but is not convertible by law into anything other than itself, and has no fixed value in terms…
-
Summer Reading II
Summer reading is eclectic and before getting to my second installment of notes on This Time is Different, I want to recommend a non-economics book. A Chance in Hell by Jim Michaels is a riveting account of how the military and political situation turned in Anbar province in Western Iraq. It is first and foremost…
-
“Fed Nominees Support Expanded Duties”
“Hours before the Senate approved a far-reaching overhaul of Wall Street regulations on Thursday, President Obama’s three nominees to the board of the Federal Reserve said they were prepared to help the central bank handle its vastly expanded duties to ensure financial stability and oversee financial institutions, The New York Times’s Sewell Chan reported. “We…
-
“The Uncertainty Principle”
“So Republicans Scott Brown, Olympia Snowe and Susan Collins now say they’ll provide the last crucial votes to get the Dodd-Frank financial reform through the Senate. Hmmm. Could this be Minority Leader Mitch McConnell’s secret plan to take back the Senate, guaranteeing another year or two of regulatory and lending uncertainty and thus slower economic…
-
“Economic Recovery Slower Than Expected”
“Federal Reserve leaders marked down their expectations for growth and inflation last month, concluding that the economic recovery is proceeding more slowly than they had thought in the spring but that the slowdown did not warrant new policy actions. But Fed leaders did agree to explore options for supporting the economy further in case conditions…
-
“Finance Overhaul Casts Long Shadow on the Plains”
“Farmer Jim Kreutz uses derivatives to soften the blow should the price of feed corn drop before harvest. His brother-in-law, feedlot owner Jon Reeson, turns to them to hedge the price of his steer. The local farmers’ co-op uses derivatives to finance fixed-price diesel for truckers who carry cattle to slaughter. And the packing plant…
-
Money and Banking: The American Experience
The style of Money and Banking: The American Experience is one of article and comment. An author provides an article on the issues of money and banking in the U.S. and another academic provides a comment on said article. The table of contents is as follows: Introduction by Clifford F. Thies “Money and Banking: The…
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