Latest
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“Fed Seminar Probes Financial Reform”
“Describing the financial industry as “hobbled, but moving forward,” Carson acknowledged the need for reform, but cautioned that not enough attention has been given to how to pay for it. ‘The cost of what is envisioned here is absolutely staggering,’ Carson said. ‘The number of people (who need to be) employed to comply with the…
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“The Dynamics of Chronic Inflation in Brazil, 1968-1985”
“This article develops an error-correction model with the aim of analyzing the behavior of prices during a period of chronic inflation in Brazil. The degree of inflationary inertia is estimated, and tests for the importance of disequilibria in the domestic-money, foreign-goods, labor, and domestic goods markets on inflation are carried out.” Read more. “The Dynamics…
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“Does Inequality Cause Inflation? The Political Economy of Inflation, Taxation and Government Debt”
“The optimal revenue mix is tilted more towards seigniorage if the ruling political party has less of a dislike for inflation, if the costs of collecting taxes are high and the extent of tax evasion is widespread (cf. Canzoneri and Rogers, 1990), and if the financial system is relatively repressed (e.g., Roubini and Sala-i-Martin, 1992).…
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“The Lag in Effect of Monetary Policy”
“First, discretionary policy at times tends to be dominated by goals other than, and even contradictory to, stabilization (for example, pegging bonds yields, halting gold outflows), whereas the automatic framework cannot be so readily exploited for other purposes. Second, the inertia and the political considerations referred to above that inhibit the ready reversal of discretionary…
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Russia – “Inflation Could Trip New Exchange-rate Crisis”
“This happy outcome was a result of serious efforts by the Finance Ministry to contain budget expenditure and by the Central Bank to restrain excessive monetary growth. Inflation control became the most important priority for the government because, apart from aiding economic recovery, a low inflation rate allows the Central Bank to keep its nominal…
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Here Today, Keynes Tomorrow
“Keynesian ideas seem to pop up time and time again, especially in times of crisis. Keynes himself even sensed the impact his theories were going to have. When Keynes was writing the General Theory he wrote to George Bernard Shaw in 1935, “…you have to know that I believe myself to be writing a book…
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“Thomas Hoenig is Fed Up”
“This is Tom Hoenig’s moment, and it’s a strange one. In Washington, he is the burr in Fed Chairman Bernanke’s saddle: the rogue heartland banker who keeps dissenting alone—for the sixth straight time on Sept. 21—to protest the Fed’s rock-bottom interest-rate policy. Hoenig warns that the Bernanke majority is setting the country up for an…
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Cato Institute’s 28th Annual Monetary Conference on Nov. 18
Our friends over at the Cato Institute will be hosting their 28th Annual Monetary Conference on November 18. Cato’s 28th Annual Monetary Conference — Asset Bubbles and Monetary Policy — will address a key issue underlying the 2008 financial crisis: Did the Federal Reserve contribute to the crisis by keeping interest rates too low for…
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“Gold Miners Gain on Fed’s Latest Views”
“Miners such as Newmont (NEM) and Silver Wheaton (SLW) galloped to new highs on Wednesday, as gold prices reached another new peak in the wake of the Fed’s latest comments. The Federal Reserve on Tuesday indicated that it was prepared to pump fresh cash into the economy. That drove the dollar lower and boosted gold.”…
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Commitment
“There’s a difference between interest and commitment. When you’re interested in doing something, you do it only when circumstance permit. When you’re committed to something, you accept no excuses, only results.” – Unknown Today’s Atlas Liberty Café featured a talk by George Mason University professor of economics Peter Boettke. Dr. Boettke gave an interesting lecture…
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