Articles
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January 2020 Business Conditions Monthly
The AIER Leading Indicators index gave back the small gain from November, leaving the index just slightly above neutral for the fifth consecutive month.
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Winner, Winner Chicken Dinner
The latest consumer price index report marks the end of a nearly seven-year bet with my dissertation advisor — a bet that I have officially won.
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The 2019 Sound Money Project Essay Contest Winners
What are the merits of returning to the gold standard? Is such a system feasible today?
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The Effect of Data Lags on Monetary Policy
Recognizing the existence of these lags does not imply that the Fed is incapable of reducing the depth and duration of recessions. However, it should instill a sense of humility in those of us considering what the Fed might accomplish in practice.
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In Argentina, Inflation Is Still a Monetary Phenomenon
If there is a lesson to be learned from the Argentinian experience, it is that one should never underestimate people’s willingness and capacity to rationalize alternative, but clearly wrong, explanations of well-known problems like inflation.
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What Is the Relationship Between Monetary Policy and Fiscal Policy?
Hydraulic Keynesianism is now usually found in the comparatively unsophisticated realm of the popular press.
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Monetary Policy: Seeing Like a State
If monetary policymakers actually wish to contribute to the public welfare, they need to stop seeing like a state.
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The End of Traditional Monetary Policy
Last June, the FRED Blog identified something that has emerged in discussions I have had with other macroeconomists: the standard macroeconomics textbook no longer adequately explains monetary policy at the […]
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Negative Nominal Interest Rates: Just Say No
Not willing to let a terrible proposal die, President Trump has reiterated his suggestion that the United States would be better off with negative nominal interest rates. In a line […]
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Some Questions Regarding the FedNow Project
The Federal Reserve has announced its commitment to developing its own round-the-clock real-time payments service. The FedNow Service promises to clear a transfer between U.S. banks in mere seconds — […]
