Articles
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Market Money and the Rationale for Central Banks, Part II
The idea that a central bank might be constrained by rules is problematic. It merely moves the central bank’s choices to the more abstract level of selecting and interpreting rules.
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Leland Yeager (1924-2018)
Economists bade farewell to Leland Yeager, one of the greatest monetary thinkers of the 20th century, earlier this week.
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Centralized, Decentralized, and Distributed Payment Mechanisms
Dividing the world into “centralized” and “decentralized” obscures important features of the bitcoin protocol. A more sophisticated lexicon would leave scope for “distributed” processes.
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Money and the Future of Macroeconomics
Following the financial crisis and Great Recession, many bloggers (and some economists) have expressed disappointment with the state of macroeconomics. Randall Wright offers a more optimistic perspective.
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Just Say No (to the Petro)
Venezuela recently launched its own cryptocurrency. If recent history is any indicator, investors should steer clear.
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Money as a Social Institution
If the language of commerce is quid pro quo, money is its grammar.
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Economists Are Not Like Doctors
If macroeconomists do not want to take responsibility for crises, then they should refrain from endorsing unstable monetary institutions.
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Monetary Policy and Trade Wars
A trade war would not only make the United States less productive. It would also make monetary policy more difficult.
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Modeling Money as a Unit of Account
In a recent Econometrica article, Matthias Doepke and Martin Schneider model money as a standardized unit of account.
