Brian C. Albrecht

"Instead of being evidence that markets are 'no longer controlled by competition,' firms raising prices together is evidence of supply and demand at work." ~ Brian C. Albrecht

<p><span id="docs-internal-guid-a5b1ef64-7fff-a6bc-58c9-a991194b736f">Reserve Banks brought monetarism and rational expectations into the monetary policy discussion, and, more recently, they have fostered dissenting views on the Fed’s role as a lender of last resort and the effectiveness of quantitative easing.</span></p>

<p>Even if the reduction of trade barriers accounts for only a small part of the observed increase in growth, the cumulative gains from reform appear to be substantial.</p>

<p dir="ltr"><span id="docs-internal-guid-ac9170b0-7fff-3bef-fb8f-12d577e7bad0">If the binding zero lower bound did not prolong the last recession, it may not prolong the next.</span></p>

<p>In a new NBER working paper, Felipe Benguria and Alan M. Taylor consider whether <span id="docs-internal-guid-159fb899-7fff-efd9-a577-1946f1331460">financial crises usually stem from the demand or supply side of the market.</span></p>

In a recent NBER working paper, Margaret M. Jacobson, Eric M. Leeper, and Bruce Preston argue that FDR’s abandonment of the gold standard helped bring an end to the Great Depression.

<p><span id="docs-internal-guid-7199034d-7fff-4b68-449d-a60667791de7">The history of sovereign debt appears to be a history of default, repudiation, and limited debt enforcement. Why, then, do investors keep going back?</span></p>

<p>In a recent NBER working paper, Barry Eichengreen argues “there is no straight line from commodity money to fiat money and from there to crypto.”</p>

<p>A new NBER working paper raises doubts about the welfare gains from mobile banking.</p>

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<p>In a new NBER working paper, Cory Cutsail and Farley Grubb offer a novel data set on North Carolina’s paper-money regime (1712-1774).</p>