Brian C. Albrecht

<p>A new NBER working paper uses bank-level financial and county-level agricultural data to show how risky lending might amplify the boom and bust.</p>

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<p>A new NBER working paper considers how actions in the federal funds market affect stock prices and trade volume.</p>

<p><span id="docs-internal-guid-ebd15073-7fff-8f0d-4aea-71a0f9e28280">Economists and philosophers engage in a strange form of positive analysis.</span></p>

<p>For both social contract theory and monetary theory, theorists are considering something that never happened in the past and that they have no reason to believe will happen in the future. No such considerations are useful.</p>

<p dir="ltr">People use money. That itself tells us something about why we shouldn’t eliminate it.</p>

<p>A new NBER working paper shows how cryptocurrencies have no exposure to most common stock market risks but do have their own exposure.</p>

<p>All policy discussions must recognize constraints. The hard part is knowing which constraints are relevant.</p>

<p>Expectations of government bailouts drove the increase and decline of American banks’ market value to book value, according to a new NBER working paper.</p>

<p>The costs required to protect Bitcoin from an attack may be its long-term downfall.</p>

<p>A new NBER working paper quantifies the relationship between post-WWI policy uncertainty in Europe and hyperinflation.</p>