Gerald P. Dwyer

Senior Fellow, Sound Money Project

Gerald P. Dwyer is a Professor and BB&T Scholar at Clemson University. From 1997 to 2012, he served as Director of the Center for Financial Innovation and Stability and Vice President at the Federal Reserve Bank of Atlanta. Dwyer’s research has appeared in leading economics and finance journals, as well as publications by the Federal Reserve Banks of Atlanta and St. Louis. He serves on the editorial boards of the Journal of Financial Stability, Economic Inquiry, and Finance Research Letters. He is a past President and member of the Executive Committee of the Association of Private Enterprise Education. He is also a founding member of the Society for Nonlinear Dynamics and Econometrics, an organization for which he served as President and Treasurer.

Dwyer earned his Ph.D. in Economics at the University of Chicago, his M.A. in Economics at the University of Tennessee, and his B.B.A. in Business, Government, and Society at the University of Washington.

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Articles

11/18/24

Are Cryptoassets Securities? A Lawsuit Against the SEC May Decide

Crypto.com is pursuing a declaratory judgment that tokens traded on its exchange were not created by investment contracts, and so are not securities. The outcome remains to be seen.

9/6/24

Tax Cryptocurrencies as Money, Not Property

"Treating cryptocurrencies like property for tax purposes discourages people from using them like monies." ~Gerald Dwyer

8/12/24

Should Taxpayers Fund a Strategic Bitcoin Reserve?

"Given that the reserve of gold can be viewed only as the federal government holding it for investment purposes, there is no particular reason to focus only on gold and not include other assets, including cryptoassets such as bitcoin." ~Gerald P. Dwyer

7/12/24

Mortgage Rates Are Likely To Decline In the Near Future

"Not that long ago, the real rate on Treasury bills was negative. The real rate on Treasury securities is temporarily high due to the Federal Reserve’s policy goal of lowering the inflation rate." ~Gerald P. Dwyer

5/22/24

The Demise of the Dual Banking System

"The issue comes down to whether a state-chartered bank that fulfills the legal requirements for a master account can be denied one by the Federal Reserve." ~Gerald P. Dwyer

9/26/23

What Should the Federal Reserve Do Now?

"Inflation is running above 2 percent by any measure, and a current temporarily higher rate on short-term securities can reassure markets that the Federal Reserve is aiming at a lower inflation rate." ~Gerald P. Dwyer

9/2/23

Why Are Mortgage Rates So High?

"Interest rates on mortgages were 2.66 percent just two and a half years ago. Why the sudden increase in rates? The Federal Reserve increased the money supply and generated the worst inflation in many years." ~ Gerald P. Dwyer

8/1/23

The SEC Limits Most People’s Investment Opportunities

"The bill that the US House passed by a voice vote would require the SEC to develop a test to determine whether someone is knowledgeable enough to forgo the investor protections built into public offerings to the general public." ~ Gerald P. Dwyer

3/26/23

Money and Inflation Are Still Related

"M2 in 2020 and 2021 increased by the largest percentages in the last 60 years. To the surprise of the Federal Reserve (although not everyone), inflation resulted." ~ John Devereux & Gerald P. Dwyer

2/2/23

The FOMC: To Pause or Not to Pause?

"Given uncertainties surrounding the unusual stimulus and the lagged effects of monetary policy, it would be prudent to hold the Federal Funds rate constant for a few months and see how the economy responds to recent policy." ~ Gerald P. Dwyer

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