Thomas L. Hogan

  • Fed Admits It Was Wrong – Kind Of

    “So rather than starting to tighten policy in the fourth quarter of ‘21, as Powell described, the Fed was implicitly loosening policy through May of ‘22.” ~Thomas L. Hogan

    Fed Admits It Was Wrong – Kind Of
  • The IMF is Wrong – and Right – About Crypto

    “The IMF and FSB’s recommendations are transparently pro-government and anti-citizen. They overstate the potential harm of cryptocurrencies and propose monitoring systems that would benefit tyrannical governments at the expense of the public.” ~Thomas L. Hogan

    The IMF is Wrong – and Right – About Crypto
  • Inflation Ticks Up Again. Keep an Eye on Oil

    “Major changes in oil prices seem likely to drive the near-term changes in CPI inflation, both headline inflation and possibly core as well. Another big question is how the Fed will respond.” ~Thomas L. Hogan

    Inflation Ticks Up Again. Keep an Eye on Oil
  • The Fed Hits 3,000 Percent Inflation

    “US inflation was not always as persistently high as it has been under the Fed. Before the Fed, the purchasing power of the dollar was determined by supply of and demand for gold.” ~ Thomas L. Hogan

    The Fed Hits 3,000 Percent Inflation
  • The SEC’s Illegal War on Crypto

    “SEC officials have relied on opaque and discretionary enforcement actions. They have charged companies for not complying with the law without clearly stating what the law is.” ~ Thomas L. Hogan

    The SEC’s Illegal War on Crypto
  • What’s Next for the Fed?

    “A wide range of outcomes are still possible for 2023, ranging from stagflation to a ‘soft landing.'” ~ Thomas L. Hogan

    What’s Next for the Fed?
  • The Fed Is Bankrupt

    “The most recent data show that the Fed owes the Treasury over $41 billion, which exceeds its total capital. The Fed, by common standards, is indeed insolvent.” ~ Thomas L. Hogan

    The Fed Is Bankrupt
  • Crypto Needs Less Regulation, Not More

    “Pushing excessive regulations on the crypto industry is likely to make crypto more risky, not less. Decentralized protocols built on the blockchain are already safer and more transparent than most regulated financial companies.” ~ Thomas L. Hogan

    Crypto Needs Less Regulation, Not More
  • Five Questions for Fed Chair Jerome Powell

    “After each meeting, Chair Powell holds a press conference where he takes questions from the media. Most reporters ask about the state of inflation or the Fed’s interest rate decisions, while important policy questions go unasked.” ~ Thomas L. Hogan

    Five Questions for Fed Chair Jerome Powell
  • The Fed Needs a Single Mandate

    “A purchasing target would direct the Fed towards an achievable goal that would improve American households’ material wellbeing. Legislators from both parties should make a single Fed mandate a key part of their agendas.” ~ Thomas L. Hogan & Alexander William Salter

    The Fed Needs a Single Mandate

Strong, Simple Regulations Promote Financial Stability

TL Hogan. Baker Institute Issue Brief 5, 2018

How Good Was the Gold Standard?

TL Hogan. AIER Sound Money Project Working Paper, 2021

Deposit Insurance Is Not Fair

TL Hogan, WJ Luther. Harwood Economic Review, Winter, 6-7, 2017

The Implicit Costs of Government Deposit Insurance

WJ Luther, TL Hogan. Journal of Private Enterprise 31 (2), 2016

Central Banking without Romance

TL Hogan, DJ Smith, R Aguiar-Hicks. European Journal of Comparative Economics 15 (2), 2018, 2015

Deposit Insurance Is Not Free

WJ Luther, TL Hogan. Mercatus on Policy, 2012

Friedman, Jeffrey, ed. What Caused the Financial Crisis

TL Hogan. Reason Papers 34 (2), 222-229, 2012

The failure of risk-based capital regulation

TL Hogan, NR Meredith, X Pan. Mercatus on Policy, 2013

Stability and the gold standard

R Aguiar-Hicks, TL Hogan, DJ Smith. Working paper. Available online at: https://papers. ssrn. com/sol3/papers. cfm, 2015

Hayek, Cassel, and the origins of the great depression

TL Hogan, LH White. Journal of Economic Behavior & Organization 181, 241-251, 2021

Fed Forecasting since the Great Recession

TL Hogan. AIER Sound Money Project Working Paper, 2021

War, money & economy: Inflation and production in the Fed and pre-Fed periods

TL Hogan, DJ Smith. The Review of Austrian Economics, 1-23, 2022

Comment on Docket No. OP-1793,’Principles for Climate-Related Financial Risk Management for Large Financial Institutions’

TL Hogan. OP-1793,’Principles for Climate-Related Financial Risk Management for Large …, 2023

Alternatives to FDIC Deposit Insurance

TL Hogan, K Johnson. The Independent Review, Forthcoming, 2015

Suboptimal Equilibria from Nominal GDP Targeting

TL Hogan, WJ Luther. AIER Sound Money Project Working Paper Forthcoming, 2019

A Review of the Regulatory Impact Analysis of Risk-based Capital Regulations

TL Hogan. AIER Sound Money Project Working Paper, 2020

The calculus of dissent: Bias and diversity in FOMC projections

TL Hogan. Public Choice 191 (1-2), 105-135, 2022

Hayek, Cassel, and the origins of the great depression

TL Hogan, LH White. GMU Working Paper in Economics, 2016

Expectations and NGDP targeting: Supply-side problems with demand-side policy

AW Salter, TL Hogan. Journal of Private Enterprise, forthcoming, 2018

War, money, & economy: Economic performance in the fed and pre-fed periods

TL Hogan, DJ Smith. Available at SSRN 2568634, 2016

Central banking without romance

TL Hogan, DJ Smith, R Aguiar-Hicks. The European journal of comparative economics 15 (2), 293-314, 2018

Costs of compliance with the Dodd-Frank act

TL Hogan. Baker Institute Issue Brief, 19, 2019

Endogenous matching and money with random consumption preferences

TL Hogan, WJ Luther. The BE Journal of Theoretical Economics 19 (2), 2019

A Review of the Regulatory Impact Analysis of Risk-Based Capital and Related Liquidity Rules

TL Hogan. Journal of Risk and Financial Management 14 (1), 24, 2021

Risk and risk-based capital of US bank holding companies

TL Hogan, NR Meredith. Journal of Regulatory Economics 49, 86-112, 2016

The explicit costs of government deposit insurance

TL Hogan, WJ Luther. Cato J. 34, 145, 2014

Alternatives to the federal deposit insurance corporation

TL Hogan, K Johnson. The Independent Review 20 (3), 433-454, 2016

The Federal Reserve’s response to the COVID‐19 contraction: an initial appraisal

N Cachanosky, BP Cutsinger, TL Hogan, WJ Luther, AW Salter. Southern economic journal 87 (4), 1152-1174, 2021

Has Dodd–Frank affected bank expenses?

TL Hogan, S Burns. Journal of Regulatory Economics 55, 214-236, 2019

Has the Fed improved US economic performance?

TL Hogan. Journal of Macroeconomics 43, 257-266, 2015

Capital and risk in commercial banking: A comparison of capital and risk-based capital ratios

TL Hogan. The Quarterly Review of Economics and Finance 57, 32-45, 2015

Ben Bernanke and Bagehot’s Rules

TL Hogan, L Le, AW Salter. Journal of Money, Credit and Banking 47 (2-3), 333-348, 2015

The implicit costs of government deposit insurance

TL Hogan, WJ Luther. Available at SSRN 2567510, 2015

Evaluating risk-based capital regulation

TL Hogan, NR Meredith, X Pan. Mercatus Center Working Paper, 2013

Evaluating risk-based capital regulation

TL Hogan, NR Meredith, XH Pan. Review of Financial Economics 36 (2), 83-89, 2018

What Caused the Post-crisis Decline in Bank Lending?

TL Hogan. Baker Institute Issue Brief, 2019

Risk-based capital regulation revisited: Evidence from the early 2000s

TL Hogan, NR Meredith, X Pan. Journal of financial regulation and compliance 23 (2), 115-134, 2015

Banking regulation and knowledge problems

TL Hogan, GP Manish. Studies in Austrian Macroeconomics 20, 213-234, 2016

Changing perceptions of maturity mismatch in the US banking system: evidence from equity markets

AT Young, T Wiseman, TL Hogan. Southern Economic Journal 81 (1), 193-210, 2014

Bank lending and interest on excess reserves

TL Hogan. Available at SSRN 3118462, 2018

Review of Stephanie Kelton’s the Deficit Myth

TL Hogan. AIER Sound Money Project Working Paper, 2021

Bank lending and interest on excess reserves: An empirical investigation

TL Hogan. Journal of Macroeconomics 69, 103333, 2021

The political economy of bitcoin

JR Hendrickson, TL Hogan, WJ Luther. Economic Inquiry 54 (2), 925-939, 2016