Thomas L. Hogan

Inflation and the Fed’s Failure to Act

“Fed officials must prioritize monetary stability over political objectives such as inequality and climate policy. To simplify its operations, the Fed should consider returning to the pre-2008 corridor system of monetary policy.” ~ Thomas L. Hogan

Is the Fed Finally Serious About Inflation?

“Chair Powell has repeatedly claimed that the Fed will use its tools to create price stability. Will he and other Fed officials finally bring inflation back toward their stated two percent target?” ~ Thomas L. Hogan

Fed Must Act Now to Stop Runaway Inflation

“Fed Chair Jerome Powell promised more than six months ago that the Fed would ‘use our tools to make sure that higher inflation does not become entrenched.’ Its actions, however, indicate otherwise.” ~ Thomas L. Hogan

Hollywood’s Monetary Policy

“What is fact versus fiction in this story? While we should surely be wary of Fed-induced risk taking and credit misallocation, I’m skeptical that this was a major problem in the QE period.” ~ Thomas L. Hogan

The Renewed Politicization of the Federal Reserve

“Central bank independence can only be maintained by focusing on the narrow goals assigned by Congress. By straying from its mandate, Fed officials have chosen to base their decisions on politics rather than on sound economics.” ~ Thomas L. Hogan

Stages of Quantitative Tightening

“There are several steps to go before the Federal Reserve starts selling assets to reduce the size of its balance sheet. That type of active tightening will probably not begin for a while.” ~ Thomas L. Hogan

What Did the Fed Know in the Great Recession?

“The Fed’s poor forecasting record should make us skeptical of its ability to effectively manage the money supply in times of economic turmoil. It would be prudent to consider structural reforms that might improve FOMC’s decision-making process.” ~ Thomas L. Hogan

Does Monetary Policy Matter?

“The Fed’s actual performance has not been ideal. Its monetary policy mistakes have had dire consequences for ordinary Americans and the US economy. Those mistakes make it clear that monetary policy matters.” ~ Thomas L. Hogan

Despite Fed Asset Purchases, Lending Remains Depressed

“The Fed’s recent asset purchases appear to have significantly expanded the money supply. But given the small changes in bank lending, it is not clear what their overall effects will be on inflation and the economy.” ~ Thomas L. Hogan

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

Endogenous matching and money with random consumption preferences

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

Costs of compliance with the Dodd-Frank act

TL Hogan. Baker Institute Issue Brief, 19, 2019

Central banking without romance

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

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

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

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

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

Hayek, Cassel, and the origins of the great depression

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

Fed Forecasting since the Great Recession

TL Hogan. AIER Sound Money Project Working Paper, 2021

Hayek, Cassel, and the origins of the great depression

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

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

The failure of risk-based capital regulation

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

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

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

The political economy of bitcoin

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

Ben Bernanke and Bagehot’s Rules

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

Has the Fed improved US economic performance?

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

Has Dodd–Frank affected bank expenses?

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

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

Alternatives to the federal deposit insurance corporation

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

The explicit costs of government deposit insurance

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

Risk and risk-based capital of US bank holding companies

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

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

Bank lending and interest on excess reserves: An empirical investigation

TL Hogan. Journal of Macroeconomics 69, 103333, 2021

Review of Stephanie Kelton’s the Deficit Myth

TL Hogan. AIER Sound Money Project Working Paper, 2021

Bank lending and interest on excess reserves

TL Hogan. Available at SSRN 3118462, 2018

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

Banking regulation and knowledge problems

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

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

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