Thomas L. Hogan

  • How the Fed Can Improve Financial Stability and Reduce Inequality

    “There is clear evidence that bank deregulation can improve financial stability while also shrinking inequality. By lowering the costs of doing business, strong but simple regulations improve job opportunities for low-skilled and minority workers.” ~ Thomas L. Hogan & Amelia Janaskie

    How the Fed Can Improve Financial Stability and Reduce Inequality
  • Not Smart Financial Regulation

    “U.S. financial regulators approved the NSFR despite the fact that their own evidence showed the costs of the rule exceed its benefits. That’s Not Smart Financial Regulation.” ~ Thomas L. Hogan

    Not Smart Financial Regulation
  • Is Inflation Below the Fed’s Target? Yes and No.

    “Adjusting for oil and auto prices puts the rate of inflation below the Fed’s 2 percent average target rate. Still, high rates of NGDP growth and mounting bank reserves should cause Fed officials to be leery of high inflation going forward.” ~ Thomas L. Hogan

    Is Inflation Below the Fed’s Target? Yes and No.
  • Did the Fed Just Raise Interest Rates?

    “In the Fed’s current floor system, the rate of IOR is the key tool of monetary policy. If the Fed raised the rate of IOR, then it raised interest rates.” ~ Thomas L. Hogan

    Did the Fed Just Raise Interest Rates?
  • Problems of Federal Reserve Policy—and How to Solve Them

    “To stabilize the economy, informed citizens must study the faults of discretionary central banking and call for reforms to protect against them. ‘Money and the Rule of Law’ accomplishes the first goal. The second is up to us.” ~ Thomas L. Hogan

    Problems of Federal Reserve Policy—and How to Solve Them
  • Is the Fed Paying Banks Not to Lend?

    “The evidence shows that banks treated excess reserves as a profitable alternative to loans. High rates of IOER caused them to increase reserve holdings and decrease their loan allocations. The Fed was indeed paying banks not to lend.” ~ Thomas L. Hogan

    Is the Fed Paying Banks Not to Lend?
  • Burning Issues of Government Spending

    “Government spending starts with taking money from taxpayers and setting 20 percent of it on fire. Even if the remaining funds were spent on very efficient projects, they have very little chance of creating net benefits for the economy.” ~ Thomas L. Hogan

    Burning Issues of Government Spending
  • Only Ending Lockdowns Can Stimulate the Economy

    “Regardless of what one believes about the health costs or benefits of lockdowns, preventing businesses from operating is clearly bad for the economy. Fiscal spending and monetary expansion cannot improve matters while these restrictions remain in place.” ~ Thomas L. Hogan

    Only Ending Lockdowns Can Stimulate the Economy
  • Texas Electricity Prices Are Lower Due to Deregulation

    “Contrary to McGinty and Patterson, a close look at the evidence reveals that deregulation and competition have, in fact, reduced electricity prices in Texas. Prices in competitive markets have fallen, while those of noncompetitive utilities have increased. Competition has brought both residential and commercial prices down below the national averages.” ~ Thomas L. Hogan

    Texas Electricity Prices Are Lower Due to Deregulation
  • Do These Money Supply Charts Portend Hyperinflation?

    “Financial markets indicators suggest that high inflation is not likely. Even with a very large balance sheet, the Fed has proven that it can control inflation by paying high rates of interest on bank reserves. Whether Fed officials choose to do so is the open question.” ~ Thomas L. Hogan

    Do These Money Supply Charts Portend Hyperinflation?

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