Alexander W. Salter
The Powell Affair and the Limits of The Fed’s Immunity
The DOJ's investigation is ugly politics, but we might welcome a test of whether central bankers are subject to the same oversight as everyone else.
If Independent Agencies Are Unconstitutional, so Is the Fed
The Court says expertise can’t override separation of powers. So why does the most powerful independent agency — the Fed — get a carveout?
The Fed’s Unlawful Floor System Pays Banks Billions to Sit on Reserves
To prevent emergency lending from depreciating the dollar, the Fed broke the law by deliberately paying a premium rate on reserves.
The Fed Doesn’t Determine the Price of Credit. Markets Do
The repo market reveals the limits of Fed intervention, showing how short-term credit conditions are ultimately determined by banks, borrowers, and market forces — not central planners.
Inflated Worries: Don’t Sweat June’s Hot Prices
June's inflation is a seasonal housing spike in disguise. Data suggest monetary policy is slightly tight.
Chairman Powell’s Curious Case for Abundant Reserves
An abundant reserves system gives Fed officials a lever to influence markets and steer capital—at the expense of taxpayers.
Central Bank Independence: More Heat than Light
Is central bank independence practical or even desirable? A new AIER Explainer considers the legal and constitutional standing of the Federal Reserve.
What is Central Bank Independence?
The explainer defines central bank independence, describes its theoretical desirability, and reviews classic and contemporary studies on how central bank independence affects key macroeconomic variables.
Two Cheers (and a Warning) for May’s Inflation Slowdown
Central bankers are in a pickle. But the current, frustrating tradeoffs result from short-sighted fiscal policies of the past.
April’s Prices Rose, But Inflation Cooled Overall
Energy costs prices pushed prices up, but the money supply is probably increasing as fast as it ought to.
