Brian C. Albrecht
When Can Waffle House Raise its Prices?
“Instead of being evidence that markets are ‘no longer controlled by competition,’ firms raising prices together is evidence of supply and demand at work.” ~ Brian C. Albrecht
The Fed’s Decentralized System and the Spread of Economic Ideas
Reserve Banks brought monetarism and rational expectations into the monetary policy discussion, and, more recently, they have fostered dissenting views on the Fed’s role as a lender of last resort and the effectiveness of quantitative easing.
Freer Trade and Economic Growth: Evidence of the Relationship
Even if the reduction of trade barriers accounts for only a small part of the observed increase in growth, the cumulative gains from reform appear to be substantial.
The Zero Lower Bound was Irrelevant
If the binding zero lower bound did not prolong the last recession, it may not prolong the next.
Are Financial Crises Driven By Supply Or Demand Shocks?
In a new NBER working paper, Felipe Benguria and Alan M. Taylor consider whether financial crises usually stem from the demand or supply side of the market.
The Gold Standard, FDR, and the Recovery of 1933
In a recent NBER working paper, Margaret M. Jacobson, Eric M. Leeper, and Bruce Preston argue that FDR’s abandonment of the gold standard helped bring an end to the Great Depression.
Sovereign Bonds Since The Battle of Waterloo
The history of sovereign debt appears to be a history of default, repudiation, and limited debt enforcement. Why, then, do investors keep going back?
The History of Money and the Future of Cryptocurrency
In a recent NBER working paper, Barry Eichengreen argues “there is no straight line from commodity money to fiat money and from there to crypto.”
Why Are Many Households Unbanked?
A new NBER working paper raises doubts about the welfare gains from mobile banking.
Paper Money in Colonial North Carolina
In a new NBER working paper, Cory Cutsail and Farley Grubb offer a novel data set on North Carolina’s paper-money regime (1712-1774).
