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
Financial Regulators Ignore the Costs of Regulation
“According to the main evidence cited by the bank regulators themselves, the NSFR will create a net cost to the U.S. financial system, not a net benefit.” ~ 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
