Monetary Policy
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Bootleggers, Baptists, and Banking
Big tech giants like Amazon, Google, and Facebook are trying to enter the banking business. But they’re facing stiff resistance from a number of sources.
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The Coronavirus Reveals the Limits of Monetary Policy
There is a growing buzz in the media that the Federal Reserve and other central banks should provide support due to any slowdown that accompanies the coronavirus.
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Dollarization in Ecuador after 20 Years
In January, Ecuador celebrated its 20th anniversary of dollarization. The Bastiat Society of Guayaquil and the Instituto Ecuatoriano de Economia Política organized a conference to discuss the pros and cons […]
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The Overnight Lending Intervention That Wasn’t
Recent intervention in the overnight lending market is not precisely an intervention. In some ways, it is a dis-intervention. Viewed in terms of the net effect of activity by the […]
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Federal Reserve as Risk Regulator: An Impossible Task
How big are the costs of various possible regulations applied to leveraged loans? No one knows. The balancing act of simply regulating leveraged loans requires knowledge that simply is not available to the Federal Reserve Board.
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Macroeconomic Inferences and the New Fed Regime
Under what conditions can we make valid inferences about the state of the economy from macroeconomic data? As it turns out, this seemingly unproblematic procedure becomes difficult when policy makers […]
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Winner, Winner Chicken Dinner
The latest consumer price index report marks the end of a nearly seven-year bet with my dissertation advisor — a bet that I have officially won.
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The Effect of Data Lags on Monetary Policy
Recognizing the existence of these lags does not imply that the Fed is incapable of reducing the depth and duration of recessions. However, it should instill a sense of humility in those of us considering what the Fed might accomplish in practice.
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In Argentina, Inflation Is Still a Monetary Phenomenon
If there is a lesson to be learned from the Argentinian experience, it is that one should never underestimate people’s willingness and capacity to rationalize alternative, but clearly wrong, explanations of well-known problems like inflation.
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What Is the Relationship Between Monetary Policy and Fiscal Policy?
Hydraulic Keynesianism is now usually found in the comparatively unsophisticated realm of the popular press.
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Monetary Policy: Seeing Like a State
If monetary policymakers actually wish to contribute to the public welfare, they need to stop seeing like a state.
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The End of Traditional Monetary Policy
Last June, the FRED Blog identified something that has emerged in discussions I have had with other macroeconomists: the standard macroeconomics textbook no longer adequately explains monetary policy at the […]
