Monetary Economics

Lydia Mashburn Newman, Paul Mueller

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9/25/25

How Does the Federal Reserve Set Interest Rates?

Introduction People in financial markets and in the media regularly track Federal Reserve announcements and forecast what the Fed’s interest rate target will be in the future. But when people […]
Thomas L. Hogan

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7/28/25

Which Crypto Tokens are Securities?

This Paper proposes a simple way to differentiate which crypto tokens should be treated as securities.
Bryan Cutsinger

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6/24/25

Rethinking the Fed’s Framework: Lessons from the Post-Pandemic Inflation

The paper evaluates alternative frameworks and argues that the Fed should adopt either a nominal spending target or a symmetrical average inflation target.
Alexander W. Salter

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6/19/25

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.
Paul Mueller

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5/21/25

How Currency Shapes Global Trade: Exchange Rates, Investment, and Stability

Free trade and free markets promote sound money, as countries compete for business and investment.
Thomas Savidge

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3/11/25

Financing the Federal Government: How Government Takes & Spends Your Money

This Explainer will cover where the government takes revenue from, how it spends those dollars, how it prioritizes spending, and what’s projected for the future.
AIER

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10/3/24

Harwood Economic Review: Dispelling Economic Myths

Our latest issue explores why economic misconceptions persist and the vigilance required to counter them.
Ryan Yonk, Thomas Savidge

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8/15/24

Understanding Public Debt

Whether at the federal, state, or local level of government, the rate of growth of government debt is unsustainable. Fortunately, solutions are available for all levels of government.
Nicolás Cachanosky

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7/19/24

Milei’s New Monetary Regime for Argentina

“Despite its controversial nature, full dollarization remains the monetary regime with the most potential for long-term stability in Argentina. It offers a credible pathway to restore confidence and put the country back on a sustainable economic trajectory.” ~Nicolás Cachanosky
Gerald P. Dwyer

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7/12/24

Mortgage Rates Are Likely To Decline In the Near Future

“Not that long ago, the real rate on Treasury bills was negative. The real rate on Treasury securities is temporarily high due to the Federal Reserve’s policy goal of lowering the inflation rate.” ~Gerald P. Dwyer