Monetary policy influences inflation, employment, and economic activity. A stable but dynamic monetary system is vital for supporting economic growth, individual liberty, and a prosperous society. Therefore, we examine the causes and consequences of monetary policy (including inflation), identify ideal and practical steps towards a better monetary policy regime, and look at monetary alternatives and financial regulation.
Tax bills are only the beginning. Borrowing and inflation also finance federal spending — in ways that are easier to ignore but harder to escape.
Rising prices make us look for someone to blame, but the broken market has a simple cause: it's illegal to build enough homes.
March’s inflation spike looks alarming, but it's driven entirely by energy shocks. Strip that out and the trend looks largely unchanged.
Geopolitical tensions and the global financial system have changed dramatically since 2000. Markets rise and fall; what's propelling gold?
The Fed’s lack of clear rules makes it vulnerable to outside pressure. A commitment to price stability could force Congress to confront its own excesses.
Consumer-level price pressures have eased, but upstream costs are building. Rising producer prices and higher input costs — particularly in metals and energy — suggest continued pipeline pressures.
Inflation is well above two percent, but rate paths haven't moved. The disconnect suggests a shift in how much inflation the Fed is willing to tolerate.
Does the Fed need 24,000 employees? A leaner, more automated institution could reduce costs and improve transparency.
The federal funds rate is already lower than levels recommended by several well-known policy guidelines. Recent uncertainty does not justify further easing.
Evidence suggests that inflation is relatively widespread, job creation has weakened, the Fed will likely hold the policy rate steady.
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