Fed Officials Face Diverging Mandates

Evidence suggests that inflation is relatively widespread, job creation has weakened, the Fed will likely hold the policy rate steady.

Fed Officials Face Diverging Mandates

Warsh: The Fed Helped Create Fiscal Dominance

Federal Reserve chair nominee Kevin Warsh argues the Fed has drifted far beyond its mandate, becoming a “general-purpose agency of government.”

Warsh: The Fed Helped Create Fiscal Dominance

The Fed Has a Groupthink Problem. Warsh Can Fix It 

Evidence shows groupthink has produced suboptimal monetary policy. Kevin Warsh’s out-of-sync views could bring much-needed diversity to the Fed.

The Fed Has a Groupthink Problem. Warsh Can Fix It 

Inflation Edged Up in February, But Core Price Pressures Ease

The data suggest nominal spending and wage growth are stable, and easing policy too quickly could risk reigniting price pressures.

Inflation Edged Up in February, But Core Price Pressures Ease

AIER’s Everyday Price Index Jumps 0.61 Percent in February 2026

Official CPI suggests moderating inflation, but our in-house index clocks the largest increase in 13 months. Affordability will worsen with the outbreak of war with Iran.

AIER’s Everyday Price Index Jumps 0.61 Percent in February 2026

Soundness, Trust, and the Real Case Against Fiat Money

The strongest objections to fiat money are moral and institutional, not legal. Inflating a currency erodes trust over time, but it isn't counterfeiting.

Soundness, Trust, and the Real Case Against Fiat Money

How Concerning Are the February Jobs Numbers?

Slow job growth is expected when we remain near full employment and the working-age population is growing slowly.

How Concerning Are the February Jobs Numbers?

Milei’s Argentina: Between Liberation and the Institutional Trap

As the human face of shock therapy, Javier Milei faces a difficult path attempting to reform a state long dominated by entrenched interests.

Milei’s Argentina: Between Liberation and the Institutional Trap

Business Conditions Monthly December 2025

Capital spending in manufacturing, energy, and AI-related sectors are nudging growth forward amid rising fiscal uncertainty and a cautious Fed.

Business Conditions Monthly December 2025

Delayed Data Unlikely to Resolve Disagreements at Fed

Fresh data confirm lingering inflation, but data disruptions, policy shocks, and political pressures are complicating the Fed’s next move.

Delayed Data Unlikely to Resolve Disagreements at Fed

On the origins of cryptocurrencies

WJ Luther, N Sridhar. A Modern Guide to Austrian Economics, 200-215, 2022

Seigniorage payments and the Federal Reserve’s new operating regime

BP Cutsinger, WJ Luther. Economics Letters 220, 110880, 2022

Central bank independence and the Federal Reserve’s new operating regime

JL Jordan, WJ Luther. The Quarterly Review of Economics and Finance 84, 510-515, 2022

The Value of Bitcoin in the Year 2141 (and beyond!)

JR Hendrickson, WJ Luther. The Economics of Blockchain and Cryptocurrency, 51-68, 2022

Cash, crime, and cryptocurrencies

JR Hendrickson, WJ Luther. The Quarterly Review of Economics and Finance 85, 200-207, 2022

Book Review: Money and the Rule of Law: Generality and Predictability in Monetary Institutions

PC Earle. Quarterly Journal of Austrian Economics 24 (4), 2022

General Institutional Considerations of Blockchain and Emerging Applications

PC Earle, DM Waugh. The Emerald Handbook on Cryptoassets: Investment Opportunities and …, 2023

Cryptocurrencies, Blockchain, and Public Choice

RM Yonk, D Waugh. Cryptocurrency Concepts, Technology, and Applications, 2023

Money, Power, and the People: The American Struggle to Make Banking Democratic by Christopher W. Shaw

RE Wright. Journal of Interdisciplinary History 52 (4), 624-626, 2022

War, money & economy: Inflation and production in the Fed and pre-Fed periods

TL Hogan, DJ Smith. The Review of Austrian Economics, 1-23, 2022

Comment on Docket No. OP-1793,’Principles for Climate-Related Financial Risk Management for Large Financial Institutions’

TL Hogan. OP-1793,’Principles for Climate-Related Financial Risk Management for Large …, 2023