Monetary Economics

Thomas L. Hogan

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6/8/21

Problems of Federal Reserve Policy—and How to Solve Them

“To stabilize the economy, informed citizens must study the faults of discretionary central banking and call for reforms to protect against them. ‘Money and the Rule of Law’ accomplishes the first goal. The second is up to us.” ~ Thomas L. Hogan
Thomas L. Hogan

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6/6/21

Is the Fed Paying Banks Not to Lend?

“The evidence shows that banks treated excess reserves as a profitable alternative to loans. High rates of IOER caused them to increase reserve holdings and decrease their loan allocations. The Fed was indeed paying banks not to lend.” ~ Thomas L. Hogan
James L. Caton

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6/3/21

Why Do Inflation Expectations Matter?

“Powell is telegraphing to the market that he hears their concerns about inflation. We will have to wait through the next several months to learn whether or not investors will be convinced.” ~ James L. Caton
James L. Caton

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5/14/21

There Is No Avoiding the Long Run: A Low Interest Rate Environment Is a Low Growth Environment

“We’ve trod down the post-Bernanke path long enough to learn that the cost of following a policy of resource allocation by the Federal Reserve instead of allowing a modestly higher rate of inflation is lower growth of real income.” ~ James L. Caton
Alexander W. Salter

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5/13/21

Monetary Control: Central Banks Today

“The Fed’s operating framework systematically tends towards the abuse of life, liberty, and property. If we want to fix this, we need to take a much closer look at the relationship between money and freedom. Only if we understand this relationship, philosophically, economically, and historically, will we be in a position to fix what’s gone…
James L. Caton

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5/12/21

Assessing Potential for Higher Inflation

“Monetary policy is intentionally supporting fiscal policy and supporting levels of indebtedness from the Federal government that are unprecedented. The result has been an explosion of M2 that increases the risk of inflation. There is a fair chance that policymakers will succeed. But, for the possibility of success, they risk a monetary-fiscal crisis.” ~ James…
William J. Luther

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5/6/21

The Rise of Bitcoin

“The blockchain technology at bitcoin’s core provides a new and fundamentally different way to process payments. It relies on neither decentralized nor centralized clearing. Instead, it processes transactions over a distributed network. And, by solving the double spending problem without recourse to a trusted third party, it has the potential to offer a degree of…
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4/25/17

Thomas L. Hogan

Thomas L. Hogan, Ph.D., is an Associate Senior Research Fellow at AIER. He was formerly the chief economist for the U.S. Senate Committee on Banking, Housing and Urban Affairs. He […]