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.
Articles
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Interest Rates, the Money Supply, and Say’s Law
“Say’s Law absolutely helps us understand booms and busts on the demand side, but because of its emphasis on money, not interest rates.” ~ Alexander William Salter
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Have We Crested the Inflation Wave?
“My view is the Fed should pause its rate hikes in the short-run. Disintermediation might be the cause of recent money-supply trends. In the long-run, the Fed should resume forward guidance, but not on interest rates.” ~ Alexander William Salter
Research Publications
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
Stephanie Kelton, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy. New York: public affairs, 2020. Xi +325 pages. 30.00 USD …
TL Hogan. The Review of Austrian Economics, 1-4, 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
Inflation, Tangential Goals, and the Fed’s Dual Mandate
TL Hogan. Cato Institute, 2022
Books
