Monetary policy

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    Alberto Alesina, in memory

    Surprisingly, for as much as Alberto Alesina’s work has meant to my own understanding of markets and governments, a Google search indicates I’ve only mentioned him by name once before. Amity Shlaes has a wonderful tribute to Alesina, who passed away this weekend, as a person and an…
    Joseph Coletti, May 26, 2020
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    COVID-19 pandemic highlights Fed’s slippery slope

    Randall Forsyth of Barron’s notes concerns about the Federal Reserve’s potential action in the wake of the COVID-19 pandemic. The U.S. government’s involvement in the private sector has spurred calls for it to support beleaguered state and local governments, whose budget deficits are burgeoning due to increased spending…
    Mitch Kokai, April 20, 2020
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    In praise of Volcker

    Willis Krumholz of the Federalist explains how the late Paul Volcker put the country’s needs ahead of his own as chairman of the Federal Reserve. While jumping around between the Treasury Department, the private sector, academia, and the Federal Reserve Bank of New York, Volcker got a reputation…
    Mitch Kokai, December 17, 2019
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    Forbes bucks conventional wisdom on Libra, e-cigarettes

    Steve Forbes‘ latest contributions to Forbes magazine take on two recent controversies. First, he discusses Facebook’s focus on an alternative currency. [R]egulatory pressures have forced a number of companies that were partnering with Facebook on this project to drop out. And this gets to the real reason the…
    Mitch Kokai, November 20, 2019
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    The Boston Fed chief questions Trump’s economic moves

    Quin Hillyer of the Washington Examiner focuses on the concerns of a top Federal Reserve banker. Compliments are in order for Eric Rosengren, president of the Federal Reserve Bank of Boston, for speaking truth to President Trump’s bluster. Trump has spent more than a year trying to browbeat…
    Mitch Kokai, September 6, 2019
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    A problem with Modern Monetary Theory

    Jim Grant of Barron’s tackles the latest fad popular among those who think governments can spend as much as they want with impunity. Modern monetary theory is not so theoretical anymore. In all but name, it’s the description of Republican fiscal policy in this living moment. “Federal Borrowing…
    Mitch Kokai, August 5, 2019
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    A proposal that could lessen emphasis on the Fed

    Matthew Klein of Barron’s asks a simple question about future action from the Federal Reserve. Every six or seven weeks, the members of the Federal Reserve’s Open Market Committee gather to discuss the economic outlook and financial conditions, after which they vote on the appropriate setting of monetary…
    Mitch Kokai, July 29, 2019
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    Boris Johnson and the Fed

    James Langford of the Washington Examiner reports that the new British prime minister could have an impact on the American central bank. Boris Johnson promised the day after his ascension to prime minister that he could negotiate a better deal for Britain’s departure from the European Union than…
    Mitch Kokai, July 26, 2019