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Category Archives: Money
Returning to Currencies with Hard Anchors
Why did the gold standard ultimately fail? What system would overcome those weaknesses? See my: Adam Smith Institute Blog
Modern Monetary Theory—A Critique
So called Modern Monetary Theory (MMT) has become popular with Green New Dealers because it claims to remove or at least loosen traditional constraints on government spending. MMT offers unconventional ideas about the origins of money, how money is created … Continue reading
Central Banking Award
As a monetary policy expert working at the IMF when the Soviet Union dissolved I had the exciting and fulfilling opportunity of leading technical assistance missions to the central banks of Bulgaria, Kazakhstan, Kyrgyzstan, Moldova and Slovakia and building on … Continue reading
Posted in Money
3 Comments
Their Turkey and Ours
“Recep Tayyip Erdogan believes high interest rates are the cause of inflation, not the remedy for it” The Economist May 19, 2018 “How-turkey-fell-from-investment-darling-to-junk-rated-emerging-market” During the 1990s the inflation rate in Turkey averaged around 80% per annum varying between 60% and 105%. … Continue reading
Posted in Debt, Money
Tagged Central Bank of Turkey, Erdogan, exchange rates, Federal Reserve, inflation, inflation target, interest rates, monetary policy, Trump, Turkey
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Trump and interest rates
There seems to be no norm or conventional wisdom that President Trump is not willing to overturn. Following Fed Chairman Powell’s congressional testimony Tuesday in which he confirmed the Fed’s intention to continue its gradual increase in its policy interest rate, … Continue reading
Posted in Economics, Money, taxes, trade
Tagged deficits, interest rates, monetary policy, NAFTA, President Trump, tariffs, taxes, TPP, trade, Trump, WTO
3 Comments
A proposal for the Fed’s balance sheet
By Warren Coats[1] To save financial institutions from the collapse that threatened them after the bankruptcy of Lehman Brothers in September 2008, the Federal Reserve purchased government securities and Mortgage Backed Securities (MBS) sufficient to increase the size of its … Continue reading
Posted in Banks, Money
Tagged bank regulation, base money, broad money, Chicago Plan, excess reserves, Federal Reserve, monetary policy, required reserves
2 Comments
Free Banking in the Digital Age?
By Warren Coats[1] Introduction A number of central banks are considering issuing digital currency either in place of the paper currency they now issue or in parallel with it. The advantages of central bank digital currency (CBDC) over paper currency … Continue reading
Posted in Economics, Money
Tagged bank notes, BIS, bitcoin, Block chain, bordo and Levin, CBDC, central banks, Chicago Plan, digital coins, digital currency, digital tokens, Free Banking, Geva, ledger, technology
4 Comments
