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ZULUAGA
Carola Binder on Technopopulism and Central Banks. In her CMFA working paper, Carola Binder discusses a new approach for understanding why central bankers are pressured—by both politicians and the public—to deviate from their mandates. Further, Binder argues that this new approach "strengthens the case for limiting monetarypolicymakers
THE FED'S NEW FOREIGN REPO POOL POLICY The Fed's New Foreign Repo Pool Policy. On November 12th I wrote a longish post explaining how growth fluctuations in two of the Federal Reserve's less-familiar liabilities—the foreign repo pool (FRP) and the Treasury General Account (TGA)—had contributed to a shortage of bank reserves that in turn caused repo rates to spike. THE NEW DEAL AND RECOVERY, PART 1: THE RECORD HAYEK AND FREE BANKING The most explicit, later statement of Hayek's views on free banking occurs in a lecture he gave at a conference in New Orleans in 1977, just as Denationalisation of Money was in press: We have indeed given government, and for fairly good reasons, the exclusive right to issue gold coins. And after we had given the government that right, I think FDR-NEW-DEAL-CARTOON Welcome to Alt-M, a community devoted to exploring and promoting ideas for an alternative monetary future. Our goal is to reveal the shortcomings of today's centralized, bureaucratic, and discretionary monetary arrangements, and to bring serious consideration of real alternatives to the center stage of current monetary and financialreform debates.
WHY FREE-BANKING?
The absence of regulation is equivalent to free banking. This is why to think of the pre-Fed era in the United States as a case of free banking shows a superficial understanding of what an unregulated –free– market is. The literature on free banking is vast. Let me just give a brief description and comment on a couple of illustrative MONETARY STANDARDS: AN INTRODUCTION A monetary standard is a set of institutions and rules governing the supply of money in an economy. These rules and institutions collectively constrain the production of money. Through its constraints on money creation, the standard indirectly acts on prices. A monetary standard may also affect the rate of growth of real economic output, but GEORGE SELGIN, AUTHOR AT ALT-M George Selgin is a senior fellow and director of the Center for Monetary and Financial Alternatives at the Cato Institute and Professor Emeritus of Economics at the University of Georgia. His research covers a broad range of topics within the field of monetary economics, including monetary history, macroeconomic theory, and thehistory of
LESSONS FROM THE AYR BANK FAILURE Lessons from the Ayr Bank Failure. One consequence of the financial crisis of 2008-09 has been renewed interest in the merits of contingent convertible debt as a mechanism for equity bail-ins at moments of acute financial distress. Should it fail, a financial institution's contingent bonds are automatically converted into equityshares.
ON EMPTY PURSES AND MMT RHETORIC On Empty Purses and MMT Rhetoric. A couple posts ago, I criticized in general terms Modern Monetary Theorist Stephanie Kelton's suggestion that the expense of the proposed Green New Deal need not make it "a drag on the economy" since the Fed could always foot the bill. That post steered clear of the technical subtleties of Modern Monetary ALT-M - IDEAS FOR AN ALTERNATIVE MONETARY FUTURECONTRIBUTORSPRIMERGEORGE SELGINLARRY WHITEJAMES DORNDIEGOZULUAGA
Carola Binder on Technopopulism and Central Banks. In her CMFA working paper, Carola Binder discusses a new approach for understanding why central bankers are pressured—by both politicians and the public—to deviate from their mandates. Further, Binder argues that this new approach "strengthens the case for limiting monetarypolicymakers
THE FED'S NEW FOREIGN REPO POOL POLICY The Fed's New Foreign Repo Pool Policy. On November 12th I wrote a longish post explaining how growth fluctuations in two of the Federal Reserve's less-familiar liabilities—the foreign repo pool (FRP) and the Treasury General Account (TGA)—had contributed to a shortage of bank reserves that in turn caused repo rates to spike. THE NEW DEAL AND RECOVERY, PART 1: THE RECORD HAYEK AND FREE BANKING The most explicit, later statement of Hayek's views on free banking occurs in a lecture he gave at a conference in New Orleans in 1977, just as Denationalisation of Money was in press: We have indeed given government, and for fairly good reasons, the exclusive right to issue gold coins. And after we had given the government that right, I think FDR-NEW-DEAL-CARTOON Welcome to Alt-M, a community devoted to exploring and promoting ideas for an alternative monetary future. Our goal is to reveal the shortcomings of today's centralized, bureaucratic, and discretionary monetary arrangements, and to bring serious consideration of real alternatives to the center stage of current monetary and financialreform debates.
WHY FREE-BANKING?
The absence of regulation is equivalent to free banking. This is why to think of the pre-Fed era in the United States as a case of free banking shows a superficial understanding of what an unregulated –free– market is. The literature on free banking is vast. Let me just give a brief description and comment on a couple of illustrative MONETARY STANDARDS: AN INTRODUCTION A monetary standard is a set of institutions and rules governing the supply of money in an economy. These rules and institutions collectively constrain the production of money. Through its constraints on money creation, the standard indirectly acts on prices. A monetary standard may also affect the rate of growth of real economic output, but GEORGE SELGIN, AUTHOR AT ALT-M George Selgin is a senior fellow and director of the Center for Monetary and Financial Alternatives at the Cato Institute and Professor Emeritus of Economics at the University of Georgia. His research covers a broad range of topics within the field of monetary economics, including monetary history, macroeconomic theory, and thehistory of
LESSONS FROM THE AYR BANK FAILURE Lessons from the Ayr Bank Failure. One consequence of the financial crisis of 2008-09 has been renewed interest in the merits of contingent convertible debt as a mechanism for equity bail-ins at moments of acute financial distress. Should it fail, a financial institution's contingent bonds are automatically converted into equityshares.
ON EMPTY PURSES AND MMT RHETORIC On Empty Purses and MMT Rhetoric. A couple posts ago, I criticized in general terms Modern Monetary Theorist Stephanie Kelton's suggestion that the expense of the proposed Green New Deal need not make it "a drag on the economy" since the Fed could always foot the bill. That post steered clear of the technical subtleties of Modern Monetary MONETARY STANDARDS: AN INTRODUCTION Welcome to Alt-M, a community devoted to exploring and promoting ideas for an alternative monetary future. Our goal is to reveal the shortcomings of today's centralized, bureaucratic, and discretionary monetary arrangements, and to bring serious consideration of real alternatives to the center stage of current monetary and financialreform debates.
THE NEW DEAL AND RECOVERY, PART 1: THE RECORD The New Deal and Recovery, Part 1: The Record. "Under the New Deal, the US economy grew at rapid rates, even for an economy in recovery." (Eric Rauchway, The Money Makers, p. 100.) Before I start telling you what "the New Deal" did and didn't do, I had better make clear what I mean by the phrase, if only to assure you that my meaning is FDR-NEW-DEAL-CARTOON Welcome to Alt-M, a community devoted to exploring and promoting ideas for an alternative monetary future. Our goal is to reveal the shortcomings of today's centralized, bureaucratic, and discretionary monetary arrangements, and to bring serious consideration of real alternatives to the center stage of current monetary and financialreform debates.
POSTAL BANKING: AN IDEA WHOSE TIME HAS RETURNED? Postal Banking: An Idea Whose Time Has Returned? On September 17th, Senators Kirsten Gillibrand (D-NY) and Bernie Sanders (D-VT) went on Facebook Live to announce their introduction of the Postal Banking Act, a bill that would have the US Postal Service provide a "public option" in some retail banking services. MONETARY EQUILIBRIUM, THE GOAL OF MONETARY POLICY Monetary equilibrium is a situation where the supply of money equals the demand, given a particular constellation of prices. The supply of money includes both the monetary base and various forms of credit. In monetary equilibrium, the monetary system is doing the most it can to facilitate beneficial trades. TECHNOPOPULISM AND CENTRAL BANKS The question of delegation and the role of experts is a crucial one for central banking. In one of the earliest essays on central bank independence (CBI), Friedman (1962 pg. 177-178) notes that FRIEDMAN AND FREE BANKING Friedman and free banking. Today is the centenary of Milton Friedman's birth. (He died on November 16, 2006.) To honor it, Julio Cole, a professor at Francisco MarroquÃn University in Guatemala, compiled a bibliography of Friedman's scholarly writings earlier this year. An earlier bibliography, which adds many of his newspaper articles and HAYEK ON THE CREATION OF MORAL HAZARD BY CENTRAL BANKS F.A. Hayek and Ludwig von Mises from the Mises Institute Archives. Some years ago I published a paper on the banking theory and policy views of the important twentieth-century economist Friedrich A. Hayek, entitled "Why Didn't Hayek Favor Laissez Faire in Banking?" Very recently, working on a new paper on Hayek's changing views of the gold standard, I discovered an important but previously ALEXANDER HAMILTON, BANKING MERCANTILIST Alexander Hamilton, Banking Mercantilist. In this past summer's controversy over whether Alexander Hamilton's image should be replaced on the $10 bill, outraged commentators made many extravagant claims on behalf of Hamilton's wisdom in matters of money and banking policy. For example, Ben Bernanke blogged that "Hamilton was without doubt the IS FRACTIONAL-RESERVE BANKING INFLATIONARY? (This is another piece originally written for the now-defunct Free Market News Network. Although the piece is mainly aimed at "Rothbardian" claims to the effect that fractional-reserve banking is inflationary, advocates of free-banking are sometimes also guilty of exaggerating the influence of banking-industry structure on inflation, as some do, for instance, by suggesting that bankSkip to content
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HOW U.S. GOVERNMENT PAPER CURRENCY BEGAN, AND HOW PRIVATE BANKNOTESENDED
Larry White /May 20, 2021May 20,2021
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A couple months ago, in arguing that "The Fed should give everyone a bank account," journalist Matt Yglesias cited what he took to be an instructive precedent: "Once upon a time, governments didn't issue paper currency, and instead banknotes were printed privately by banks.But over time,…
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, The Fed & Central Banks DIGITAL CURRENCY: RISK OR PROMISE?—NEW ISSUE OF THE _CATO JOURNAL_ James Dorn /May 13, 2021May12, 2021
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(This editor's note is cross-posted from the Spring/Summer 2021 edition of the Cato Journal.) In 1996, Cato held its 14th Annual Monetary Conference, "The Future of Money in the Information Age." The proceedings, along with additional essays, appeared in a book with the same title in 1997. …Continue reading
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THE NEW DEAL AND RECOVERY, PART 14: FEAR ITSELF, CONCLUDED George Selgin /May 5, 2021May7, 2021
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(This post completes my three-part discussion of the "regime uncertainty" hypothesis, according to which the New Deal hampered recovery by causing businessmen to fear policy changes that might render their investments unprofitable. Links to the previous posts about regime uncertainty, and to the other posts of my…Continue reading
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THE NEW DEAL AND RECOVERY, PART 13: FEAR ITSELF, CONTINUED George Selgin /April 30,2021May 6, 2021
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(This post continues my discussion of the "regime uncertainty" hypothesis, according to which the New Deal hampered recovery by causing businessmen to fear policy changes that might render their investments unprofitable.)  Insull's Monstrosity The 1935 Revenue Act wasn't the only measure that had businessmen and investors…Continue reading
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, The Fed & Central Banks CAROLA BINDER ON TECHNOPOPULISM AND CENTRAL BANKS Nicholas Anthony /April 29,2021April 28, 2021
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In her CMFA working paper, Carola Binder discusses a new approach for understanding why central bankers are pressured—by both politicians and the public—to deviate from their mandates. Further, Binder argues that this new approach "strengthens the case for limiting monetary policymakers' discretion by implementing rule-based monetarypolicy."…
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* How U.S. Government Paper Currency Began, and How PrivateBanknotes Ended
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