Economic Thought

Kurt’s recent post on NGDP targeting just happens to come right on time to introduce one I’d been contemplating concerning the connection between such targeting and free banking. While many readers may suppose the two things to represent alternative, if not antagonistic, approaches to monetary reform, I…

The post Friday Flashback: Free Banking and NGDP Targeting appeared first on Alt-M.

Having considered the Fed’s pre-crisis approach to monetary control, with its emphasis on interest-rate targeting achieved with the help of open-market operations, we must now come to grips with the quite different methods it has been employing since, and how the switch to them came about. The…

The post A Monetary Policy Primer, Part 9: Monetary Control, Now appeared first on Alt-M.

In the first, 1922 edition of Money, his own now-classic primer on monetary economics, the great Dennis Robertson included a chapter he called “Money in the Great Muddle,” about the blow World War I dealt to England’s once (relatively) rock-solid monetary system, and to other monetary arrangements…

The post A Monetary Policy Primer, Part 8: Money in the Latest Great Muddle appeared first on Alt-M.

Alt-M contributor, Larry White, gave the 4th annual Liggio Lecture on September 24 at Atlas Network’s annual Liberty Forum in Miami. Atlas established the lecture in honor of their late vice president of academics, Leonard Liggio (1933-2014), an esteemed classical liberal scholar who also served as President of…

The post The Classical Liberal Tradition of Sound Money: Liggio Lecture 2016 appeared first on Alt-M.

Earlier this month a crowd of over a hundred and fifty gathered at George Mason University’s Arlington Campus for an academic conference co-hosted by the Mercatus Center and the CMFA. The conference, “Monetary Rules for a Post-Crisis World,” featured leading monetary economists, Washington’s top financial journalists, and…

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I was just about to treat myself to a little R&R last Friday when — wouldn’t you know it? — I received an email message from the Brookings Institution’s Hutchins Center. The message alerted me to a new Brookings Paper by former Minneapolis Fed President Narayana Kocherlakota….

The post Rules, Discretion, and Audacity: A Critique of Kocherlakota appeared first on Alt-M.

It’s high time that I got ’round to the subject of “monetary control,” meaning the various procedures and devices  the Fed and other central banks employ in their attempts to regulate the overall availability of liquid assets, and through it the general course of spending, prices, and…

The post A Monetary Policy Primer, Part 7: Monetary Control, Then* appeared first on Alt-M.