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Category Archives: monetary policy
Will the Brits go negative?
A little over a year ago, I argued that the Federal Reserve should consider charging banks for the privilege of holding their reserves. The reasoning for this is straightforward: charging interest on banks (instead of paying interest, as the Fed … Continue reading
Posted in Financial Crisis, monetary policy
Tagged Bank of England, excess reserves, Federal Reserve, Paul Tucker
1 Comment
Wanted: Central Banker
A couple of weeks ago, the Economist magazine ran an unusual “help wanted” ad. The Governor of the Bank of England, Sir Mervyn King, will retire in June and the British government is looking for a replacement. On the one … Continue reading
The GOP and GOLD
See my op-ed in the Los Angeles Times on the GOP platform’s call for further study of the gold standard.
Ben Bernanke is a much better economist than John Taylor
Writing in Thursday’s Wall Street Journal, John Taylor takes the Federal Reserve to task for its “interventionist” behavior. Taylor’s main complaint with the Fed’s conduct of monetary policy is that it is unstable and unpredictable (verging on the whimsical!). He … Continue reading
Posted in Financial Crisis, monetary policy
Tagged Alan Greenspan, Ben Bernanke, Federal Reserve, John Taylor, Paul Volcker
1 Comment
Time to go negative!
Since the outbreak of the subprime meltdown, the Federal Reserve has shown itself ready, willing, and able to adopt unconventional monetary policies in order to reverse the downturn ushered in by the financial crisis. Recent Fed innovations have included quantitative … Continue reading
Send in the technocrats!
Winston Churchill said that democracy is the worst form of government except all those other forms that have been tried. The financial crisis has tested Churchill’s assertion. In Greece, the austerity measures imposed on the country by the EU and … Continue reading
Prize (for a) failure
British clothing retailer Simon Wolfson (known to his friends in the House of Lords as Baron Wolfson of Aspley Guise) announced several days ago the establishment of the Wolfson Economics Prize (read the press release here). The prize, worth … Continue reading
Posted in Financial Crisis, monetary policy
Tagged Angela Merkel, default, euro, Germany, Greece, Ian Bremmer, Simon Wolfson
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The monetary musings of Gov. Rick Perry
Texas Governor and Republican presidential candidate Rick Perry, “…brought the Fed directly into the campaign debate Monday night by saying it would be ‘almost … treasonous’ for the central bank to play politics by expanding the money supply. “‘If this … Continue reading
