Yellen and the Fed
The Senate Banking Committee just voted 14 to 8 to confirm Janet Yellen’s nomination to be the new Chair of the Federal Reserve. She will likely go on to be confirmed by the full Senate.Much of the...
View Article115 Years after His Birth, Hayek's Ideas Remain Relevant
Thursday is the 115th anniversary of the birth of F.A. Hayek, the great Austrian economist and political philosopher. Hayek had a huge impact on intellectual thought in his time, but his ideas are as...
View ArticleThe Fed Can't Fix What Ails the Economy
In Congressional testimony this week, Federal Reserve Chair Janet Yellen pointed to several economic maladies warranting continued activism by the central bank. But what ails the U.S. economy cannot be...
View ArticleRight Federal Reserve Policy Must Be Based on Rule of Law
The debate over Federal Reserve policy and Quantitative Easing has been framed in terms of technical economic issues. More than 50 years ago, Milton Friedman recognized that monetary policy involves...
View ArticleMonetary 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...
View ArticleThe Futility of Stimulus
George Selgin has recently focused on the failure of Federal Reserve policy to finance a normal recovery. The Fed has greatly expanded its balance sheet and created a large quantity of excess reserves,...
View ArticleEvaluating Quantitative Easing
In my prior post, “The Futility of Stimulus,” I examined whether Federal Reserve Policy has provided economic stimulus. I employed standard measures of money-supply growth to evaluate the question. I...
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