Central Banking/Federal Reserve

Publications

Over a century, which years were inflation-control champions and which booby-prize winners?
Alex J. Pollock

How much can the rate of inflation move around? A lot.

The Consumer Price Index (CPI) began in 1913, the same year
the Federal Reserve was created. The CPI’s path over the 106 years since then…

, The Heritage Foundation
The Fed Has Not Been Independent – Perhaps It Should Be Restructured
Media Coverage

From The Heritage Foundation:

The Federalist Society recently posted a podcast of me and R-Street’s Alex Pollock discussing Federal Reserve independence. This topic is…

, Law & Liberty
The Inescapably Political World of Banking and Finance
Alex J. Pollock

Banking always involves political economy,
as professor Mark Rose observes, or as we might more precisely say, political
finance. This is the central lesson of Rose’s Market…

, American Banker
Fed ‘independence’ is a slippery slope
Alex J. Pollock

Many observers, like Captain Renault in Casablanca, were “shocked, shocked!” at President Trump’s sharp criticism of the Federal Reserve and his attempt to influence it against raising…

, Forbes
The Fed Has Not Been Independent – Perhaps It Should Be Restructured
Media Coverage

From Forbes:

The Federalist Society recently posted a podcast of me and R-Street’s Alex Pollock discussing Federal Reserve independence. This topic is always fun…

, Barron's
Zimbabwe Monetary Theory
Alex J. Pollock

A more instructive name for so-called Modern Monetary Theory is Zimbabwe Monetary Theory, or ZMT (“Do Budget Deficits Matter? Not to Today’s Left or Right,” Up & Down Wall Street,…

Banking expert warns Federal Reserve could go bankrupt if interest rates rise
Media Coverage

There is growing concern among financial experts that the Federal Reserve will soon be bankrupt if interest rates continue to rise. One America’s Neil W. McCabe spoke with R Street’s Alex Pollock,…

, American Banker
The Fed is technically insolvent. Should anybody care?
Alex J. Pollock

As the new year begins, we find that the Federal Reserve is insolvent on a mark-to-market basis. Should we care? Should the banks that own the stock of the Fed care?

The Fed disclosed in December…

Predicting is hard…
Alex J. Pollock

From Reuters, on June 27, 2017:
U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe there will be another financial crisis for at least as long as she lives.
From…

, The Hill
A way for the Fed and Treasury to ease stock market turmoil
Douglas Carr

The weather on March 9, 2009 was blustery with rain, characteristic for early March in Manhattan. Few filing out of the New York Stock Exchange that evening found their workday any less…