Central Banking/Federal Reserve


, The Hill
The Fed’s confusions
Douglas Carr

Despite uncertainty about trade, the U.S. economy is growing at around what most economists believe is its long-term potential growth rate, unemployment is very low, inflation remains subdued and…

, American Action Forum
The Fed and Real-Time Payments
R.J. Lehmann

From American Action Forum:

And those aren’t even the practical concerns. Setting up another, entirely duplicative payment system would potentially cost hundreds of millions of dollars, a cost…

, The Hill
A postmortem of the Fed’s failed attempt to normalize
Douglas Carr

For the last couple of years, the Federal Reserve has sought to increase interest rates to quell speculation and provide latitude for cuts in the event of another economic downturn.

The June 19…

Why did economists think negative interest rates were impossible?
Alex J. Pollock

“Many things that had once been unimaginable nevertheless came to pass.” So it is with negative interest rates, a very good case of this insightful saying of physicist Freeman Dyson.


Europe’s populist and Brexit economic challenge

From AEI:

Europe’s political landscape is becoming much more challenging, as evidenced by the strong showing of populist parties in the recent European parliamentary elections and by the…

, Barron's
Negative Interest Rates
Alex J. Pollock

In “The World Created by Upside-Down Interest Rates” (Current Yield, May 24), Jim Grant rightly observes how remarkable it is that the world’s monetary system has produced more than $10…

Is the monetary universe Newtonian or Einsteinian?
Alex J. Pollock

Is there an absolute standard of monetary or economic value?
Nope. The monetary universe is not Newtonian, with a fixed frame of reference,
but Einsteinian, with frames of reference moving with…

, Barron's
Inflation and the Fed
Alex J. Pollock

Forsyth suggests that a “‘complete financial externality’…would aptly describe the Great Financial Crisis of 2007-09.” I don’t think so. That crisis, like many others, was…

, Law & Liberty
What Does the Fed Know that Nobody Else Knows?
Alex J. Pollock

When it comes to the financial and economic future, everybody is myopic. Nobody can see clearly. That includes the Federal Reserve.

As François Villeroy de Galhau, the Governor of the Bank of…

An Open Letter to Members of Congress: Stop the Fed’s Real-Time Payment Takeover
R.J. Lehmann

Dear Members of Congress,

On behalf of the undersigned organizations, we write to urge you to oppose the Federal Reserve’s proposal to operate a real-time-payments system (RTP) that would…