Monetary Policy


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Bandaged Piggybank

Stephen Haber Discusses The Political Origins Of Banking Crises On The John Batchelor Show

interview with Stephen Habervia The John Batchelor Show
Sunday, September 17, 2017

Hoover Institution fellow Stephen Haber examines banking crises and discusses his book "Fragile by Design."

In the News

Rules Reign On Trump’s Fed List As Post-Crisis Economy Breaks Them

quoting John F. Cogan, John B. Taylor, Kevin Warshvia Bloomberg
Thursday, September 14, 2017

The list President Donald Trump’s aides are compiling to lead the Federal Reserve draws mostly from Republican economics central casting. The candidates prefer a more disciplined approach to monetary policy, view excessive regulation as an obstacle to growth and criticize Fed decisions aimed at problems outside its scope.

In the News

Hoover Institution Economist Explores Reason For Slow Economic Growth Post-Recession

featuring Robert E. Hallvia Stanford Daily
Wednesday, August 30, 2017

Typically after a recession, the United States economy experiences a spike in growth. Although the unemployment rate has returned to pre-recession levels, the economy’s growth after the 2008 recession has been slow and unimpressive, according to a working paper co-authored by a Stanford economist.

The Price of Everything: A Parable of Possibility and Prosperity

David Henderson Discusses "Price Gouging"

interview with David R. Hendersonvia Tom Woods Show
Wednesday, August 30, 2017

Hoover Institution fellow David Henderson examines behavior, during natural disasters, that seems to cause a sudden and intense spike in demand for the existing stock of resources. This puts upward pressure on prices, and this upward pressure has salutary effects. For further information on this topic read The Price of Everything: A Parable of Possibility and Prosperity by Hoover Institution fellow Russ Roberts.


Yellen At Jackson Hole

by John H. Cochrane via Grumpy Economist
Wednesday, August 30, 2017

Fed Chair Janet Yellen gave a thoughtful speech at the Jackson Hole conference.The choice of topic, financial stability and the Fed's role in financial regulation and supervision, says a lot. Financial regulation, supervision, and other tinkering, is much more centrally a part of what the Fed is...

Analysis and Commentary

Currency Manipulation. Who Is Manipulating Whom?

by Alvin Rabushkavia Thoughtful Ideas
Tuesday, August 29, 2017

During the presidential campaign, President Trump repeatedly accused China of manipulating its currency, devaluing the Yuan, to gain advantage in its trade with the United States.  Devaluing the Yuan makes Chinese goods cheaper in the US and US goods more costly in China. This was, in Trump’s view, a source of the large trade deficit with China, and loss of U.S. manufacturing jobs.

Analysis and Commentary

Hummel On The Curse Of Cash

by David R. Hendersonvia EconLog
Wednesday, August 16, 2017

In "Anti-Paper Prophet: Comments on The Curse of Cash." Jeff Hummel has written an excellent response to Ken Rogoff's response to Hummel's review of his book The Curse of Cash. The whole thing is well worth reading. Here are the parts I found most striking.

Blank Section (Placeholder)Analysis and Commentary

Central Bank Digital Currency And The Future Of Monetary Policy

by Michael D. Bordo, Andrew T. Levinvia Economics Working Papers
Thursday, August 10, 2017

We consider how a central bank digital currency (CBDC) can transform all aspects of the monetary system and facilitate the systematic and transparent conduct of monetary policy. 

Long-Term Issues For Central Banks

by Jaime Caruana, Kevin Warshvia Bank for International Settlements
Wednesday, August 9, 2017

The global political, economic and financial landscape is constantly evolving. Some of the changes may prove short-lived. But others may be slow-moving and persistent, and only detectable over time as evidence accumulates. Although central banks’ day-to-day operations and policymaking tend to focus on near- or medium-term developments, longer-term trends and structural changes will at some point come into the picture – not least because of their impact on the economic relationships that are central to policy formulation and analysis.


Still Learning From Milton Friedman: Version 3.0

by John B. Taylorvia Economics One
Monday, July 31, 2017

We can still learn much from Milton Friedman, as we celebrate his 105th birthday today. Here I consider what we can learn from his participation in the monetary policy debates in the 1960s and 1970s. I draw from a 2002 paper that I presented to lead off his 90th birthday celebration in Chicago in 2002 and from two 2012 pieces: a paper I presented at the centennial of his birth in 2012 and an article written on his 100th birthday in 2012.The lessons are very relevant to the debates raging during the last 15 years and continuing today.


Economic Policy Working Group

The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

Milton and Rose Friedman: An Uncommon Couple