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James Ceaser is the Harry F. Byrd Professor of Politics at the University of Virginia, director of the Program for Constitutionalism and Democracy, and was a senior fellow at the Hoover Institution. He is the author of several books on American politics and American political thought, including...
Liquidity and IOR
Re: the big balance sheet and how it improves financial stability.
Rodney Garratt, Antoine Martin, and James McAndrews at the New York Fed have a very nice post, Turnover in Fedwire Funds Has Dropped Considerably since the Crisis, but It’s Okay.
Central Banks As Central Planners
Two news items cropped up this week on the general topic of central banks as emergent central planers.: a nice WSJ editorial by James Mackintosh on QE extended to buying corporate debt, and the Fed's proposed rule governing "Macroprudential" countercyclical capital buffers.
All That Glitters Is Not Gold
I wrote a Wall Street Journal Oped on the gold standard, partly in response to last week's Oped by James Grant (whose "PhD standard" is a great quip) and Greg Yp's excellent column on Judy Shelton and gold.
Why Is John Cochrane Nodding To A Gold Bug?
John Cochrane gave a preview of a WSJ oped he wrote in response to something from James Grant. Permit me to be brief about the utter nonsense from Grant before noting the more worthwhile discussion from Cochrane:
Annus horribilis: Two futuristic looks at the crash of 2009
In 2005's fictional "Countdown to a Meltdown," The Atlantic magazine's James Fallows describes America's coming economic crisis by looking back from the election of 2016 -- when the 46th president of the United States will be the first since before the Civil War to be neither Democrat nor Republican...
Pacific Century: Suing China?
Can the US Hold China Responsible for the Pandemic?
Think Again And Again About The Natural Rate Of Interest
In a recent Wall Street Journal piece, “Think You Know the Natural Rate of Interest? Think Again,” James Mackintosh warns about the high level of uncertainty in recent estimates of the equilibrium interest rate—commonly called r* or the natural rate—that are being factored into monetary policy decisions by the Fed.
We're Number 11, We're Number 11! Eh?
The Cato Institute, the Fraser Institute, and more than 70 think tanks around the world have published the latest edition of Economic Freedom of the World. It's by James Gwartney, Robert Lawson, and Joshua Hall, with the assistance of Ryan Murphy, and contributions from Rosemarie Fike, Richard J. Grant, Fred McMahon, Indra de Soysa, Krishna Chaitanya Vadlamannati. They publish an update every year.
Bank At The Fed
"Segregated Balance Accounts" is a nice new paper by Rodney Garratt, Antoine Martin, James McAndrews, and Ed Nosal. Currently, large depositors, especially companies, have a problem. If they put money in banks, deposit insurance is limited. So, they use money market funds, overnight repo, and other very short-term overnight debt instead to park cash. If you've got $10 million in cash, these are safer than banks. But they're prone to runs, which cause little financial hiccups like fall 2008.
GoodFellows: One Nation Under A Groove
In the final episode of the series for 2020, Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane reflect on lessons learned from the pandemic, Donald Trump’s future, the ruinous state of the Golden State, how society will differ in 2021, plus what gets them through their daily routines—a mixtape of UK punk, Philly-brand funk, and the soothing sounds of “Sweet Baby James” Taylor.
Policy Seminar with Mickey Levy and Peter Ireland
Policy Seminar with Mickey Levy, Chief Economist, Americas and Asia at Berenberg Capital Markets, and Peter Ireland, the Murray and Monti Professor in the Economics Department at the Morrissey College of Arts & Science at Boston College.
China’s Rise And Prospects For Security And Stability In The Indo-Pacific Region | 2020 Conference on Taiwan in the Indo-Pacific Region | Panel 6
China’s Rise And Prospects For Security And Stability In The Indo-Pacific Region | 2020 Conference on Taiwan in the Indo-Pacific Region | Panel 6.
Strategies For Monetary Policy: A Policy Conference
Perspectives on monetary policy strategy.
Policy seminar on the Guardians of Finance: Making Them Work for Us
Policy seminar on the Guardians of Finance: Making Them Work for Us
Guest Speaker: Ross Levine (Professor of Economics at Brown University, Director of the William R. Rhodes Center in International Economics and Finance)
The Structural Foundations of Monetary Policy
Every year the Hoover Institution gathers leading academics, central bank authorities, and financial experts to explore new research and developments in monetary policy. Presenters, who reflect widely varying and often disparate views, share and critique research projects. Moderators bring other perspectives to light by encouraging in-depth discussion periods following each presentation. The direct, big-picture conversations that result are rare in academic conferences, earning the event a strong audience among economics reporters, central bankers, and the financial community.
Policy Seminar with Robert Kaplan
Robert Kaplan, President and CEO of the Federal Reserve Bank of Dallas, discussed “Current Economic Conditions and the Impacts of Monetary Policy.”
Hoover Institution Press Publishes Strategies For Monetary Policy, Edited By John H. Cochrane And John B. Taylor
The Hoover Institution will publish a new volume, edited by senior fellows John H. Cochrane and John B. Taylor, that reviews the strategies, tools, and communication practices the Federal Reserve system deploys to shape monetary policies for its dual-mandate goals of maximum employment and price stability. Strategies for Monetary Policy is drawn from a May 3, 2019, conference at the Hoover Institution featuring economists, financial experts, and Federal Reserve policy makers.
Inequality and Economic Policy
Drawing from a 2014 Hoover Institution conference on inequality in honor of Gary Becker, a group of distinguished contributors explore various measures of inequality in America and address the issue of why it is increasing. Does the United States have an inequality problem?
The Structural Foundations Of Monetary Policy: A Policy Conference
The conference addressed the big issues in the structure of monetary policy.
Policy Seminar with Yuriy Gorodnichenko
Yuriy Gorodnichenko, the Quantedge Presidential Professor of Economics at UC Berkeley, discussed “The Voice of Monetary Policy,” a paper with Tho Pham (University of Reading) and Oleksandr Talavera (University of Birmingham). John Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow at the Hoover Institution, was the moderator.