News
Economist | The cycle turns
Equities may be enjoying a bull run but the government-bond market has turned sour. Having bottomed at 1.67% in September, the yield on the ten-year Treasury bond has risen to 2.38%, with the sell-off accelerating in the past two weeks.
Econ Comments & Analysis
WSJ | The Dangers of an Interventionist Fed
America has now had nearly a century of decision-making experience under the Federal Reserve Act, first passed in 1913. Thanks to careful empirical research by Milton Friedman, Anna Schwartz and Allan Meltzer, we have plenty of evidence that rules-based monetary policies work and unpredictable discretionary policies don't. Now is the time to act on that evidence.
Blogs
Free Banking | Problems facing every monetary system
Every monetary system faces a number of major problems to solve or fail at. Here I will discuss how a free banking system, assumed for the sake of concreteness to operate on a fixed exchange rate with gold or on what George Selgin termed a quasi commodity standard (a frozen fiat monetary base), compares with a central banking system, assumed to operate on a floating exchange rate, with inflation as the target.
NY Times | Who Captured the Fed?
As the American economy begins to improve, influential people in the financial sector will continue to talk about the need for a prolonged period of low interest rates. The Fed will listen.
