quoting Michael D. Bordo via Wall Street Window
When it comes to monetary policy, the popular commentary discusses the Federal Reserve System as a monolithic interest rate machine, raising and lowering rates to stabilize (or destabilize) the macroeconomy. More observant Fed watchers think of its big players, recognizing conflict among the voting members of the Federal Open Market Committee (FOMC). In that framing, monetary policy comes down to a battle between hawks and doves.
by Michael D. Bordo, Edward Prescott via The National Bureau Of Economic Research
The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy.
quoting Thomas J. Sargent via CATO
Thanks to President’s Trump’s picks for prospective Fed Board nominees, the subject of gold price targeting (or a gold “price rule”) is getting attention once again.
featuring John H. Cochrane via Real Clear Markets
Greg Mankiw’s credentials are impeccable: Former Chairman of the Harvard Economics Department and the President’s Council of Economic Advisers. What’s even more impressive is his writing.
featuring Frank Dikötter via New Books Network
In the years he ruled the People’s Republic of China, Mao Zedong presided over the greatest mass murder in human history, both in his elimination of millions of perceived political enemies and also in the starving of tens of millions in callously engineered mass famine.