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Money and Banking
In a free market economy, banks would actually have to clear their checks and this would be a deterrent to creating money out of "air."
The FedMoney and BanksMoney and Banking
If a monetary rule like the Taylor Rule is not a solution to the problem of the Fed, what is? Competition.
The FedMoney and Banking
Here are the five most important issues to keep an eye on in 2017.
The Fed keeps hinting that it plans to raise the target rate more than once this year. But, the Fed's level of confidence is near zero.
The FedMonetary TheoryMoney and Banking
Congress seems set to reform the Fed, but what we really need is Fed competition.
The Fed says it can use a "neutral interest rate" to set policy. But, Fed economists don't understand how the neutral rate works.
At different times and in different places, Fed officials have changed their stories about whether or not bubbles can be seen before they pop.
World HistoryMoney and BankingPolitical Theory
Happy New Year from the Mises Institute!
Money and BanksMoney and BankingPolitical Theory
Negative rates can work because the opportunity cost of holding physical cash is not zero. Abolishing large banknotes further increases the cost.
In his new book, central banker Mervyn King sometimes sounds like Murray Rothbard. But in the end he continues the problem of central banking control.