- “Requiem for QE,” by Daniel L. Thornton
“The object of monetary policy is responsible management of an economy’s money supply.”
What, exactly, were the market failure arguments justifying Basel’s interventions generally, and it’s capital adequacy regulation in particular?
Neither the Kennedy tax rate reductions of 1964-65 nor the Reagan tax rate reductions of 1983-88 were enacted “to benefit the rich.” That is just a worn-out myth.
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By Ryan Murphy and Alex Nowrasteh. Working Paper No. 37. February 16, 2016.
By Scott L. Fulford. Research Briefs in Economic Policy No. 44. February 3, 2016.
By Daniel L. Thornton. Policy Analysis No. 783. November 17, 2015.
By Paul Carrillo, Dina Pomeranz, and Monica Singhal. Research Briefs in Economic Policy No. 35. September 30, 2015.
The Wall Street Journal covered the launch of Cato’ new Center for Monetary and Financial Alternatives. From author Ben Leubsdorf:
“The new center is the latest manifestation of growing public and academic attention on the Fed and central banking after the 2008 financial crisis. …Critics have variously accused the Fed of bailing out fat-cat Wall Street bankers, harming Americans who rely on interest from their savings, distorting the flows of the free market, failing to generate sustainable economic growth and flirting with out-of-control inflation and a debased currency.”
How major government policies created as positive steps can also generate destructive consequences.
The distinguished speakers at this conference considered the risks of unconventional monetary policy, the steps that need to be taken to normalize policy, and the fundamental question of rules versus discretion in the conduct of monetary policy.