- “The Repeal of the Glass-Steagall Act: Myth and Reality,” by Oonagh McDonald
- “New York’s Bank: The National Monetary Commission and the Founding of the Fed,” by George Selgin
Economic booms and busts clearly have huge effects on budget deficits, but where is the evidence that deficits and surpluses have their own separate (“exogenous”) effect on NGDP?
“Doing something” for the sake of acting to “restore faith” in markets is as naïve as it is ahistorical.
If it’s prudent to try and keep the U.S. dollar, not only afloat, but sailing as smoothly as possible, it’s no less prudent to encourage discussion and development of superior, if not unsinkable, substitutes.
The conviction and possible 280-year sentence of former MLB third baseman Doug DeCinces underscores the questionable value of insider trading laws.
The economics profession and those who knew him will miss him. Thank you Allan for being so generous.
A new book on housing policy uncovers a hidden chapter in the government’s history of racial injustice.
April 7, 2017
April 3, 2017
March 29, 2017
March 17, 2017
By Matthieu Chavaz and Andrew K. Rose. Research Briefs in Economic Policy No. 67. January 11, 2017.
By Charles Calomiris and Matthew S. Jaremski. Research Briefs in Economic Policy No. 66. December 21, 2016.
By Erica Myers. Research Briefs in Economic Policy No. 64. November 23, 2016.
By Oonagh McDonald. Policy Analysis No. 804. November 16, 2016.
The Glass-Steagall Act was enacted in 1933 in response to banking crises in the 1920s and early 1930s. It imposed the separation of commercial and investment banking. In 1999, Glass-Steagall was partially repealed by the Gramm-Leach-Bliley Act. When the United States suffered a severe financial crisis less than a decade later, some leapt to the conclusion that this repeal was at least partly to blame. In a new study, international financial regulatory expert Oonagh McDonald argues that the notion that repealing Glass-Steagall caused the financial crisis, and that bringing it back would prevent future crises, is not supported by the facts.
The Cato Institute’s Center for Monetary and Financial Alternatives is pleased to announce another installment of its “live” edition of EconTalk. Join Russ Roberts as he interviews David Beckworth on the part that the Federal Reserve and other central banks played (and the part they ought to have played) in the Great Recession.
A well-functioning banking sector is essential to any modern economy. And yet since the 2008 financial crisis, increasing regulation has complicated the relationship between banks and the broader economy. Changes are underway, however, that may open new ways of thinking about banking, bank regulation, and the role the industry may play going forward. Please join us and our distinguished group of speakers as we explore bank regulation, innovation, and the path forward.
In a new paper, Cato scholar George Selgin reviews the origins, organization, and shortcomings of the National Monetary Commission, convened over a century ago, in order to suggest how a new Centennial Monetary Commission might improve upon it.