Does the existence of unemployed resources justify easy money?
byOnce an economy falls into recession many commentators tend to express concern that as a result of the economic slump there are now…
Money
Will Gold or Silver Pay the Higher Interest Rate?
byThis question is no longer moot. As the world moves inexorably towards the use of metallic money, interest on gold and silver will return…
Rapid money growth and inflation – is there a connection?
byIn the article “Rapid money supply growth does not cause inflation” written by Richard Vague at the Institute for New Economic Thinking, December 2,2016…
The War on Cash: Haldane Edition
byThe Adam Smith Institute have recently published my report “Killing the Cash Cow: Why Andy Haldane is Wrong on Demonetisation” on Andy Haldane’s proposal…
Ambivalence toward Monetary Freedom is ubiquitous – Why?
byThe vast majority of people would either be up in arms or completely confused if the government suddenly said that all private bread producers…
What should be the correct money supply growth rate?
byMost economists believe that a growing economy requires a growing money stock, on grounds that growth gives rise to a greater demand for money,…
The Next Step in Europe’s Negative-Interest-Rate Experiment
byThe European Central Bank (ECB) pushed its deposit rate to minus 0.4 percent in April 2016: Since then, euro area banks must pay 0.4…
Benn Steil: RMB Globalization, Once “Unstoppable,” Heads Into Reverse
by“The globalisation of the [Chinese RMB] seems remorseless and unstoppable,” the Economist pronounced in April 2014. A year later, a research-grant foundation asked me…
Gini and monetary policy
byOr how central bankers are ducking the wealth transfer issue Central banks must be increasingly aware that critics of monetary policy are getting some…
Should cash be eliminated?
byAt the World Economic Forum in Davos Switzerland, Joseph Stiglitz the Nobel Prize-winning economist argued in favor of phasing out currency and moving towards…