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One Unconventional Monetary Policy That The Conventional Wisdom Ignores

Let’s play word association.  If I say, “unconventional monetary policy,” what is the first thing that comes to mind?   If you are like most pundits and economists, you probably thought about phrases like quantitative easing, operation twist, NGDP targeting, large-scale

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The Fed is of the banks, by the banks and for the banks.

Brad Delong recently remarked that it is “good to know” that the Fed doesn’t have a double mandate (1. fight inflation, 2. fight unemployment), but rather a triple mandate (3. keep the financial system strong and stable).  The idea the the

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How The Fed Has Exacerbated Inequality

One of the confusing concepts in public economics is how the government prints money and where it goes.  The Treasury is responsible for literally running the presses that print the cash, but the Fed is in charge of deciding how

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Phantom Money Measures and Predictions of Phantom Inflation

UPDATE: Today I came across this old post that I started a year ago and never quite finished.  I’ll finally post it now, but I’ll try to put it in at the date when I originally wrote it. Suppose everyone

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New Monetarists Are Redistributionists

Conservative economists are sometimes stereotyped as being anti-inflation, ‘hard-money‘ Austrians because the Austrians tend to be staunchly conservative.  This is not fair because the Austrian gold-bugs are a very small faction of conservatism compared with the Keynesian conservatives who have

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Robin Hood In Glassland

Updated at Robin Hood and broken window facts and fallacies

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Posted in Macro

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