From our perspective, "neutral" Fed policy going forward is a Funds Rate that hovers around 2% (perhaps in a range of 1.5% to 2.5%) alongside healthy liquidity provisioning. It's fair to ask, if 1.5% ...

Recent news has been dominated by the trade war with China and uncertainty about the future path of Federal Reserve policy. These events are related, but not in the way you might assume. With ...

Economic Theory, Vol. 21, No. 2/3, Symposium in Honor of Mordecai Kurz (Mar., 2003), pp. 347-397 (51 pages) We build a one-period general equilibrium model with money. Equilibrium exists, and fiat ...

Many economists take for granted that the Federal Reserve has contributed positively to economic stabilization in the U.S., but its track record warrants a critical appraisal. Since the creation of ...

Founded in 1969, the Journal of Money, Credit and Banking (JMCB) is a leading professional journal read and referred to by scholars, researchers, and policymakers in the areas of money and banking, ...

As climate change intensifies, the frequency and severity of climate-induced disasters are expected to escalate. We develop a New Keynesian Dynamic Stochastic General Equilibrium model to analyze the ...

Although it is generally recognized that the equilibrium real interest rate (ERR) varies over time, most recent work on policy analysis has been carried out under the assumption that this rate is ...

THE international gold standard worked reasonably well before the World War -- so well, indeed, that with hardly a dissenting voice it was reëstablished at the earliest possible moment after peace had ...

This week on the podcast, I had a great time talking about the monetary disequilibrium view of business cycles with Steve Horwitz. This perspective sees the deviation between desired and actual money ...