deflation, interest on reserves, NGDP targeting, price level, productivity norm

CMFA Director George Selgin recently appeared on David Beckworth’s new podcast series, Macro Musings.  Selgin and Beckworth primarily speak about the “productivity norm,” the idea that changes in the price level should mirror changes in productivity.  The productivity norm is one version of a monetary policy that stabilizes spending, the…

bank lending, credit channel, Dodd-Frank, GDP Growth, Great Recession

Michael Bordo, John Duca, and Christoffer Koch recently produced a Cato Institute Research Brief on how policy uncertainty affects bank lending.  The Cato Research Briefs in Economic Policy series allows economic researchers to write an accessible 2,000 word summary of an academic article that cuts through the required literature review,…