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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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James Dorn
About James Dorn
James A. Dorn is vice president for monetary studies, editor of the Cato Journal, senior fellow, and director of Cato’s annual monetary conference. He has written widely on Federal Reserve policy and monetary reform and is an expert on China’s economic liberalization. He has edited more than 10 books, including The Search for Stable Money (with Anna J. Schwartz), The Future of Money in the Information Age, and China in the New Millennium. His articles have appeared in the Wall Street Journal, Financial Times, South China Morning Post, and scholarly journals. He writes regularly for Forbes.com. From 1984 to 1990, he served on the White House Commission on Presidential Scholars. Dorn has been a visiting scholar at the Central European University and Fudan University in Shanghai. He holds a Ph.D. in economics from the University of Virginia.
Chinese monetary history, monetary history, China, private money, coinage
Economic History, Fiat Money, Recommended Reading

Monetary Freedom: Lessons from the Western Han Dynasty

James Dorn/October 17, 2017October 17, 2017 /4 Comments

During the Western Han Dynasty (206 B.C. – A.D. 9), the question of monetary freedom was vigorously debated. There were as yet no banks or paper money in China — money consisted solely of coin.  Private mints competed with government mints, either in the shadow market or…

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stable spending, monetarism, Allan Meltzer, Cato Journal, Cato Monetary Conference
Economic Thought, News, The Fed & Central Banks

Allan H. Meltzer: A Life Well Lived (1928-2017)

James Dorn/May 12, 2017February 13, 2018 /1 Comment

The world lost a great champion of liberty with the passing of Allan Meltzer, a longtime Professor of Political Economy at Carnegie Mellon University.  Allan was a prodigious worker who wrote hundreds of articles and more than ten books, including his monumental A History of the Federal…

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iat money, alternatives, james dorn, george selgin, john taylor
Economic Thought, Fiat Money, Recommended Reading

Looking for Alternatives to Government Fiat Money?

James Dorn/March 31, 2017March 31, 2017 /7 Comments

The Cato Institute recently released Monetary Alternatives: Rethinking Government Fiat Money, a collection of essays 30 years in the making. As George Selgin explains in the foreword, The complacency wrought by the Great Moderation, not to mention the limited interest in fundamental monetary reform before then, resulted…

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financial repression, monetarism, money multiplier, NGDP targeting, People's Bank of China
Economic Thought, Recommended Reading, The Fed & Central Banks

Monetarism with Chinese Characteristics

James Dorn/March 2, 2017April 3, 2018 /11 Comments

Monetarism is often misunderstood, overlooked, forgotten, or even derided. Yet its basic logic, resting on the quantity theory of money, is evident and remains important in a world of pure fiat monies. Most major central banks have abandoned monetary targeting in favor of setting interest rates to…

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Fiscal Theory of the Price Level, hyperinflation, Rentenmark, Weimar Republic, Willem Buiter
Economic History, Economic Thought, Inflation & Deflation

The Fiscal Theory of the Price Level: True and False

James Dorn/August 23, 2016September 10, 2016 /4 Comments

There are two versions of the fiscal theory of the price level (FTPL); one true, the other false.  The true version holds that if the fiscal authority dominates the policy space, then fiscal deficits could be monetized by the central bank. This version is consistent with the…

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Welcome to Alt-M, a community devoted to exploring and promoting ideas for an alternative monetary future. Our goal is to reveal the shortcomings of today's centralized, bureaucratic, and discretionary monetary arrangements, and to bring serious consideration of real alternatives to the center stage of current monetary and financial reform debates.

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