mmt, banking regulation, bank run, bank failure, regulation, free banking

Yesterday morning, a Modern Monetary Theorist tweeted part of a 2017 interview he did with Warren Mosler, one of that school's leading proponents and benefactors. As the clip was titled "Against Free Banking: The Liability Side Isn't The Place For Market Discipline," yours truly couldn't resist a…

excess reserves, fed, fed balance sheet, repos, bank reserves

"The FOMC should forget about r* for the moment and focus on … the supermassive black hole at the center of global dollar funding markets."—Zoltan Poszar, 21 August, 2019. A few weeks ago, as part of its effort to prevent overnight rates from rising above the Fed's…

consumer credit, consumer loans, financial inclusion, payday lending, student loans

On October 21, I had the pleasure to give the research keynote address at the annual conference of the Financial Services Centers of America (FiSCA) in Miami. Below are my remarks, in which I critique some policymakers' attempts to promote financial inclusion by restricting consumer choice and…