Lately the old-timers here at Cato's Center for Monetary and Financial Alternatives — which is to say, Jim Dorn and I — have been talking a lot about the Phillips Curve, which seems to be playing a part in monetary policy discussions today almost as big as…
Yesterday, the Supreme Court ruled that credit card provider American Express’ long-standing policy of including anti-“steering” clauses in its contracts with merchants was not anti-competitive. Steering is the practice whereby merchants discourage customers from paying with comparably high-cost cards like Amex and to use Visa or Mastercard…
On Twitter last week Stephen Williamson wrote that he was "puzzled by the infatuation with NGDP targeting. We have good reasons to care about the path for the price level and the path for real GDP. Idea seems to be that if you smooth Py … you…
In April 2018 Congressional Budget Office issued a report on the state of the federal budget in light of the “Tax Cuts and Jobs Act” enacted in December 2017, the “Bipartisan Budget Act” enacted in February 2018, and the “Consolidated Appropriations Act” enacted in March. The CBO…
Last month, in what will presumably be one of his last public speeches before he retires this June, New York Fed President William Dudley defended the Fed's current "floor" system of monetary control against the alternative of a corridor arrangement. Because Dudley's is one of the more…