Last month, the House Financial Services Committee voted to overturn 2014 SEC regulations requiring larger Money Market Funds to mark their shares to Net Asset Value (NAV) on a daily basis, rather than “penny rounding,” i.e. rounding their share values to the nearest cent on the dollar.[1]…
(Originally appeared December 7, 2014) (*And we always have been.) *** Yesterday, while giving Cato's interns an impromptu talk about my work, I found myself saying something that seems worth putting in writing. This was that the difference between me and Larry White and Kevin Dowd, among…
This year’s Federal Open Market Committee (FOMC), which meets for the first time this week, faces many unknowns, including new faces at the Fed. In fact, by year’s end, the Fed’s rate-setting body will have, at most, only two continuity voters — that is, members who voted…
The leading arguments for banning large-denomination currency notes are those made in a much-cited working paper by Peter Sands and at book length by Kenneth Rogoff. They have been rebutted persuasively by Pierre Lemieux and Jeffrey Hummel in their respective reviews of Rogoff’s book. I have previously…
(Originally appeared December 21, 2014) As is usual this time of year, my mom and brother, and a close friend or two, asked me to share with them some of the items I'd included in the list they assumed I'd already mailed to the North Pole, as…