Relax: the Fed isn't about to catch fire or melt. This isn't about that sort of warming. It's about a different, more benign sort of Fed warming that my pals at the Mercatus Center claim to have discerned. Still, I don't believe them. Call me a Fed…
I don't think of myself as an especially lucky fellow. I've never bought a lottery ticket, or wagered more than a few bucks at a time (and that only in my impetuous youth) on horses, slots, or roulette. So far as I'm concerned, I can no more…
On November 12th I wrote a longish post explaining how growth fluctuations in two of the Federal Reserve's less-familiar liabilities—the foreign repo pool (FRP) and the Treasury General Account (TGA)—had contributed to a shortage of bank reserves that in turn caused repo rates to spike. I followed…
Thomas Philippon's The Great Reversal is an important book in which he warns of the decline of competition in many U.S. product markets. Not having studied antitrust issues for some time, I will leave criticism of his general thesis—that competition has indeed declined and that this is…
The Fall 2019 edition of the Cato Journal, the Cato Institute's interdisciplinary journal of public policy, is now available online. Readers of Alt-M will find the articles on monetary and financial topics of special interest. Their topics range from financial inclusion, to macroprudential policy, to Modern Monetary…