Last week, I had the pleasure of addressing the Michigan Credit Union Economic Summit on the future of financial services. I discussed emergent themes in financial regulation as a result of new technologies, and their implications for the industry. Here are my remarks — I hope you…
The Fall 2018 edition of the Cato Journal, an interdisciplinary journal of public policy, is now available online. In this latest issue, CJ editor and founder (and Cato VP of monetary studies) James Dorn includes two articles and two book reviews on financial regulation and monetary policy…
[Having drawn attention in my last post to Fritz Machlup's superb 1940 book, The Stock Market, Credit, and Capital Accumulation, it occurred to me that excerpts from that work concerning the circumstances in which an increase in the supply of "fiduciary" bank credit will not promote an…
Ten years after the 2008 financial crisis we are again facing the possibility of economic turmoil as the Fed and other central banks exit their unconventional monetary policies by raising interest rates and shrinking their balance sheets. Although central banks will move gradually, unforeseen circumstances could trigger…
As regular Alt-M readers know, I've been saying for over a year now that, despite their promise to "normalize" monetary policy, Fed officials have been determined to maintain the Fed's post-crisis "floor" system of monetary control, in which changes to the Fed's monetary policy stance are mainly…