lender of last resort, bank runs, panics, monetary primer

So far, throughout this primer, I've claimed that central banks have one overarching task to perform:  their job, I said, is to "regulate the overall availability of liquid assets, and through it the general course of spending, prices, and employment, in the economies they oversee." I've also…

34th Annual Monetary Conference, Cato Journal, debt trap, monetary transmission, macroprudential regulation

Research papers presented at November’s 34th Annual Monetary Conference: Central Banks and Financial Turmoil are now available in the latest edition of  the Cato Journal. The articles investigate pressing questions like the monetary effects of macroprudential regulation, central banks and the debt trap, and the monetary transmission…

NGDP targeting, monetary constitution, monetary rules, discretion, James Buchanan

(Originally appeared on January 12, 2013.) An important post from Lars Christensen at The Market Monetarist this morning.  Lars argues that many folks have misunderstood the argument for monetary easing in order to target NGDP growth by framing it in terms of discretionary policy.  The market monetarists,…