Saule Omarova Beth and Marc Goldberg Professor of Law Cornell Law School Ithaca, NY Dear Professor Omarova, As you probably know, I'm among the critics of the plan for "democratizing money" that you outline in your forthcoming Vanderbilt Law Review article. I disagree with it enough to…
There is increasing pressure on central banks to take climate change into account in formulating monetary policy. The Bank of England and the European Central Bank have already done so, and the Fed may follow suit. Indeed, the Fed’s move into credit allocation and fiscal policy, as…
Many observers are treating China’s plan for a central bank digital currency (CBDC) as a strictly progressive, technical move that other nations should emulate. The United States, in particular, is concerned that China already has a large head start, which may threaten the dollar’s dominance as a…
In view of the Fed's failure to achieve two percent inflation for much of the post-2007 period, the suggestion that it will find it easier to hit a higher target may well strike many as perverse—as if someone suggested that a pole vaulter unable to manage a…
August 15, 2021 marks the 50th anniversary of the day President Richard Nixon “closed the gold window,” ending the postwar Bretton Woods international monetary system. It is an appropriate moment to reconsider the internal inconsistencies of the Bretton Woods system. As its contemporary critics understood, Bretton Woods…