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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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balance sheet

FOMC, balance sheet, ioer, selgin, lacey, federal reserve
News, The Fed & Central Banks

Balance Sheet Wind Down Good, But Not Simple

Tate Lacey/September 20, 2017June 19, 2022 /16 Comments

Today the Federal Reserve is set to announce the schedule for unwinding its balance sheet. This is a step in the right direction, but it also has the potential to increase the risk of a recession. It’s past time to reduce the Fed’s balance sheet because its role…

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Federal Reserve, banking regulation, interest on excess reserves, ioer, mcculloch, excess reserves, federal funds rate, balance sheet, the fed, federal funds rate, ffr
Banking Regulation, The Fed & Central Banks

The Rudderless Fed

Hu McCulloch/September 8, 2017June 19, 2022 /5 Comments

Prior to 2008, the Fed could accelerate or decelerate inflation by expanding or contracting the monetary base and therefore bank reserves with open market operations and/or with repo loans to dealers. Since 2008, however, the Fed has paid interest on excess reserves equal to or even higher…

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Balance Sheet Normalization, FOMC, Interest Rates, Janet Yellen, IOER
News, The Fed & Central Banks

Shrinking the Balance Sheet: Where Fed Officials Stand

Tate Lacey/May 9, 2017June 19, 2022 /13 Comments

In March, the Federal Open Market Committee (FOMC) signaled it could begin shrinking the Fed’s balance sheet sometime later this year. However, with limited official details about what that means and none forthcoming from last week’s FOMC press release, many questions remain: How will the Fed decide…

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balance sheet, Fleming, FOMC, normalization, Yellen, Selgin
Money & Politics, News, The Fed & Central Banks

Yellen's Balance Sheet Baloney

George Selgin/March 17, 2017June 19, 2022 /41 Comments

Of the many questions reporters asked Janet Yellen on Wednesday, at her press conference following the FOMC's decision to raise the Fed's policy rates, my favorite was the very first, posed by the Financial Times' U.S. Economics Editor, Sam Fleming. Here is Mr. Fleming's question: [You've stated that…

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David Andolfatto, fiscal policy, normalization, balance sheet, preferred credit allocation
Money & Politics, News, The Fed & Central Banks

Why there is no Fiscal Case for the Fed's Large Balance Sheet

Larry White/February 28, 2017June 19, 2022 /37 Comments

It is well known that the Federal Reserve System expanded its assets more than four-fold during and after the 2007-09 financial crisis by making massive purchases of mortgage-backed securities and Treasuries. The balance sheet has not returned to normal since. Total Fed assets stand today at $4.45…

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Welcome to Alt-M, a community devoted to exploring and promoting ideas for an alternative monetary future. Our goal is to reveal the shortcomings of today’s centralized, bureaucratic, and discretionary monetary arrangements, and to bring serious consideration of real alternatives to the center stage of current monetary and financial reform debates.

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