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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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corridor system

IOER, Federal Reserve, Corridor System, Floor System, Central Banking
Banking Regulation, Money & Politics, News, The Fed & Central Banks

Sir Paul Tucker on Floors and Corridors

George Selgin/January 20, 2020June 19, 2022

In some previous posts, I've taken Federal Reserve officials, including former New York Fed President William Dudley, to task for continuing to insist that the Fed's post-2008 "floor" operating system is a "simple" means for keeping overnight interest rates on target. Whatever the floor system's merits may…

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floor system, Federal Reserve, IOER, standing repo facility, corridor system
Fiat Money, Money & Politics, News, The Fed & Central Banks

Dudley's Defense of the Fed's Floor System, Take 2

George Selgin/January 8, 2020June 19, 2022

Back in the spring of 2018, yours truly responded at length to a speech then New York Fed President Bill Dudley gave, defending the Fed's "floor" system of monetary control. In that speech, Dudley claimed that "the case for retaining the current floor system is very compelling."…

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Federal Reserve, Floor system, corridor system, balance sheet, SOFR, credit markets
Financial Markets, Money & Politics, The Fed & Central Banks

Fed Watchers Should Keep an Eye on the IOER-SOFR Spread

George Selgin/July 25, 2019June 19, 2022

Regular Alt-M readers are no doubt looking forward to the FOMC's announcement next Wednesday. But I doubt they'll be sitting at the edges of their seats between now and then, much less biting their fingernails. Markets have, after all, been anticipating a modest Fed cut ever since…

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Federal Reserve, liquidity coverage ration, Floor system, corridor system
Banking Regulation, Money & Politics, The Fed & Central Banks

The Fed's LCR Reserve Requirement: An Ace up Its Floor-System Defense Sleeve

George Selgin/December 20, 2018June 19, 2022

Among many other advantages it enjoys when it comes to influencing the course of monetary reform, the Fed has that of being able to shift the constraints that determine whether a proposed reform is or isn't possible. If existing constraints don't stand in the way of some…

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The Fed & Central Banks

New Zealand's Floor System Experience

George Selgin/March 8, 2018June 19, 2022

In the book I advertised in my last post, I argue that the Fed's decision to switch to a "floor"-type operating system "deepened and prolonged the Great Recession." Yet the Fed is only one of several central banks that have adopted floor systems for monetary control during…

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About Us

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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