Federal Reserve Archives

Should the U.S. government create a digital dollar?

Should the U.S. Government Create a Token-Based Digital Dollar?

Larry White/June 19, 2020June 19, 2020 /1 Comment

Proposals for "central bank digital currency" (CBDC) come in two basic types: account-based and token-based. I have been critical of proposals for an account-based system. Until recently, there didn't seem to be much active interest in a token-based system. But now comes a significant token-based proposal in…

Banking Regulation, Economic History, Money & Politics, News, The Fed & Central Banks

Main Street Memories, Yet Again

George Selgin/April 30, 2020May 4, 2020 /1 Comment

(Your editor penned this summary version of his writings on the Fed's Great-Depression era attempts at Main Street lending in the hope that a respectable newspaper would publish it. Alas, those newspapers turned it down, as did some more dubious outlets. As my piece's content seems as…

Booms & Busts, Economic History, Inflation & Deflation, News, The Fed & Central Banks

Return of the Inflation Mongers

George Selgin/April 27, 2020May 4, 2020 /24 Comments

Back in May 2009, Paul Krugman published a column titled "The Big Inflation Scare." In it, he complained about the "inflation fear-mongering" going on at the time. "Suddenly," Krugman wrote, "everyone is talking about inflation. Stern opinion pieces warn that hyperinflation is just around the corner. …But…

The Fed prepares the incoming coronavirus.

Banking Regulation, Booms & Busts, Money & Politics, News, The Fed & Central Banks

COVID-19: Implications for Monetary Policy and Fed Independence

James Dorn/April 20, 2020July 2, 2020 /3 Comments

One year ago the U.S. economy was robust with unemployment at historically low levels and real incomes rising. No one would have predicted that a year later the economy would come to a halt and more than 20 million people would be applying for unemployment benefits. This…

Banking Regulation, Events, News, The Fed & Central Banks

My 1500 Characters on the Fed's Main Street Programs

George Selgin/April 18, 2020April 17, 2020 /5 Comments

Having had a lot to say on these pages concerning the Fed's past Main Street lending efforts, I thought it proper to put in my 2 cents concerning its current plan, by responding to the Fed's request for comments on it. Unfortunately, "2 cents" is an all…