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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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floor system

Jerome Powell, Federal Reserve, floor system, monetary policy
Money & Politics, News, The Fed & Central Banks

The Fed Marches On

George Selgin/January 31, 2019February 4, 2019 /2 Comments

So it has come to pass. In his recent press conference, Chairman Jerome Powell has at last made official the Fed's plan to stick to its post-crisis "floor" system of monetary control, which uses changes in the interest rate paid on banks' excess reserve balances, rather than…

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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, 2018December 20, 2018 /1 Comment

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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Financial Markets, News, The Fed & Central Banks

The Narrow Bank: A Follow-Up

George Selgin/September 14, 2018September 14, 2018 /4 Comments

In my last post I wrote about the lawsuit TNB USA Inc has filed against the New York Fed, which has refused to grant the would-be bank a Master Account. I argued that, despite its name (TNB stands for "The Narrow Bank"), and despite what some commentators…

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monetary policy report, ioer, interest on reserves, federal reserve, fomc
News, Recommended Reading, The Fed & Central Banks

The Fed's Recent Defense of Interest on Reserves

George Selgin/July 13, 2018July 15, 2018 /21 Comments

As regular Alt-M readers know, I've been saying for over a year now that, despite their promise to "normalize" monetary policy, Fed officials have been determined to maintain the Fed's post-crisis "floor" system of monetary control, in which changes to the Fed's monetary policy stance are mainly…

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dudley, new york fed, ny fed, federal reserve, floored, floor system, monetary policy, corridor system, george selgin, central banks, ioer, ior, interest on reserves
Money & Politics, News, The Fed & Central Banks

Dudley's Defense of the Fed's Floor System

George Selgin/May 3, 2018May 3, 2018 /9 Comments

Last month, in what will presumably be one of his last public speeches before he retires this June, New York Fed President William Dudley defended the Fed's current "floor" system of monetary control against the alternative of a corridor arrangement. Because Dudley's is one of the more…

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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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