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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

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, 2020January 20, 2020 /4 Comments

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, 2020January 9, 2020 /Leave a comment

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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yield curve, federal reserve, fed, inversion
Events, Financial Markets, Inflation & Deflation, Money & Politics, News, The Fed & Central Banks

How to Flip a Yield Curve

George Selgin/August 19, 2019January 2, 2020 /10 Comments

If the recent yield curve panic proves anything, it proves that, in financial markets, what may start out as a mere statistical correlation, and possibly a spurious one, can become a genuine causal relationship. In particular, if enough people subscribe to a post-hoc fallacy, it may not…

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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, 2019January 2, 2020 /3 Comments

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, floor system, interest on excess reserves, operating framework
Financial Markets, Money & Politics, The Fed & Central Banks

The Fed's Shifting Goalposts

George Selgin/May 16, 2019January 2, 2020 /Leave a comment

When I published Floored! last October, I thought I'd said all I could say concerning the adverse consequences of the Fed's then decade-old decision to adopt a "floor"-type operating system. In the new arrangement, the Fed pays interest on bank reserves, and uses changes in the rate…

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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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