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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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Interest on excess reserves

Fed, repos, Treasury, Interest on excess reserves, standing repo facility,
Banking Regulation, Money & Politics, News, The Fed & Central Banks

Stop the Presses! or, How the Fed Can Avoid Reserve Shortages without Bulking-Up,
Part 2

George Selgin/November 14, 2019June 19, 2022 /2 Comments

"You’ve always had the power to go back to Kansas.” —the Good Witch of the East, to Dorothy, in The Wizard of Oz. (This is the conclusion of a two-part essay. For Part 1 click here.) Equipped with some historical background, we can now consider ways in…

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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, 2019June 19, 2022 /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, interest on excess reserves, operating framework
Financial Markets, Money & Politics, The Fed & Central Banks

The Fed's Shifting Goalposts

George Selgin/May 16, 2019June 19, 2022

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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Federal Reserve, Jerome Powell, balance sheet normalization, monetary rules
Financial Markets, News, The Fed & Central Banks

Powell's "Patience" is No Substitute for a Sound Monetary Rule

James Dorn/April 1, 2019June 19, 2022 /3 Comments

Fed Chairman Jerome Powell’s decision in December to raise the federal funds target by 25 basis points, to 2.25–2.50 percent, and to continue raising rates at least twice in the new year, upset financial markets. The Dow and S&P each dropped at least 8.7 percent, logging their…

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Financial Markets, News, The Fed & Central Banks

The Narrow Bank: A Follow-Up

George Selgin/September 14, 2018June 19, 2022 /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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Recent Posts

  • The Menace of Fiscal Inflation
  • Monetary Progress
  • Paul Krugman and the "Ersatz" Theory of Private Currencies
  • The New Deal and Recovery, Part 18: The Recovery So Far
  • Should the Fed Devalue Our Currency to Implement Negative Interest Rates?
  • Populism and the Future of the Fed: A New Book from Cato’s Center for Monetary and Financial Alternatives
  • Revising the Bank Secrecy Act to Protect Privacy and Deter Criminals (CMFA Working Paper No.007)

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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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