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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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IOER

FOMC, balance sheet, ioer, selgin, lacey, federal reserve
News, The Fed & Central Banks

Balance Sheet Wind Down Good, But Not Simple

Tate Lacey/September 20, 2017June 19, 2022 /16 Comments

Today the Federal Reserve is set to announce the schedule for unwinding its balance sheet. This is a step in the right direction, but it also has the potential to increase the risk of a recession. It’s past time to reduce the Fed’s balance sheet because its role…

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inflation, deflation, ioer, fed, floor system, deflation bias, wicksell, monetary policy, excess reserves, NGDP
Economic Thought, Inflation & Deflation, The Fed & Central Banks

The Two-Per-Cent Solution

George Selgin/September 19, 2017June 19, 2022 /34 Comments

The Fed’s persistent failure to reach its 2 percent inflation target ever since that target was first made explicit in 2012 has elicited a great deal of commentary in the last couple months, from economists, journalists, and some Fed officials themselves. And well it ought to, for…

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Federal Reserve, banking regulation, interest on excess reserves, ioer, mcculloch, excess reserves, federal funds rate, balance sheet, the fed, federal funds rate, ffr
Banking Regulation, The Fed & Central Banks

The Rudderless Fed

Hu McCulloch/September 8, 2017June 19, 2022 /5 Comments

Prior to 2008, the Fed could accelerate or decelerate inflation by expanding or contracting the monetary base and therefore bank reserves with open market operations and/or with repo loans to dealers. Since 2008, however, the Fed has paid interest on excess reserves equal to or even higher…

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hobby horse, testimony, ioer, Federal Reserve, reserves, excess reserves
Events, Money & Politics, The Fed & Central Banks

Our Unhinged Fed

George Selgin/July 25, 2017June 19, 2022 /59 Comments

If you haven't seen much of me on these pages lately, that's because I've spent most of the last few weeks feeding and grooming my favorite hobby horse: that's right, the Fed's policy of encouraging banks to hoard reserves by paying above-market rates on their Fed reserve…

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ank lending, demand for reserves, IOER, net interest margin, reverse repos
Banking Regulation, The Fed & Central Banks

IOER and Banks' Demand for Reserves, Yet Again

George Selgin/June 1, 2017June 19, 2022 /45 Comments

In our recent American Banker opinion piece, Heritage's Norbert Michel and I argue that, if the Fed is really serious about shrinking its balance sheet, it had better quit paying interest on banks' excess reserves (IOER) as well. How come? Because the current, relatively high IOER 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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