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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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negative interest rates

Banking Regulation, Financial Innovation, Financial Markets, Money & Politics, News

Fall 2020 Issue of the Cato Journal: Monetary Highlights

James Dorn/September 15, 2020June 19, 2022

The Fall 2020 issue of the Cato Journal covers several key topics in monetary policy: (1) the risk to the Federal Reserve’s independence and credibility as it drifts into fiscal policy; (2) the effectiveness of negative interest rates as a tool of monetary policy; (3) the impact…

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nominal GDP, zero lower bound, negative interest rates, war on cash
Fiat Money, Money & Politics, The Fed & Central Banks

The Zero Lower Bound is No Reason to Punish Currency Users

Larry White/March 28, 2019June 19, 2022

John Maynard Keynes once marveled at “how, starting with a mistake, a remorseless logician can end up in Bedlam.” (Bedlam was the nickname of a London madhouse.) Keynesian or New Keynesian macroeconomists who start with the mistaken premise that a central bank cannot fight recession except by lowering…

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Dollarization, Rogoff, negative interest rates, war on cash, zero lower bound
Digital Money, Fiat Money, Money & Politics

Anti-Paper Prophet: Comments on The Curse of Cash

Jeffrey Rogers Hummel/August 15, 2017June 19, 2022

Kenneth S. Rogoff stands out as the advocate of restricting hand-to-hand currency who has argued the case most comprehensively and probably the most cautiously. I critically reviewed his recent book, The Curse of Cash, in the May 2017 issue of Econ Journal Watch. Here I summarize highlights…

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capital inflows, excess reserves, interest on reserves, negative interest rates, short term Treasuries, fed funds rate, repos
Money & Politics, News, The Fed & Central Banks

Can the Fed Raise Interest Rates?

Gerald P O'Driscoll/August 9, 2016June 19, 2022

I chose my title carefully. I will focus on what is possible for the U.S. central bank to achieve rather than what they might want to accomplish or may attempt to effect.  I examine three possible senses in which the Federal Reserve could not raise interest rates,…

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interest on reserves, margin compression, negative interest rates, net interest margin, risk adjustment
Banking Regulation, Financial Markets, The Fed & Central Banks

Misunderstanding the Net Interest Margin

Julien Noizet/June 1, 2016June 19, 2022

Lately, there have been a lot of discussions in the media and in the academic sphere surrounding banks’ net interest margin in the low (or negative) interest rate environment.  I have explained before how lowering interest rates below a certain threshold led to "margin compression" (see here), which…

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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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