In previous installments of this primer I've tried to convince you, first, that monetary policy is ultimately about keeping the available quantity of money from differing substantially, if only temporarily, from the quantity demanded and, second, that doing this boils down in practice to having a money…
The shadow banking literature has vastly and rapidly expanded since the financial crisis, and has produced some interesting pieces, as well as some exaggerated claims, in my view. While I am not writing today to address those claims, I still wish to question a closely linked concept…
Financial industry regulators around the world are beginning to embrace the reality that blockchain technology will help them do their jobs, as well they should. I write this post as a 22-year veteran of Wall Street who is passionate about market structure, and who has seen the…