Saturday, 25 March 2017

Monthly Archives December 2014

The political economy of Bitcoin

December 10, 2014

I have a new paper with Joshua Hendrickson and co-blogger Thomas Hogan titled The Political Economy of Bitcoin. Here’s the abstract: The recent proliferation of bitcoin has been a boon for users but might pose problems for governments. Indeed, some governments have already taken steps to ban or discourage the use of bitcoin. In a […]

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Economic performance and the Federal Reserve

Posted by Thomas L. Hogan
December 8, 2014

Many economists argue the Fed can improve economic performance by moderating booms and busts in the economy. Indeed, some studies propose that the volatility of GDP growth has declined under the Fed, especially during the “Great Moderation” from the mid-1980s to the present day. My recent paper “Has the Fed Improved U.S. Economic Performance?”, soon […]

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The MIT Bitcoin Project

December 3, 2014

The MIT Bitcoin Project plans to give $100 worth of bitcoin to every undergrad at MIT. Ignoring any overhead, the program will cost a little less than half a million dollars. Why would they do that? Payment vehicles like bitcoin are subject to what economists call network effects. That means individuals are concerned not only […]

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Does monetary equilibrium equal NGDP targeting?

December 1, 2014

In the last recent years, the idea of NGDP targeting as a better, if not the optimal, target for central banks has received special attention. Surely the idea is not new, but the recent increase in interest is hard to deny. The idea is that the central bank should not target an interest rate, like […]

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