Monday, 11 December 2017

Monthly Archives November 2015

More insights from the Cato Monetary Conference

November 30, 2015
in Blog

In this post I would like to briefly comment on three points raised by J. B. Taylor, George Selgin, and Scott Sumner. Though these points have been raised before, they are worth reviewing. B. Taylor delivered his lecture on the challenges of monetary policy in an international context. The first challenge, of course, is that […]

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The Wicksell Club

Posted by William Luther
November 26, 2015
in Blog

I was pleased to see David Henderson call out Bill Poole for claiming the Fed sets the federal funds rate. It doesn’t, of course. Welcome to the Wicksell Club, David! We don’t have ties or t-shirts. But our common cause is worthwhile. Many of my economist friends get annoyed when I insist they refer to […]

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The global gold market vs. sovereign debt

November 24, 2015
in Blog

This article was originally published by UFM Market Trends. By Dickson Buchanan Jr. The gold market has shown a lot of volatility recently, causing many financial commentators to question its relevance for today’s modern financial arena. It’s become quite common to underestimate gold’s importance in today’s sophisticated global capital markets. However, that perception tends to […]

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Does bitcoin have a big volatility problem?

Posted by William Luther
November 18, 2015
in Blog

Jim Harper recently described purchasing power volatility as “a well-recognized impediment to the success of Bitcoin as a currency.” It is well recognized, but also overplayed. There’s no denying that the purchasing power of bitcoin is relatively volatile (though less so over the last year or so) or that a volatile exchange rate makes bitcoin […]

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Cato Monetary Conference: a reflection on James Bullard

November 16, 2015
in Blog

Last Tuesday, the 33rd annual Cato Monetary Conference was held at the Cato Institute in Washington, DC. There, brilliant minds met and presented on various interesting topics. I will briefly comment on some of them in another post, but for now would like to offer a short reflection on the first keynote address by James Bullard, President and […]

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Do we need a distinct monetary constitution?

November 9, 2015
in Blog

Having a monetary constitution is important. But do we need a distinct monetary constitution? Steven Horwitz says no. Agreeing with James Buchanan that a monetary constitution is desirable, Horwitz argues that a general constitution that protects private property rights, provides for contract enforcement, and maintains the rule of law is also a monetary constitution, even […]

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Prudential banking versus real bills doctrine

November 4, 2015
in Blog

Should banks adhere to the Real Bills Doctrine (RBD)? This is an old question that, from time to time, resurfaces. So what then is a real bill? A real bill is a bill that is backed by a real good. If I produce bread, for instance, then as a producer I can issue a bill […]

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Op-ed: A new sound money movement for the GOP?

November 2, 2015
in Blog

Taking a look back at last week’s GOP debate, there is clearly room for much criticism of CNBC and the questions asked of the candidates. But, sound money advocates might concede that the moderators did get one thing right: monetary policy. According to an article published this morning in The Hill by Dr. Judy Shelton, Co-Director of the […]

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