Sunday, 30 April 2017

Author Archives Thomas L. Hogan

Wars and the pre-Fed economy

Posted by Thomas L. Hogan
April 8, 2015

Many economists assume that the Fed has improved U.S. economic performance relative to the pre-Fed periods. As I discussed in a previous blog post, however, the Fed has been better on some margins and worse on others. Most improvements under the Fed have only come since about 1985 during the Great Moderation. Another aspect that […]

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Deposit insurance and monetary stability

Posted by Thomas L. Hogan
March 18, 2015

Government deposit insurance from the Federal Deposit Insurance Corporation (FDIC) is intended to stabilize the financial system by preventing bank runs and financial contagion. As discussed in a previous blog post, however, most evidence indicatest hat  deposit insurance actually increases bank failures. When bank depositors are insured, banks face less monitoring and tend to take […]

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Sound money and banking

Posted by Thomas L. Hogan
February 23, 2015

What role does banking play in a theory of sound money? Banks in the United States are regulated by several agencies, especially the Fed. But should the Fed really regulate the banking system? Can the Fed effectively regulate the banking system? Regulators claim central banks have always run the banking system. Ben Bernanke, for example, […]

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Will the ECB save Greece?

Posted by Thomas L. Hogan
February 2, 2015

Following its recent elections, the government of Greece has requested a “haircut” or reduction in the interest rate it must pay on the 320 billion euros in debt it owes to the European Central Bank (ECB). Greek banks have also asked the ECB for a bailout which, for the moment, it is denying. Much of […]

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Rules and directions

Posted by Thomas L. Hogan
January 14, 2015

Ben Bernanke once got lost on his way to a meeting in Washington, D.C. When Bernanke stopped to ask for directions, the exchange went something like this: Bernanke: I seem to be lost and was wondering if you could point me in the right direction. Stranger: Sure. Where are you headed? Bernanke: It doesn’t matter […]

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Common criticisms of the gold standard

Posted by Thomas L. Hogan
December 29, 2014

Many mainstream economists believe that adopting a gold standard would be an economic disaster. But most of their objections appear to be inconsistent with the actual historical evidence. My new working paper, “Ben Bernanke and the Gold Standard,” co-authored with Robin Aguiar-Hicks and Daniel Smith, considers many economists’ common beliefs about the gold standard to […]

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