Sunday, 30 April 2017

Author Archives William J. Luther

The Regression Theorem: Practical Applications

April 27, 2017

In my last post, I offered a brief summary of the regression theorem and provided some historical context to explain why it is an important idea.  In this post, I will trace some practical applications of the regression theorem.   Commodity monies can emerge naturally. The first practical application of the regression theorem concerns commodity […]

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Cash and the Zero Lower Bound

March 22, 2017

This is the fourth (and, perhaps, final) post on Ken Rogoff’s The Curse of Cash. As summarized in an earlier post, Rogoff argues that the benefits of banning cash (e.g., preventing crime, enabling effective monetary policy) exceed the costs (e.g., a reduction in financial privacy). He does not attempt to estimate the benefits and costs […]

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Cash and Crime

February 21, 2017

This is the third of several posts on Ken Rogoff’s The Curse of Cash. As summarized in an earlier post, Rogoff argues that banning physical cash has two major benefits: reducing crime and enabling effective monetary policy at the zero lower bound. In this post, I will address the first of these supposed benefits by […]

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How Much Cash is Used by Criminals and Tax Cheats?

February 7, 2017

This is the second of several posts on Ken Rogoff’s The Curse of Cash. In this post, I consider Rogoff’s estimate for the extent to which cash is used by criminals and tax cheats. If you have not yet read the book, I offer a brief summary in a previous post and I will consider […]

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The Curse of Cash

February 1, 2017

As I mentioned in an earlier post, I have been reading Ken Rogoff’s new book, The Curse of Cash. Rogoff is a very smart guy who has been thinking about this proposal for roughly two decades. It deserves serious consideration and I intend to give it such. I have organized my comments as follows. In […]

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Bitcoin and the Bailout

January 25, 2017

A few years ago, Cyprus announced it would accept a €10 billion bailout package on condition of imposing a one-time levy on bank deposits. The initial agreement, which included a 6.75 percent levy on deposit balances less than 100,000 euros and a 9.9 percent levy on deposit balances in excess of 100,000 euros, was largely […]

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