A commodity money is an item that individuals consume (or otherwise make use of) that also functions as a commonly accepted medium of exchange. Commodity monies can be contrasted with fiat monies like the modern dollar, euro, yen, etc., which function as commonly accepted media of exchange but are not used for any non-monetary purpose. […]Read More
Blogging by friends of Atlas and others who concerned with the issues at hand.
The following is a contribution by a visiting scholar from the Mannkal Foundation in Australia According to the 2015 Heritage Foundation index of economic freedom, the United States is ranked 88th out of 186 countries for monetary freedom, with a score of 76.6. The score for monetary freedom is based on two factors: the weighted average inflation […]Read More
Over at the Wall Street Journal, Greg Ip sees a lack of competition in corporate America. He notes that: Competition forces companies to invest in new products and new capacity to hold on to customers and capture new ones. Less-intense competition may thus explain some of the puzzles that hang over the U.S. economy. Profits […]Read More
The prolonged recovery that followed the Great Recession has brought about increased support for a monetary policy rule known as Nominal Gross Domestic Product (NGDP) targeting. This form of targeting combines employment and inflation into one metric. In theory, this would better help the Fed achieve its dual mandate. NGDP targeting focuses on an economy’s […]Read More
Previously I discussed inflation targeting as a popular rule for governing central bank behavior. In this post I will discuss interest rate targeting, another popular recommendation that has its own costs and benefits. The most prominent interest rate rule is the Taylor rule, devised by John Taylor of Stanford University. Taylor originally proposed the rule […]Read More
As I write these lines, it is almost certain that Greece will default on its debt today, June 30. What led to such a disastrous situation? To understand, we must look back in time to the events leading up to and surrounding today’s expected default. A brief clarification must be made in order to understand […]Read More