In his book, The Curse of Cash, Harvard economist Ken Rogoff offers an excellent discussion of the modern seigniorage process: Instead of having the government print money and buy things directly, modern-day seigniorage is a three stage process. In stage one, the government spends beyond its means (its tax revenues) and issues interest-bearing debt to […]Read More
Blogging by friends of Atlas and others who concerned with the issues at hand.
For several decades the money we use in everyday life is “fiat currency.” That is, it is created by central banks and its value is not anchored to anything of intrinsic worth such as gold. The workings and decision making of central banks is therefore important, and does not need to be a subject of […]Read More
This piece originally appeared in Alt-M By Ari Blask More than two hundred people came to Cato last Thursday, November 17th, for the 34th Annual Monetary Conference. Four panels and two keynote speakers covered “Central Banks and Financial Turmoil,” the theme of this year’s conference. In his introduction, CMFA’s James Dorn laid out some of the […]Read More
In recent decades, the “big debate” among monetary economists and policy makers was “Rules versus Discretion.” That debate accepted that the various tools/instruments available to monetary policymakers are well known. Implicit is that the linkages between open market operations of the central bank’s trading desk and the objectives of monetary policies have been defined and […]Read More
For some time now, a lot of attention has been put on the Federal Reserve’s decision on whether or not to increase the federal funds rate target or to leave it unchanged at its current level. The health of the U.S. economy (and a significant part of the world economy) seems to depend whether or not the […]Read More
This piece originally appeared in the Daily Caller With just days until the conclusion of one of our history’s most polarizing presidential election cycles, it’s hard for a proponent of a free-society to be truly excited. But while it may be difficult to accurately predict what a Clinton or a Trump presidency might look like, […]Read More