The following is a newly released paper by Dr. Thomas Hogan, former Sound Money Project fellow and current Chief Economist for the U.S. Senate Committee on Banking, Housing, & Urban Affairs. Risk and Risk-Based Capital of U.S. Bank Holding Companies Thomas L. Hogan Troy University Neil R. Meredith West Texas A&M University; American Economic Association October 6, 2015 Journal of […]Read More
Academic, peer-reviewed articles.
China: America’s Financial Colony or Mercantilist Predator?, by Lewis E. Lehrman The article was originally posted here. The author argues the U.S. has a colonial-like power over China because of the latter’s dependence on dollar-denominated financial assets.Read More
“In The Mystery of Banking, Murray Rothbard explained how the origins of central banking in the U.S. were rooted in a lobbying effort by Robert Morris and other “nationalists” to create a bank modeled after the Bank of England that would subsidize their businesses with cheap credit and other forms of corporate welfare. This paper […]Read More
“William Niskanen (2002) estimated a Phillips curve for the United States using annual 1960–2000 data. By adding one-year lagged terms in unemployment and inﬂ ation, he was able to show that this familiar equation is misspeciﬁed. In his improved speciﬁcation, Niskanen found that the immediate impact of inﬂation is to reduce unemployment, conﬁrming the traditional […]Read More
“The Federal Reserve System is a major sponsor of monetary economics research by American economists. I provide some measures of the size of the Fed’s research program (both inputs and published outputs) and consider how the Fed’s sponsorship may directly and indirectly influence the character of academic research in monetary economics. In particular, I raise […]Read More
“It is easy to note what is absent from a pure laissez faire monetary regime. There is no government control of the quantity of exchange media. There is no state-sponsored central bank. There are not legal barriers to entry, branching, or exit of commercial banks (or non-bank financial institutions, assuming any distinction can be drawn). […]Read More