Current Blog
Cryptos Fear Credit
Proposals for monetary reform, whether mild or radical, are always and everywhere informed by some underlying theory of money. A Read more
The Making of a Public Economist
Walter Lippman (1889-1974) is usually remembered, if at all, as a journalist and political commentator, and certainly not as an Read more
Beyond the Taylor Rule
The following is in blog form the substance of a talk I gave Sept 7 at a Mercatus conference, "Monetary Read more
Family Reunion at Jackson Hole
You can title your conference whatever you want, but the actual content will depend on the speaker list. The convenors Read more
Financialization and its Discontents
Financialization is not new, nor is discontent with it. "Capitalism is essentially a financial system, and the peculiar behavioral attributes Read more
Channeling Kindleberger on Brexit
What would Charlie have made of Brexit? Charles P. Kindleberger's very last book-length effort was the slim volume titled Centralization Read more
BIS looks through the financial cycle
"I wouldn't start from here," the BIS never says explicitly in its recent Annual Report, but nevertheless it goes on Read more
In memoriam, Jack Treynor
[Remarks at Jack Treynor Memorial, MIT Chapel, June 19, 2016] “Jack has never been easy,” wrote Charles D. Ellis in Read more
Global Money, a Work in Progress
Today global money is largely private credit money, the issue of a profit-seeking bank that promises ultimate payment in public Read more
From Keynes to Lucas, and Beyond
A History of Macroeconomics, by Michel De Vroey. Cambridge University Press, 2016. De Vroey’s book reads like a travelogue recounting Read more