Current Blog
China’s Rocky Road Ahead, Financial Liberalization versus Financial Stability
A summary of the 3rd annual joint conference of the People's Bank of China and the International Monetary Fund offers a Read more
Old economic thinking is the problem, says BIS
The 85th Annual Report of the BIS is not perhaps the obvious first choice for beach-reading on a holiday weekend, but Read more
Getting clear on clearing
Gary Cohn, president and COO of Goldman Sachs, weighs in with his doubts about the wisdom of the current regulatory Read more
The bailouts of 2007-2009: the case of AIG
Now comes a symposium of five articles, published in the AEA outreach Journal of Economics Perspectives, several of which read Read more
Why is money difficult?
As regular readers know, I emphasize two central functions of monetary systems: payments and market-making. These are the foundation pillars Read more
Regulatory Silos, and also Intellectual Silos, hold back financial reform
A month ago, the Volcker Alliance issued a report intended to address a central issue that had been purposely left Read more
Financial Reform, Part One: TBTF
The word has come down, "Never again!" On October 14, 2008, the US Treasury announced a plan to recapitalize the Read more
Exit strategy, Part One: ZIRP
The Fed has announced plans to raise rates in the imminent future, but the market does not believe it. Why Read more
Home (and solvency) bias at the Fed
At the INET conference in DC yesterday, Janet Yellen and Christine Lagarde both gave brief statements, and then they asked Read more
Coursera course launches May 3rd
Hey everyone our Coursera course Economics of Money and Banking will Launch on Sunday at midnight EST Read more