Second Quarter 2018

In This Edition

  • Allan Meltzer and the Search for a Nominal Anchor

    The author examines Allan Meltzer's career in terms of the search of a nominal anchor for the U.S.


  • Blockchain: What It Is, What It Does, and Why You Probably Don't Need One

    All record-keeping systems (which include monetary systems) must contend with trust issues and methods of organizing historical information. Conventional systems rely on the reputation of central authorities and record-keepers to achieve consensus.


  • Inflation Control: Do Central Bankers Have It Right?

    Neo-Fisherites argue that conventional central banking wisdom has inflation control wrong, in that the way to increase (reduce) inflation is to increase (reduce) the central bank's nominal interest rate target. This article shows how two conventional macroeconomic monetary models—a New Keynesian (NK) model and a segmented markets model—exhibit neo-Fisherian properties.


  • Is Bitcoin a Waste of Resources?

    Do Bitcoin and other cryptocurrencies play a useful social role, or do they represent a social waste? Bitcoin is a decentralized recordkeeping system, with updating of the record of transactions in the blockchain.


  • Monetary Policy Regimes and the Real Interest Rate

    During the period from 1965 to the end of 2015, the Federal Reserve operated monetary policy in a variety of ways associated with four distinct monetary policy regimes. These different monetary policy regimes display different outcomes for inflation, interest rates, and real consumption growth. 


  • The Basel Accord and Financial Intermediation: The Impact of Policy

    This article studies loan activity in a context where banks have to follow Basel Accord"“type rules and find financing with the households. Loan activity typically decreases when investment returns of entrepreneurs decline, and we study which type of policy could invigorate an economy in a trough.


  • The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies

    We characterize various currencies according to their control structure, focusing on cryptocurrencies such as Bitcoin and government-issued fiat money.