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Libertarianism includes a spectrum of beliefs about the role of the state. Classical liberalism supports a minimal state with accountability and predictability. Social Security's intergenerational transfer system is considered unfair…
Financial crises have a more profound impact on asset markets than ordinary recessions. Asset prices drop more during financial crises due to an extra risk premium channel. Asset markets typically…
Nominal GDP is a crucial indicator for understanding macroeconomic policy mistakes. Fiscal policy and supply shocks are often overrated in their impact on nominal GDP growth. The earlier, simpler monetary…
The OFR has a unique ability to collect financial data, filling gaps other agencies cannot. Transitioning from LIBOR to SOFR involved integrating various short-term money market rates. Global liquidity is…
Historical data from the Riksbank is crucial for testing macroeconomic theories. The Riksbank formally adopted a 2% inflation target in 1995 after allowing the Swedish krona to float. Flexible inflation…
Long-term economic policies often have delayed effects that are not visible in short-term analyses. Certain economic policies are implemented for reasons beyond driving economic growth. The lack of comprehensive public…
The Australian dollar is currently trading away from its fundamental value, indicating potential misalignment with economic indicators. The Reserve Bank of Australia (RBA) targets a flexible inflation range of 2%…
Historical banking practices have created a path dependency that affects modern payment systems. Good money is defined by law and institutions, while good payments are defined by technology and governance…
The Fed's development of new payment systems has been significantly delayed. Payment system improvements by the Fed are often reactive rather than proactive. Current payment systems operate like batch processes,…