Monetary Theory

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Plug that Nickel!

Money and BanksInterventionismMonetary TheoryValue and Exchange

Blog01/31/2007

In a neat admission that his bosses are rotting the money in our pockets, Chicago Fed economist Francois Velde has come up with a bright idea: debase the nickel by a factor of five!

"The problem [...

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US Edges Perilously Closer to World Economy

Monetary TheoryValue and Exchange

Blog01/15/2007

It seems a certain pizza chain in the American Southwest currently accepts Mexican pesos as well as dollars for their pies. This business practice resembles that not only of international airports all over the...

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An unlikely champion

Monetary Theory

Blog01/11/2007

From the heart of the would-be global Hoi Phylakes — the Council for Foreign Relations — comes a piece written by their Director of...

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The Keynes of Marx; the brother Groucho that is

Media and CultureMonetary Theory

Blog01/07/2007

While watching the classic comedy Animal Crackers, I laughed as Groucho Marx — playing the character Captain Spaulding — engaged a gentleman named Chandler in...

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China Raises Reserve Requirements Again

Financial MarketsMonetary Theory

Blog01/06/2007

China again raises reserve requirements of banks . This was the fourth time in just seven months that they did this. If they keep this up, fractional reserve banking might be ended in China soon!

No, not really...

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Has Card Been Misinterpreted?

Monetary TheoryProduction Theory

Blog01/05/2007

Here's an interesting excerpt from an interview with David Card by the Minneapolis Fed's Region (December 2006).

Is Card making the Austrian point that the perfectly competitive model (a.k.a. the simple supply...

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To hear ol' Jordan roll

Monetary Theory

Blog12/04/2006

Always one of the more sensible of our supposed monetary Guardians, Jerry Jordan, former President of the Cleveland Regional Fed has contributed a piece to the St. Louis Fed's latest 'Review' in which...

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Stiglitz in The Times: A Study in Confusion

Money and BanksMonetary TheoryMoney and Banking

Blog10/04/2006

In the New York Times, Joseph Stiglitz, a Nobel prize winner in economics, has an article titled "How to Fix the Global Economy." Judging from his article, Stiglitz appears to believe that the main problem of the...

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Wage Rates and Purchasing Power

Monetary Theory

Blog07/31/2006

An individual who earns more money per week is obviously in a position to spend more in buying consumers' goods than is an individual who earns less money per week. For example, a man who makes $1,000 per week has the ability to spend $1,000 per week, while a man who makes only $900 per week...

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How Government Budget Deficits Reduce Wages and Raise Profits

Calculation and KnowledgeMonetary TheoryProduction TheoryValue and Exchange

Blog07/24/2006

In recent years there have been growing complaints over slow growth in wages compared to profits. Those who make the complaints usually offer little in the way of explanation. Here is a part of the explanation: growing government budget deficits.

Government budget deficits are financed...

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