In a paper soon to be published in the Journal of Applied Corporate Finance I do a back of the envelope calculation of the velocity of...

During the last 13 years, the U.S. monetary aggregate known as M1 has grown at an average annual rate of 22.3 %, while inflation has...

Neither intuition nor economic theory well explain the fact that modern economies require transfers of monetary value on the order of 50...

In several ways Janet Yellen and Jay Powell are a macro policy duo unique in American history, owing both to their relative aversion to...

As a rule of thumb, central banks believe it takes 12 to 18 months for policy changes to take effect. This means they rely on forecast...

A Short Law to Enhance the Efficiency and Stability of the US Financial System I propose a short law that would enable the Federal...