Popular Writings 

Articles

 

"The Challenges of Dollar Dominance", The Bridge , September 6, 2019.

"Why the U.S. Dollar Will Remain Strong" National Review, August 22, 2019

"Trump Has the Monetary Policy Blues", National Review, April 29, 2019

"Uncle Sam's New Credit Card", National Review, April 12, 2019

"Adopting a 'Keep it Simple, Stupid' Approach to Monetary Policy", The Bridge September 12, 2018.

"Donald Trump's Real Influence on Monetary Policy", Alt-M, August 15, 2018. 

"Jay Powell's Fed and the Right Monetary Policy Rule", The Hill, July 24, 2018.

"The Eurozone Should Integrate or Separate", National Review, July 13, 2018.

"Two Important Things We Learned From the Fed Chair Yesterday", The Bridge, June 14, 2018.

"A Monetary Correction", National Review, March 5, 2018.

"Congress Needs to Ask Fed Chair Nominee a Few Questions", The Hill, November 3, 2017.

"What's the Fed's Endgame?", U.S. News and World Report, October 16, 2017.

"End of an Era: Fed Takes Big Step Toward Normalizing" The Hill, September 20, 2017.

"Against Higher Inflation" National Review, June 29, 2017.

"Trumps Appointment to the Fed Could Affect Global Economy" National Review, May 18, 2017

"Back to Normal: the Fed May Find Unwinding Its Bloated Balance Sheet More Challenging than Expected" U.S. News and World Report, April 3, 2017

"As Debate Rages, Simple Analogy Shows How Fed Controls the Inflation Rate" The Hill, March 15, 2017

"Finally free: Federal Reserve Raises Key Rate Amid Improving Growth Forecasts" The Hill, December 14, 2016

"Cash Value" National Review, September 12, 2016

"The Crisis? Blame the Fed" Politico, March 14, 2016.

 

"The Fed is Not Ready for the Next Recession" Financial Times Alphaville, February 23, 2016

 

"Yes, the Fed's Errors Made the Recession Worse" Bloomberg View, February 8, 2016

 

"Subprime Reasoning on Housing" New York Times, January 27, 2016

 

"The Fed Must Go Full Monty on Natural Rate Estimate" Investor's Business Daily, January 14, 2016

 

Savers’ Real Problem” National Review, February 2, 2015

 

Stagnant Economics: The Case Against Secular Stagnation” National Review, October 6, 2014.

 

Here is Why Larry Summers is Wrong About Secular Stagnation” Washington Post, July 10, 2014.

 

 “Roots of the 2008 Crisis” National Review, July 7, 2014

 

The Right Goal for Central Banks” National Review, June 2, 2014

 

The Road to Monetary Stability” National Review, February 10, 2014.

 

No Time To Taper: the Federal Reserve Needs to Loosen Its Grip” The New Republic, June 25, 2013.

 

The Low Interest Rate Blues”, iNational Review Online, May 20, 2013

 

How the Fed Can Unwind”  National Review, May 20, 2013

 

The Cliff Hangs on the Fed: Why Ben Bernanke Controls the Economy’s Fate”  The Atlantic, December 2013.

 

Demand-Side Economics: Taking a Look at Nominal GDP Targeting”,  Lane Report, December 12, 2012

 

“Monetary Regime Change”, National Review, June 11, 2012.

 

Tight Budgets, Loose Money: Why Both Liberals and Conservatives are Wrong About How to Fix the Economy”, The New Republic, November 3, 2011

 

How to Narrow the Fed’s Mandate: Target Nominal-GDP Growth”, National Review Online, April 11, 2011.

 

The Conservative Case for QE2”,  National Review Online, December 10, 2010.

 

What Would Milton Friedman Say About Fed Policy Under Bernanke?” Investor’s Business Daily, October 21, 2010.

 

Deflation Isn’t Always Dangerous”, Barrons, November, 207.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Blog Posts

Recent Selected Posts

(1) Is Low Inflation Really a Mystery?

(2) The FOMC Decision: a NGDP Perspective

(3) Oh, the Horror of a Corridor!

(4) Is the United States Becoming Less of an Optimal Currency Area?

China Crisis 
(1) How to Create a Chinese Economic Crisis in Threee Easy Steps
(2) Impossible Trinity, Deflationary Shocks, and Optimal Currency Blocks
(3) The Monetary Superpower Strikes Again

 

Eurozone Crisis 
(1) Was Grexit Inevitable? 
(2) Origins of Eurozone Monetary Crisis 
(3) Eurozone Counterfactual 
(4) Fool Me Once Shame on You; Fool Me Twice Shame on Me 

 

The Natural Interest Rate

(1) A Small Step Toward Better Fed Policy

(2) Responding to Our Critics

(3) A Pleas to My Fellow Free-Marketers

(4) Miles and Scott's Excellent Adventure


Permanent vs. Temporary Monetary Injections 
(1) The Federal Reserve's Dirty Little Secret 
(2) Helicopter Drops versus QE 
(3) Tinkering on the Margins 
(4) Penske View of Macro 

What Caused the Great Recession?
(1) Spawning the Great Recession? 
(2) Did Debt Deleveraging or ZLB Cause the Great Recession? 

Treasury Yields

(1) Don't Worry, Be Happy: Falling Treasury Yields Edition.

(2) Another Bond Market Conundrum?

(3) A Surprising Look Back at the Fed's QE Programs

 

Safe Assets, Money, and the Great Recession 
(3) Money Still Matters.
(4) Why the Global Shortage of Safe Assets Matters.
(5) The Cyclical Dimension to the Safe Asset Problem.
(6) The Bernanke-Student Conversation You Missed..

 

What's Behind the Low Interest Rates? 

(1) Bernanke's Friday Night Special.

(2) The Fed, Budget Deficits, and the Facts.

(3) The Biggest Myth About the Fed. 


Nominal GDP Targeting 
(1) Insurance Against Central Bank Incompetence. 
(2) The Case for Nominal GDP Targeting. 
(3) Target the Cause Not the Symptom.

Images

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Screen Shot 2019-04-15 at 5.54.35 PM.png

2010 - present

2010 - present