A follow up to Ryan’s excellent post . Roger Garrison is at his best here balancing Fed policy and housing policy including CRA and their relative impact of the latest boom-bust. An excellent example of historical interpretation and “variations of the theme” of ABCT . From his Alchemy Leveraged: The Federal Reserve and Modern Finance : Unsound as
In the Quote of the Day at Café Hayek, Don Boudreaux highlights Adam Smith Book II, Chapter 1 – on pages 284-285, Vol. 1, of the 1981 Liberty Fund edition – of Adam Smith’s 1776 An Inquiry Into the Nature and Causes of the Wealth of Nations in a quote that shows an explicit understanding of what Robert Higgs has labeled Regime Uncertainty, one of
For those who might prefer a shorter summary of Bernanke’s legacy see John B. Taylor’s 300 word “ Monetary Policy During Ben Bernanke’s Time at the Fed .” Since this was originally prepared in December for the Washington Bureau of the Wall Street Journal, I would guess it is a major source for much of appeared what the Journal ’s legacy editorial
In a perceptive comment on yesterday’s Daily, “ Bernanke’s Legacy: A Weak and Mediocre Economy ”, mkm writes: Whilst the Fed and Bernanke had a role in the 2008 financial collapse, we should not forget the other actors who were probably more culpable than them. They will include the social pressure groups who pushed for the 70% house ownership
I will be a guest today on Turning Hard Times into Good Times with Jay Taylor. The program is “Keynes Destroyed the West but Not Gold” and ‘airs’ 3-5 PM Eastern Time. The promo describes my part as “Cochran will explain how Keynes’ anti-free market interest rates are destroying life sustaining capitalism. To enable Keynesian interest rate policies
A link to my interview yesterday with Jay Taylor. The opening and closing have been edited to remove intro music, commercials and reference to the next segment. About 30 minutes. Listen here If you missed it here is Mark Thornton on last week’s Jay Taylor’s show. About 40 minutes. Dr. Mark Thornton tells us how he believes the effect of current
Sound Advice for Janet Yellen A dam Ferguson ( Jan 27 Weekly Standard ) advice to Janet Yellen is highlighted in “ Notable & Quotable ” in today’s Wall Street Journal. Ferguson suggests that future Fed Chair Yellen should follow John Cowperthwaite whose introduction of free market economic policies are widely credited with turning postwar Hong
Following the Fed meeting last week, I was interviewed by Thomas Ressler, editor of Inside the CFPB ( Published by Inside Mortgage Finance Publications) focusing on the impact of Fed policy on MBS and the housing market. His summary of our discussion: More broadly speaking, Fed watcher John Cochran, emeritus professor of economics at Metropolitan
The always interesting and informative Richard Ebeling is doing regular commentary at EPICTiMES . His most recent is “ Don’t fear Deflation, Unless Caused by Government .” Here Ebeling effectively refutes arguments made by Bernanke and Yellen that the Fed’s massive monetary base expansion was necessary to fight recession and prevent deflation.
p>My replacement at Metro State, Nicolas Cachanosky, continues to write interesting, challenging papers in the Austrian tradition faster than those of us used to the slower pace of retirement can read them. His most recent is “ Hayek’s Rule, NGDP Targeting, and the Productivity Norm: Theory and Application. ” Cachanosky notes: The 2008 crisis
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.