With the December 2017 quarter of a percent hike in the Federal Reserve Bank interest rate to 1.5%, banks will receive 1.5% interest on reserves parked at the Fed instead of lending them out. Lending them out means added investment. Lending out the excess reserves means increased demand deposits at private banks. And increased demand … More Cold Turkey and Moral Hazard : Why the Fed Should Stop Paying Interest on Excess Reserves to Banks
Presentation by Max Gillman FULL PDF TEXT OF TALK: Thank you very much for having me before this distinguished group. I especially thank Harry Langenberg, Dave Rose and William Rogers for this honor. My talk involves some monetary theory, history, and policy with a neoclassic economic perspective that monetary policy is a part of … More Some Corporate Tax Reform History & the Inflation Tax: Lecture given at the Discussion Club of St. Louis, March 19, 2014:
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