Extract from new forthcoming Berkeley E Journal of Macroeconomics: Advances, “The Welfare Cost of Inflation with Banking Time”, Max Gillman, 2018. Below is Section 2 of this article: “US Law on the Target Inflation Rate” According to the US Federal Reserve Bank the FOMC (Federal Open Market Committee) has since 2012 adopted an explicit inflation … More US Law on the Target Inflation Rate
The Wall Street Journal: Letter “Fed Should Slowly Unwind Excess Reserves” Before 2008, competition between banks forced them to loan out or otherwise invest excess reserves. 4 Comments Sept. 26, 2018 3:15 p.m. ET SEC chairman, Jay Clayton in April Photo: Yuri Gripas/Bloomberg News Regarding your editorial “Sharing the Wealth of Markets” (Sept. 21): Yes, … More WSJ:”Fed Should Slowly Unwind Excess Reserves”
Thomas Gordon : Writing in Wall Street Journal: December 14, 2017 @Max Gillman Good comments and informatory about why banks are now paid interest on reserves. As it concerns the article, I don’t think they were paying a huge interest rate (I thought it was less than 1%, but probably more than most banks were … More Comment on “Cold Turkey and Moral Hazard”
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