All Posts Tagged With: "money supply"
Monetary-Policy Disasters of the Twentieth Century
Kirby R. Cundiff is an associate professor of finance at Northeastern State University in Tulsa, Oklahoma, and an adjunct associate professor of finance at the University of Maryland University College. The Federal Reserve System was created in 1913 and soon did what central banks almost always do: it started printing lots of money. During World [...]
1Jan2007 | Kirby R. Cundiff | 5 comments | ContinuedWhy Not Monetary Freedom?
In all of the commentaries that have appeared since President George W. Bush nominated Dr. Ben S. Bernanke as Alan Greenspan
1Dec2005 | Richard M. Ebeling | 0 comments | ContinuedGovernment, Fiscal Responsibility, and Free Banking
Richard Ebeling is the president of FEE. This paper was delivered at a conference on “One Hundred Years of Dollarization, or a Century without a Central Bank: The Case of Panama,” sponsored by Fundación Libertad in Panama City, Panama, on November 12, 2004. There has been no greater threat to life, liberty, and property throughout [...]
1Feb2005 | Richard M. Ebeling | 1 comment | ContinuedInflation in One Page
1. Inflation is an increase in the quantity of money and credit. Its chief consequence is soaring prices. Therefore inflation — if we misuse the term to mean the rising prices themselves — is caused solely by printing more money. For this the government’s monetary policies are entirely responsible. 2. The most frequent reason for [...]
1Nov2004 | Henry Hazlitt | 5 comments | ContinuedThe Great German Inflation
Eighty years ago this month, on November 15, 1923, the Great German Inflation came to an end when the monetary printing presses were finally shut down. The German people had gone through nine years of ever-greater monetary expansion, ever-more soaring prices, the financial destruction of much of the society’s middle class, a massive misdirection and [...]
1Nov2003 | Richard M. Ebeling | 0 comments | ContinuedCapital Letters
Poor Definitions of “Deflation” and “Inflation” To the Editor: Contrary to Stephen Davies’s March column, “The History of ‘Deflation,’” traditionally and historically, “inflation” referred to a “large” increase in the quantity of money, “deflation” to a “large” decrease. These definitions were not scientifically precise, for what is “large” was always debatable. Moreover, the quantity of [...]
1Jun2003 | FEE Admin | 0 comments | ContinuedA Classic Hayekian Hangover
Roger Garrison is professor of economics at Auburn University and author of Time and Money: The Macroeconomics of Capital Structure (Routledge, 2001); Gene Callahan is author of Economics for Real People (Ludwig von Mises Institute, forthcoming). Do busts follow investment booms as hangovers follow drinking binges? Dubbing the idea “The Hangover Theory” (Slate, December 3, [...]
1Jan2002 | Roger W. Garrison | 0 comments | ContinuedInflation and Money: A Reply to Timberlake
Joseph Salerno is a professor of economics in the Lubin School of Business at the Pace University. In his reply to my October 1999 Freeman: Ideas on Liberty article, Richard Timberlake fails to address or misconstrues most of the substantive issues I raised in my comment on his earlier three articles. Space constraints, however, permit [...]
1Sep2000 | Joseph T. Salerno | 0 comments | ContinuedFinal Comment on Salerno’s Monetary Program
I am not going to re-argue the points of difference between Salerno’s arguments and mine in this final rejoinder. The reader must decide for himself which parts if any of our respective views are most logical and most useful in dealing with the events under scrutiny. I find that nothing in Salerno’s final account refutes [...]
1Sep2000 | Richard H. Timberlake | 1 comment | ContinuedEconomics on Trial
In today’s robust global economy, the wheat represents genuine prosperity—the new products, technologies, and productivity generated by capitalists and entrepreneurs. It represents real economic growth and when harvested, reflects a true higher standard of living for everyone. Under such conditions, stock prices are likely to rise.
1Sep2000 | Mark Skousen | 0 comments | ContinuedThe Fed Sets Interest Rates?
Newspaper headlines across the country on July 1 provided some bad news for consumers: “Fed moves to raise interest rates.” Associated Press writer Martin Crutsinger explained: “The Federal Reserve raised interest rates for the first time in two years.., nudging borrowing costs higher for millions of American consumers and businesses …. At the conclusion of [...]
1Dec1999 | Richard H. Timberlake | 2 comments | ContinuedMoney and Gold in the 1920s and 1930s: An Austrian View
Joseph Salerno is a professor of economics in the Lubin School of Business at Pace University. In consecutive issues of The Freeman, Richard Timberlake has contributed an interesting trilogy of articles advancing a monetarist critique of the conduct of U.S. monetary policy during the 1920s and 1930s.[1] In the first of these articles, Timberlake disputes [...]
1Oct1999 | Joseph T. Salerno | 7 comments | ContinuedThe Reserve Requirement Debacle of 1935-1938
Richard Timberlake is a professor of economics retired from the University of Georgia. This is the last in a series. The principal thrust of Treasury-Federal Reserve monetary policy throughout the 1920s and 1930s was by turns restrictive, contractionary, and depressive. Even as the economy was floundering helplessly in a financial environment of monetary austerity, no [...]
1Jun1999 | Richard H. Timberlake | 0 comments | ContinuedThe Great Pretenders
William McChesney Martin, Jr., who was chairman of the Federal Reserve from the Truman through the Nixon years, died last summer. According to the New York Times obituary, Martin hated inflation and deficits. Further, he had a reputation for jealously guarding the Fed’s independence and resisting presidential and congressional pressure to lower interest rates. Before [...]
1Nov1998 | Sheldon Richman | 0 comments | ContinuedIts an Economy, Not a Machine
The Dow dropped almost 150 points on a single day a few months ago at indications that the Federal Reserve, the nation’s central bank, may raise interest rates if the economy doesn’t “slow down.” Concerned officials there had been expecting a slowdown, but they couldn’t discern the hoped-for signs. The Wall Street Journal said that [...]
1Sep1998 | Sheldon Richman | 2 comments | ContinuedGreat Myths of the Great Depression
This essay is condensed from a longer monograph of the same title, available for $5 postpaid from FEE. Many volumes have been written about the Great Depression and its impact on the lives of millions of Americans. Historians, economists, and politicians have all combed the wreckage searching for the “black box” that will reveal the [...]
1Aug1998 | Lawrence W. Reed | 11 comments | ContinuedThe Myth of the Independent Fed
Dr. DiLorenzo is a professor of economics at Loyola College in Maryland. Ever since its founding in 1913, the Fed has described itself as an independent agency operated by selfless public servants striving to fine-tune the economy through monetary policy. In reality, however, a non-political governmental institution is as likely as a barking cat. Yet, [...]
1Apr1997 | Thomas J. DiLorenzo | 4 comments | Continued-
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