MacroMania

Back in the good ol' days, U.S. depository institutions (mostly banks) held just enough cash reserves (deposits they held at the Fed) t...

Economic exchange depends critically on secure and trustworthy payment systems. Because payment systems are fundamentally about recording a...

The Neo-Fisherian proposition is that raising the nominal interest rate (and keeping it elevated) will eventually cause inflation to rise (...

Is the Fed's "zero-interest-rate policy" (ZIRP) inflationary or deflationary? You'd think that macroeconomists would have...

In an earlier post , I summarized the main arguments people have used for and against a September lift-off.  There are, of course, other ...

The results of some interesting experiments to report here from the work of my colleague Carlos Garriga and his coauthors, Roman Sustek an...

As evidence of China's growth slowdown mounts, Tyler Cowen asks why people no longer seem to be talking about that country's much-...