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In his first speech as a member of the Federal Reserve’s Board of Governors, Christopher Waller defended Fed independence and reassured his audience that “deficit financing and debt servicing issues play no role in our policy decisions and never will.” His goal was to dispel the “narrative” that, with massive federal debt and fiscal deficits, […]
A couple months ago, in arguing that “The Fed should give everyone a bank account,” journalist Matt Yglesias cited what he took to be an instructive precedent: “Once upon a time, governments didn’t issue paper currency, and instead banknotes were printed privately by banks. But over time, we came to see this as a worthwhile […]
Everyone is talking about inflation, but what is it? Why does it matter? What causes it? And what can the Federal Reserve do about it? This primer will address those questions with the goal of improving the public’s understanding of inflation and the role of the central bank. What Is Inflation? Inflation is best described […]