Tag Archives: Macro-Prudential

Federal Reserve: Out of Ammo, AGAIN.

Posted on August 26, 2014 by William Holland

Myths die hard in America.  So it goes with the idea of the ‘Phillips Curve’ and the belief that an institution can control both labor market activity and inflation simultaneously.  Even though Reagan & Volcker killed this ideological behemoth, the … Continue reading →

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A New Tyranny: The Fatal Conceit of Macro-Prudential Policy

Posted on August 6, 2014 by William Holland

Let’s face it, the Federal Reserve is out of ammunition. By any standard, the world’s most powerful institution is impotent.  So is Congress, who punted immediately to the credentialed technocracy that is the ‘Fed.’ One can see it now, the … Continue reading →

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Unemployment & Federal Reserve

Posted on August 2, 2014 by William Holland

It’s a shame the Federal Reserve still uses an ideological template (Phillips curve) to arrogate to itself a power that was discarded by Volcker and Reagan.  What both men proved was that there really NEVER was a trade off between … Continue reading →

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The House Hits Yellen: FRAT & Taylor Rule

Posted on August 1, 2014 by William Holland

The Federal Reserve Accountability and Transparency Act (F.R.A.T.) is a bill in the House of Representatives that seeks to have the Federal Reserve pursue its policy objectives using a formula advocated by Milton Friedman some 50 years ago.  Although Dr. … Continue reading →

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