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Monetary policy now relies on interest paid on reserves, George Selgin notes

Monetary policy now relies on interest paid on reserves, George Selgin notes
Fed stance led by interest rate on reserves

George Selgin highlights that while skepticism toward the U.S. Federal Reserve is warranted and it played a role in post-COVID inflation, the primary determinant of U.S. monetary policy since the global financial crisis is the interest rate paid on bank reserves.

He emphasizes that the size of the Federal Reserve's balance sheet is less significant than the rate it sets for reserves.

Selgin previously analyzed how inflation solutions that address supply shocks are effective primarily when inflation results from such shocks, rather than from excess demand or monetary factors, as noted in his discussion on supply shocks and inflation. He has also written about the real losses to depositors following the 1934 devaluation, finding that these losses were limited as CPI increases remained under 4%, detailed in his assessment of the devaluation's impact. These prior analyses contribute to Selgin’s ongoing commentary on monetary policy and economic outcomes.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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