Monetary Economics and Banking Policy by George Selgin
George Selgin: FDR pushed deficit spending after 1937-8 recession
George Selgin describes how, following the 1937-8 recession attributed to fiscal and monetary tightening approved by President Franklin D. Roosevelt, Keynesian economists persuaded FDR to back a ...
Bitcoin is not commonly used for payments, George Selgin argues
George Selgin questions Bitcoin’s status as money, emphasizing its limited adoption as a payments medium. He notes that Bitcoin is now seldom the preferred option for transactions even within ...
George Selgin: Bailouts occur when spending collapses and costs cannot be recovered
George Selgin challenges the notion of market fundamentalism by stating that whenever spending collapses to the point where producers are unable to recover their production costs, any measures ...
Central banks gained currency-issuing privileges by legislation, George Selgin argues
George Selgin challenges the argument that central banks arise naturally and that free banking systems are unsustainable. He points out that currency-issuing privileges were granted to specific ...
George Selgin: State regulations drove problems in antebellum U.S. banking
George Selgin challenges the common perception that antebellum U.S. banking was unregulated. According to Selgin, state government regulations, while strict, were often poorly designed and ...
Official U.S. dollar currency held overseas estimated at about half, George Selgin notes
George Selgin comments that around half of the official U.S. dollar currency supply is believed to be held overseas. He characterizes this figure as a standard but rough estimate, noting it is ...
George Selgin: Wildcat banks did not cause 1837 Panic
George Selgin argues that wildcat banks were not common and only emerged after Michigan passed its General Banking Act on March 15, 1837, coinciding with the onset of the 1837 Panic. Selgin ...
Comparing New Deal deficits to potential GDP offers clearer insight, George Selgin notes
George Selgin challenges the conventional approach to measuring the impact of New Deal deficits. He argues that to truly understand their economic stimulus, it is essential to compare the size of ...
George Selgin: Salerno process leads to market-clearing prices without sales data
George Selgin discusses a process described by Salerno where sellers do not need to consult actual sales results or inventory levels to inform their pricing decisions. According to Selgin, this ...
Transitioning from floor to scarce reserve system is challenging, George Selgin argues
George Selgin highlights ongoing difficulties in moving away from the Federal Reserve's floor system and the resulting large balance sheet. Selgin, who has long been critical of both the floor ...
George Selgin: Floor system has increased bank dependence on Fed in liquidity shortages
A move to a floor system by the Federal Reserve has undermined the interbank fed funds market, according to George Selgin. Previously a primary source of last-minute loans for banks, this market's ...
St. Louis Fed President Musalem suggests current rates could persist, George Selgin argues
George Selgin comments on recent statements from St. Louis Fed President Alberto Musalem, who indicated that the Federal Reserve's current interest rate settings are likely to remain appropriate ...
George Selgin: Deflation is not always harmful despite persistent myth
George Selgin challenges the common belief that deflation is inherently detrimental regardless of its cause. He notes that despite numerous studies indicating otherwise, this myth persists in ...
Price adjustments post 1929 linked to demand collapse, George Selgin argues
George Selgin raises a hypothetical scenario regarding economic adjustments following 1929. He suggests that if there had been only an Austrian boom and no collapse in the money stock and ...
George Selgin: Hayek scheme differs significantly from free banking models
George Selgin commented that Hayek's proposed scheme is fundamentally different from free banking systems. Selgin emphasized that free banking, unlike Hayek's approach, is not utopian and has ...
U.S. money stock expanded dramatically in several wars, George Selgin notes
George Selgin references historical data from 1877 to 1899, pointing out limited data availability before that period. However, he emphasizes that no one disputes the substantial increase in the ...
George Selgin: U.S. economy impact minimal but consumers face harm
George Selgin comments that the overall impact on the U.S. economy will not be significant, but U.S. consumers are expected to bear negative consequences. Selgin suggests that while broader ...
Debate on NGDP targeting endures in economic circles, George Selgin says
George Selgin questioned the economics profession resistance and lack of understanding toward NGDP targeting. He suggested this stance could become one of the more puzzling aspects in ...
George Selgin: U.S. bank charter requirement undermines stablecoin issuer goals
George Selgin has voiced concern over the efficacy of requiring stablecoin issuers to obtain standard bank charters in order to qualify for narrow or skinny banking models. According to Selgin, ...
George Selgin: Fed viewed as flawed compared to Canadian system
George Selgin criticized the effectiveness of the Federal Reserve as a provider of stable and elastic currency. He argued that the Fed was a less effective solution compared to reforms inspired ...
George Selgin challenges Federal Reserve QE approach raises risk of backdoor funding
George Selgin scrutinizes the actions of the Federal Reserve, highlighting concerns about quantitative easing (QE) as a potential vehicle for backdoor funding that bypasses the established ...
