The Fed Needn't rush to 'Normalize'
Wall Street Journal. Zero rates and zero inflation are pretty good. local pdf
Wall Street Journal. Zero rates and zero inflation are pretty good. local pdf
After the ACA: Freeing the market for health care
In The Future of Healthcare Reform in the United States Edited by Anup Malani and Michael H. Schill, p 161-201, University of Chicago Press. An essay on health care, first presented at the conference, The Future of Health Care Reform in the United States, at the University of Chicago Law School. Most of the policy discussion is focused on health insurance. But the health care market is dysfuctional, and needs to be fixed as well. Where are the Southwest Airlines, Walmart and Apple of health care, bringing cost saving, efficiency, and innovation? I argue that we need a big freeing up of health care markets. I also focus more than usual on supply restrictions. It doesn't do much good for people to pay with their own money if suppliers cannot respond to that demand. Last manuscript in case of copyright problems with the published version above.
In The Future of Healthcare Reform in the United States Edited by Anup Malani and Michael H. Schill, p 161-201, University of Chicago Press. An essay on health care, first presented at the conference, The Future of Health Care Reform in the United States, at the University of Chicago Law School. Most of the policy discussion is focused on health insurance. But the health care market is dysfuctional, and needs to be fixed as well. Where are the Southwest Airlines, Walmart and Apple of health care, bringing cost saving, efficiency, and innovation? I argue that we need a big freeing up of health care markets. I also focus more than usual on supply restrictions. It doesn't do much good for people to pay with their own money if suppliers cannot respond to that demand. Last manuscript in case of copyright problems with the published version above.
Greece's Ills Require a Banking Fix
Wall Street Journal. A currency union need open banks not banks stuffed with dodgy sovereign debts. With Andy Atkeson. local pdf.
Wall Street Journal. A currency union need open banks not banks stuffed with dodgy sovereign debts. With Andy Atkeson. local pdf.
The Rule of Law in the Regulatory State
An essay for the Hoover Institution Magna Carta conference. The regulatory agencies are now the threat to rule of law and your freedom to dissent and support unpopular candidates and causes. Excerpt published as The New Tyranny: How the Regulatory State Threatens Your Freedom in The Insider Fall 2015 pp. 5-13. (local copy.)
An essay for the Hoover Institution Magna Carta conference. The regulatory agencies are now the threat to rule of law and your freedom to dissent and support unpopular candidates and causes. Excerpt published as The New Tyranny: How the Regulatory State Threatens Your Freedom in The Insider Fall 2015 pp. 5-13. (local copy.)
An Autopsy for the Keynesians
Wall Street Journal Op-Ed. A bit of a response to all the opeds and bloggers claiming that ISLM explains everything and is taking over in the tide of ideas.
Wall Street Journal Op-Ed. A bit of a response to all the opeds and bloggers claiming that ISLM explains everything and is taking over in the tide of ideas.
What the Inequality Warriors Really Want
Wall Street Journal. A review of the arguments for punitive 1% taxes.
Wall Street Journal. A review of the arguments for punitive 1% taxes.
Who's Afraid of a Little Deflation
Wall Street Journal. Fears of "tipping" into deflation are overblown. I poke a little fun at sticky wages, Fed headroom, deflation-induced defaults and the long-predicted Keynesian deflationary spiral that never seems to happen, and the doom and gloom language from the ECB, IMF and other worriers who just happen to (of course) want to spend trillions to fix this latest "biggest economic problem."
Wall Street Journal. Fears of "tipping" into deflation are overblown. I poke a little fun at sticky wages, Fed headroom, deflation-induced defaults and the long-predicted Keynesian deflationary spiral that never seems to happen, and the doom and gloom language from the ECB, IMF and other worriers who just happen to (of course) want to spend trillions to fix this latest "biggest economic problem."
Toward a run-free financial system
In Martin Neil Baily, John B. Taylor, eds., Across the Great Divide: New Perspectives on the Financial Crisis, Hoover Press. This is an essay about what I think we should do in place of current financial regulation. We had a run, so get rid of run-prone liabilities. Technology and financial innovation means we can overcome the standard objections to "narrow banking." Some fun ideas include a tax on debt rather than capital ratios, the Fed and Treasury should issue reserves to everyone and take over short-term debt markets just as they took over the banknote market in the 19th century, and downstream fallible vechicles can tranche up bank equity.
In Martin Neil Baily, John B. Taylor, eds., Across the Great Divide: New Perspectives on the Financial Crisis, Hoover Press. This is an essay about what I think we should do in place of current financial regulation. We had a run, so get rid of run-prone liabilities. Technology and financial innovation means we can overcome the standard objections to "narrow banking." Some fun ideas include a tax on debt rather than capital ratios, the Fed and Treasury should issue reserves to everyone and take over short-term debt markets just as they took over the banknote market in the 19th century, and downstream fallible vechicles can tranche up bank equity.
Challenges for Cost-Benefit Analysis of Financial Regulation
Journal of Legal Studies 43 S63-S105 (November 2014). Is cost benefit analysis a good idea for financial regulation? I survey the nature of costs and benefits of financial regulation and conclude that the legal process of current health, safety and environmental regulation can't be simply extended to financial regulation. I opine about how a successful cost-benefit process might work. My costs and benefits expanded to a rather critical survey of current financial regulation. It's based on a presentation I gave at a conference on this topic at the University of Chicago law school Fall 2013, with many interesting papers. JSTOR link with HTML and nicer pdf. The JLS issue with all conference papers.
Journal of Legal Studies 43 S63-S105 (November 2014). Is cost benefit analysis a good idea for financial regulation? I survey the nature of costs and benefits of financial regulation and conclude that the legal process of current health, safety and environmental regulation can't be simply extended to financial regulation. I opine about how a successful cost-benefit process might work. My costs and benefits expanded to a rather critical survey of current financial regulation. It's based on a presentation I gave at a conference on this topic at the University of Chicago law school Fall 2013, with many interesting papers. JSTOR link with HTML and nicer pdf. The JLS issue with all conference papers.
Ideas for Renewing American Prosperity
Wall Street Journal. Local copy. Limit Government and Restore the Rule of Law.
Wall Street Journal. Local copy. Limit Government and Restore the Rule of Law.
The Failure of Macroeconomics
Wall Street Journal. local copy. A review of alternative theories of slow growth.
Wall Street Journal. local copy. A review of alternative theories of slow growth.
Stelldichein mit dem ‹‹Muffel››
Interview in Neue Züricher Zeitung, on occasion of receiving an honorary degree from the University of St. Gallen. In German, but google translate does a decent job.
Interview in Neue Züricher Zeitung, on occasion of receiving an honorary degree from the University of St. Gallen. In German, but google translate does a decent job.
Cochrane on Education and MOOCs
Interview with Russ Roberts on EconTalk podcast.
Interview with Russ Roberts on EconTalk podcast.
The debt dialogues
Podcast interview on free market health care with Don Watkins at the Ayn Rand Institute.
Podcast interview on free market health care with Don Watkins at the Ayn Rand Institute.
The future of global finance
Video interview with Jeff Garten at Yale SOM, February 2014, broadly covering financial markets and regulation. Part of a series by the same name.
Video interview with Jeff Garten at Yale SOM, February 2014, broadly covering financial markets and regulation. Part of a series by the same name.
What to do when Obamacare Unravels
Wall Street Journal . A free-market manifesto with emphaasis on freeing the supply of health care, like "After the ACA." local pdf
Wall Street Journal . A free-market manifesto with emphaasis on freeing the supply of health care, like "After the ACA." local pdf
Interview in the Richmond Fed "Econ Focus"
Interview, in the Richmond Fed "Econ Focus." Shorter pdf (print) version here and longer web version here. A wide ranging interview: Dodd-Frank, financial regulation, monetary policy, fiscal theory, recessions, inequality, and who are my heroes.
Interview, in the Richmond Fed "Econ Focus." Shorter pdf (print) version here and longer web version here. A wide ranging interview: Dodd-Frank, financial regulation, monetary policy, fiscal theory, recessions, inequality, and who are my heroes.
The Work Behind the Prize
The best short summary of Gene Fama's Nobel, presented at the University of Chicago Syposium. Blog post with Video. Here is a Spanish translation courtesy of Pedro Cervera. Spanish Translation of the Lars Hansen Nobel Prize post
The best short summary of Gene Fama's Nobel, presented at the University of Chicago Syposium. Blog post with Video. Here is a Spanish translation courtesy of Pedro Cervera. Spanish Translation of the Lars Hansen Nobel Prize post
Gene Fama's Nobel Prize
I attempt to explain some of his most important work.
I attempt to explain some of his most important work.