Money Velocity: Much Ado About Nothing
In a paper soon to be published in the Journal of Applied Corporate Finance I do a back of the envelope calculation of the velocity of...
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Peter Stella
- Sep 30, 2021
- 3 min
Some Incredible Monetarist Arithmetic
During the last 13 years, the U.S. monetary aggregate known as M1 has grown at an average annual rate of 22.3 %, while inflation has...
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Peter Stella
- Sep 30, 2021
- 3 min
Only the Few Will Use Bitcoin
Neither intuition nor economic theory well explain the fact that modern economies require transfers of monetary value on the order of 50...
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Peter Stella
- Mar 2, 2021
- 3 min
Living Macro Policy in the Fast Lane with J n J
In several ways Janet Yellen and Jay Powell are a macro policy duo unique in American history, owing both to their relative aversion to...
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Peter Stella
- Aug 27, 2020
- 4 min
Chair Powell's 2020 Jackson Hole Speech
As a rule of thumb, central banks believe it takes 12 to 18 months for policy changes to take effect. This means they rely on forecast...
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Peter Stella
- Mar 16, 2020
- 2 min
Enabling the US Treasury to address the safe asset shortage and prefund covid 19 related spending
A Short Law to Enhance the Efficiency and Stability of the US Financial System I propose a short law that would enable the Federal...
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