Peter StellaOct 26, 20215 min readMoney Velocity: Much Ado About NothingIn 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...
Peter StellaSep 30, 20213 min readSome Incredible Monetarist ArithmeticDuring 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...
Peter StellaSep 30, 20213 min readOnly the Few Will Use BitcoinNeither intuition nor economic theory well explain the fact that modern economies require transfers of monetary value on the order of 50...
Peter StellaMar 2, 20213 min readLiving Macro Policy in the Fast Lane with J n JIn several ways Janet Yellen and Jay Powell are a macro policy duo unique in American history, owing both to their relative aversion to...
Peter StellaAug 27, 20204 min readChair Powell's 2020 Jackson Hole SpeechAs 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...
Peter StellaMar 16, 20202 min readEnabling the US Treasury to address the safe asset shortage and prefund covid 19 related spendingA Short Law to Enhance the Efficiency and Stability of the US Financial System I propose a short law that would enable the Federal...