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, 20213 min read
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, 20213 min read
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, 20213 min read
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, 20204 min read
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, 20202 min read
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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