The New Deal and Recovery, Part 23: The
What finally brought the Great Depression to an end? We’ve seen that, whatever it was, it took place not during
The New Deal and Recovery, Part 21: Postwar
After an interruption due mostly to my move to Spain, I’m pleased to be back in the saddle again, wrapping
Diamond and Dybvig and the Panic of 1907
My last post argued that, despite what Diamond and Dybvig’s famous theory suggests, bank runs have seldom proven fatal to
Diamond, Dybvig, and Government Deposit Insurance
The 2022 Nobel Prize in Economics is to be shared by Ben S. Bernanke, Douglas W. Diamond, and Philip H.
Bank and Crypto Runs: F(ac)TX vs Fiction
On October 10th, Douglas Diamond and Philip Dybvig won the Sveriges Riksbank Prize in Economic Sciences, sharing it with Ben
The New Deal and Recovery, Part 21: Happy
By the start of 1948, there could no longer be any doubt: the Great Depression wasn’t coming back. Instead of
Stop Lionizing Paul Volcker and Villainizing Arthur Burns
In a recent Bloomberg column, former New York Fed President Bill Dudley echoes a conventional Fed narrative, contrasting Fed interest
How Common Has Private Currency Been?
Recently, an investment advisor and Bitcoin proponent tweeted the claim that “[f]or most of human history” the “[s]eparation of money
Is China a Threat to the Fed? A
Senator Rob Portman (R-OH), the ranking member of the Senate Homeland Security and Governmental Affairs Committee, released a new minority
The New Deal and Recovery, Part 20, Appendix:
In assessing the possibility that a severe downturn occurred at the end of WWII, I took issue with conventional wartime