January 9, 2018

Marvin Goodfriend has been nominated to the Federal Reserve Board, waiting for Senate confirmation. He comes to the Fed at a critical moment. Critical, because the Fed is in the process of rethinking its monetary policy framework. As Ben Bernanke said in a recent gathering at the Brookings Institution: Former Federal Reserve Chairman Ben Bernanke predicted that the central bank’s new leadership will study alternate regimes for monetary policy over the next year to 18 months. “There will be some pretty serious discussions” on policy frameworks at the Fed under the chairmanship of Jerome Powell, Bernanke said Monday. He said Powell…...

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A Bitcoin Story

The model, or imaginary world, I use to state what bitcoin is in an informative, but also simple way, goes like this: You have an endless space of mail boxes. Not literally endless, but so big that you never explore it. There’s money in some of the boxes, unlocked, but you don’t bother “checking mail boxes”, you’ll never find anything as there are too many to search. You have a limited token money unit that can be moved to the boxes, in theory, cheaply and fast. You never get to hold your money as physical bank notes, just move it… Read More