attributed their stock market bubble and high growth rates to easy monetary policy, management style, and government managed technological development. Since , by Maria Papadakis (1988); Created in Japan: From Imitators to World-Class Innovators , by Sheridan M. Tatsuno (1990); Japan as a Scientific and Technological the reason for the researcher’s academic interest: the paradigm of technological innovation is shifting. Kodama found that in Japan the innovation of high technology
or a combination of both. KEYWORDS: Federal Reserve, transparency, monetary policy, policy objectives and coordination JEL CLASSIFICATION: E52, E58, E61, E65, beneficial. In contrast, public speeches by members of the FOMC on financial innovation and Federal Reserve oversight of financial institutions and financial
for reform is regulation, which even President Obama claims to have “stifled innovation” and to have had “a chilling effect on growth and jobs.” In this POLICY BULLETIN, we use fifty years of data and modern econometric methods to provide
recommends the smallest possible response when it comes to monetary and fiscal policy. Unfortunately, while RBC theory can provide a pretty good explanation in while it is “real,” it does not really help us understand reality. However, its policy implications for an economic downturn are correct, which is essentially to do and products. The Housing Bubble was linked to “subprime” and related financial innovations. The “tech” or dot.com bubble of the late 1990s, the Japanese Bubble of
enough in the past for that wrongness to get missed. But consider a more recent innovation: money market funds. Such funds are just a particular type of mutual fund Prosperity (1994), “there are two different kinds of economists professors and policy entrepreneurs,” and they are “radically distinct species.” The “professors”
with regard to the Great Depression. The book is filled with analysis of policy, including some of the very best discussions of inflation and deflation. Only with competing money suppliers would it be possible to have certain types of innovation and product development. These changes improve money and better adapt it
great depression? The two main principles of Abenomics are a very loose monetary policy and a stimulative fiscal policy involving large government budget deficits. that the Hoover-Roosevelt period was really a continuum, that most of the “innovations” of the New Deal were in fact expansions or intensifications of Hoover wishes to increase real wages and employment in Japan, he must abandon the failed policies of the past that have only served to prolong economic depressions. Mark
of the United Nations’ rules of the global war on drugs. However, mainstream drug policy experts remained “skeptical” of the Portuguese experiment even after nearly analyst who works at EMCDDA, Frank Zobel, calls Portugal’s policy “the greatest innovation in this field” and “that the policy is working. Drug consumption has not
Lisbon, Portugal. One analyst who works at EMCDDA, Frank Zobel, calls Portugal’s policy “the greatest innovation in this field” and “that the policy is working. Drug consumption has not
in these markets. Together with the knowledge obtained through its monetary-policy and payments activities, information gained through its supervisory activities man in preventing things like systemic risk, but he considered all this financial “innovation“ and “engineering” to be a good thing: Credit markets have been evolving
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.