Money Supply Growth Climbs to 36-Month High
During January 2020, year-over-year (YOY) growth in the money supply was at 6.32 percent. That's up from December's rate of 5.53 percent, and up from January 2019's rate of 3.38 percent.
The Fed
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Central Banking since the 2008 Financial Crisis
In the wake of the financial crisis of 2008, the Federal Reserve and other central banks around the world adopted new “tools” to influence economic activity in addition to its standard open market operations.
Standard Open Market Operations: How the Fed and Commercial Banks “Create Money”
Robert Murphy defines some of the conventional “monetary aggregates,” such as M1 and M2, and gives the textbook rundown of how the Federal Reserve and commercial banking system “create money” when the Fed buys assets and the commercial banks extend new loans.
Shhhh: Repo Operation in Process
These days, the commercial banking system isn’t where the action is. Instead, it’s the shadow banking system that needs direct feeding to goose inflation—at least inflation in asset prices, and also to keep the debt service on the nation’s debt as low as possible.
Nomi Prins: Repo Injections Are QE by Another Name
The Fed's balance sheet has risen to $4.1 trillion from $3.7 trillion in August. Nomi Prins discusses what this policy shift means and what it portends for 2020.
The Theory and Brief History of Money and Banking
Why do we have money in the first place? Where does it come from, and what determines its form? What qualities make for a good money? What role do banks play—is it something other than what money itself does for us?
The Theory and Brief History of Money and Banking
Why do we have money in the first place? Where does it come from, and what determines its form? What qualities make for a good money? What role do banks play—is it something other than what money itself does for us?
After November Surge, Money Supply Growth Slows in December
During December 2019, year-over-year growth in the money supply was at 5.53 percent. That's down from November's rate of 5.9 percent, but was up from December 2018's rate of 3.90 percent.
Understanding Money Mechanics: A Crash Course on the Fed
Economist Robert Murphy lays out the purpose and structure of his upcoming book Understanding Money Mechanics, a guide to the Federal Reserve System that is a must-read for laymen.
The History and Structure of the Federal Reserve System
The original justification for the creation of another central bank did not allude to the modern goals of “full employment” and “price stability.” Rather, the pleas of the time called for an “elastic currency” that would expand or contract according to the “needs of trade.”
