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Cold Turkey and Moral Hazard : Why the Fed Should Stop Paying Interest on Excess Reserves to Banks

With the December 2017 quarter of a percent hike in the Federal Reserve Bank interest rate to 1.5%, banks will receive 1.5% interest on reserves parked at the Fed instead of lending them out. Lending them out means added investment. Lending out the excess reserves means increased demand deposits at private banks. And increased demandContinue reading “Cold Turkey and Moral Hazard : Why the Fed Should Stop Paying Interest on Excess Reserves to Banks”

STL Macro Dynamics Club.

UMSL Economics Research Associate Tamas Csafabi (Cardiff PhD, 2016) has started a new STL Macro Dynamics Club. Click on this weblink to learn about and join the club http://stlmacroclub.com/markdown/. For more information please contact Tamas directly at csabafit@umsl.edu.

Some Corporate Tax Reform History & the Inflation Tax: Lecture given at the Discussion Club of St. Louis, March 19, 2014:

Presentation by Max Gillman FULL PDF TEXT OF TALK: Thank you very much for having me before this distinguished group. I especially thank Harry Langenberg, Dave Rose and William Rogers for this honor. My talk involves some monetary theory, history, and policy with a neoclassic economic perspective that monetary policy is a part of fiscalContinue reading “Some Corporate Tax Reform History & the Inflation Tax: Lecture given at the Discussion Club of St. Louis, March 19, 2014:”

The Fed’s Tax on Capital Markets

Why Doesn’t Capital Flow From Rich to Poor Neighborhoods?

Excerpt from Principles of Macroeconomics: An Evolutionary Approach, by Max Gillman, Published by Kendall Hunt; January, 2017.

Explaining urban blight remains part of the urban policy’s main challenges. Support has been found for how public capital amenities such as transportation aides the development of city centers during expansionary periods. Evidence also suggests that prices tend to rise faster in urban city centers than in more outlying areas during expansionary periods.