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John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution. He is also a research associate of the National Bureau of Economic Research and an adjunct scholar of the CATO Institute. Before joining Hoover, Cochrane was a Professor of Finance...
America’s state-based banking regulation system tries to balance innovation and easy credit, relegating prudential supervision to an afterthought.
The Peter Principle is: “In a hierarchy, every employee tends to rise to his level of incompetence.” The Federal Reserve’s behavior illustrates an analogous principle: Institutions that are flummoxed by
The crash in crypto currency valuations may trigger a radical reassessment. But, just as excessive hype fuelled speculation, a collapse in valuations may lead to an indiscriminate condemnation of digital money and an underestimation of its potential benefits. This column takes stock of developments over the last five years in an attempt to separate fact from exaggeration and
Just 36 months ago, Federal Reserve Chair Jerome Powell said low inflation — it had averaged just 1.7% for a decade — was the nation’s foremost economic challenge. That challenge