The Fed can generate inflation. Perhaps that seems obvious. After all, the Fed can create money at essentially zero marginal cost. But the point has been disputed. Several decades ago, a generation of…

In her 2009 Nobel lecture, Elinor Ostrom underscored the following point: if we continue to presuppose two optimal organizational forms (markets or states), two types of goods (private or public), and…

In the nearly eight months since Covid-19 arrived in the United States, the country has undergone extensive lockdowns, trying economic hardship, and prolonged social isolation. Despite these…

On Thursday, August 27, Jerome Powell announced that the Federal Reserve is changing policy on two counts. First, the Federal Open Market Committee (FOMC) will now target the average rate of…