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monetary policy

Posted on in News/Politics

Anti-Fed Rep. Jeb Hensarling Retiring, Allen West Considering Comeback Bid For Open Seat

Rep. Jeb Hensarling (R-TX), the Chairman of the House Financial Services Committee and a staunch critic of the Federal Reserve, has announced that he is retiring from Congress at the end of his term to a statement released to the press. “Today I am announcing that I will not seek re-election to the U.S. Congress in 2018,” Hensarling stated. “Although service in Congress remains the greatest privilege of my life, I never intended to make it a lifetime commitment, and I have already stayed far longer than I had originally planned.” Hensarling was initially considered by President Donald Trump for Secretary… Keep Reading

Posted on in Economics

Fed Chair Yellen: The Economy May Be Weaker than We Thought

Federal Reserve Chair Janet Yellen this week cast doubt on the Fed’s announced plan to continue Fed rate hikes and reverse its years of “unconventional” monetary policy. “My colleagues and I may have misjudged the strength of the labor market,” Yellen announced on Tuesday, adding that they’d also misjudged “the degree to which longer-run inflation expectations are consistent with our inflation objective, or even the fundamental forces driving inflation.” Yellen also “noted that the labor market, which historically has been closely linked to inflation, may not be as tight as the low unemployment rate suggests.” In other words, Fed economists are… Keep Reading

Posted on in Economics

Hayek, Statistics, and Trade-Cycle Theory

Austrian economics is often caricatured and criticized because of its approach, or deliberate lack of an approach, to mathematical models, multivariable calculus, and econometrics. Attacks are leveled against Austrians such as Mises, Rothbard, and Kirzner for their failure or refusal to avail themselves of applied empirical research in their scholarship. The Austrian methodology most frequently targeted is praxeology. It is not the purpose of this short article to refute these attacks or to explore their errors and merits. That has been done ably by others (see, for example, the series of debate-essays available here, here, here, and here). Nor does… Keep Reading

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