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The Fed ’s Higher Fed Funds Rate Projections Mean What?
Alan ReynoldsBefore they were awash with reserves, banks often paid interest to other banks in the “federal funds” market if they needed more reserves to support more lending (due to reserve requirements). Since 2008 and massive “quantitative easing” (buying federal debt with new reserves), reserve requirements stopped limiting commercial bank credit. The Federal Reserve instead paid an interest rate on reserve balances (IROB)– which effectively sets a floor under the fed funds rate.Members of the Federal Open Market Committee, the Fed ’s policymaking arm, announced on December 15 that their median projection ...
Source: Cato-at-liberty - December 21, 2021 Category: American Health Authors: Alan Reynolds Source Type: blogs
Countries With Higher Interest Rates Have Higher Inflation
Alan ReynoldsA recent headline exclaimed: “Central Banks Should Raise Rates Sharply or Risk High‐Inflation Era,BIS Warns. ” The Bank for International Settlements is owned by 61 central banks, so they should know better than to equate higher interest rates with lower inflation.Countries with the lowestcentral bank interest rates (below zero) include Switzerland and Japan, according tothe BIS.Those with the highest policy rates include Argentina and Turkey, with rates of 49% and 14% respectively.Should we conclude that Argentina and Turkey are valiantly fighting inflation with high interest rates while Switzerland ...
Source: Cato-at-liberty - July 1, 2022 Category: American Health Authors: Alan Reynolds Source Type: blogs
Technologies Change Health Insurance: The Most Innovative Ventures
The accumulation of medical data enables health insurance companies to move from the 100-year-old concept of reactive care to preventive medicine. The future points to simple, fast and highly personalized insurance plans based on information from the healthcare system and data from health sensors, wearables, and trackers. Here is the changing health insurance scene and its most innovative solutions!
Health insurance systems are unsustainable partly due to costly chronic diseases
According to OECD predictions, exceeding budgets on health spending remains an issue for OECD countries. Maintaining today’s healthcare systems...
Source: The Medical Futurist - October 31, 2017 Category: Information Technology Authors: nora Tags: Future of Medicine Healthcare Design big data chronic illness digital digital health gc3 health data health insurance healthcare data technology trackers wearables Source Type: blogs
Interest on Excess Reserves: The Hobie Cat Effect
Forty years ago, in the spring of 1978, I had no intention of becoming an economist. Instead, I was studying marine biology at Duke University ’s Marine Lab at Pivers Island, on the beautiful North Carolina Coast. There, when the wind was up, my classmate Alan Kahana and I enjoyed going out on his Hobie 16, with Alan manning the tiller and myself hiked-out on the trapeze. We weren’t, truth be told, especially prudent sailors. On the co ntrary: we were so inclined to push things to the limit that one day we took the Hobie out just as a gale was getting up, and ended up…well, that’s a long, sad story. Suffice to say ...
Source: Cato-at-liberty - April 4, 2018 Category: American Health Authors: George Selgin Source Type: blogs
The Macro View – Health, Economics, and Politics and the Big Picture. What I Am Watching Here And Abroad.
June 09, 2022 Edition-----The Russian war on Ukraine is now well over 100 days old. The destruction and deaths are just awful and the world is being seriously re-shaped. Where this ends is unknowable but unlikely to be good.In the US we are seeing almost daily mass shootings and no-one seems to know what to do. Just pathetic.In the UK the hangover is slowly lifting after the 4 day royal celebration.In OZ we are having an energy crisis which we hope we will find solutions for soon!-----Major Issues.------https://www.theaustralian.com.au/business/economics/australias-labor-government-faces-a-whole-new-economic-ball-game/news...
Source: Australian Health Information Technology - June 9, 2022 Category: Information Technology Authors: Dr David G More MB PhD Source Type: blogs
The Psychology of Sex Differences – 5 Revealing Insights From Our Primate Cousins
By Christian Jarrett
There are behavioural differences, on average, between the sexes – few would dispute that. Where the debate rages is over how much these differences are the result of social pressures versus being rooted in our biology (the answer often is that there is a complex interaction between the two).
For example, when differences are observed between girls and boys, such as in different preferences for play, one possibility is that this is partly or wholly because of the contrasting ways that girls and boys are influenced by their peers, parents and other adults (because of the ideas they have about how the ...
Source: BPS RESEARCH DIGEST - October 3, 2017 Category: Psychiatry & Psychology Authors: BPS Research Digest Tags: Comparative evolutionary psych Feature Gender Sex Source Type: blogs
Competing Analyses of the Republican Tax Reform Framework
The media ’s favorite analysis of the Big Six tax reform framework comes from the Urban-Brookings Tax Policy Center (TPC), which purports to estimate that the plan would increase individual income taxes by $471 billion over a decade (by slashingexemptions and deductions), while cutting business taxes by $2.6 trillion. Predictably, this generated a tidal wave of outraged editorials andTV ads claiming the plan would do nothing for economic growth and benefit only “big corporations and the top 1%” (which is redundant, because individual taxesaren ’t cut and the TPC wrongly attributes nearly all corporate tax cuts t...
Source: Cato-at-liberty - October 19, 2017 Category: American Health Authors: Alan Reynolds Source Type: blogs
Inflation Is Largely a Global Phenomenon
When economic journalists speculate about loominginflation risks in the U.S. or any other country, they implicitly assume that each country ’s inflation depends on that country’s fiscal or monetary policies, and perhaps the unemployment rate. YetTheEconomist for March 3rd–9th shows approximately 1 –2 percent inflation in the consumer prices index (CPI) for virtually all major economies. Inflation rates were surprisingly similar regardless of whether countries had budget deficits larger than ours (Japan and China) or big surpluses (Norway and Hong Kong), regardless of whether central banks experimented with“quant...
Source: Cato-at-liberty - March 9, 2018 Category: American Health Authors: Alan Reynolds Source Type: blogs
Must Rising Oil Prices Compel the Fed to Tighten More?
As crude oil prices recently approached $68 a barrel, aWall Street Journal writer concluded that “inflation fears got an added jolt this week as oil prices rose to a three-year high. ”Two otherWall Street Journal writers added that “If crude continues to move higher, it could begin to stifle economic growth.” They suggest that “higher consumer prices for gasoline and other energy products act like a tax, while pushing inflation higher and increasing pressure on the Federal Reserve to raise interest rates more aggressiv ely.” Such anxieties about $70 oil are obviously overwrought. Crude prices were usually ab...
Source: Cato-at-liberty - April 27, 2018 Category: American Health Authors: Alan Reynolds Source Type: blogs
Did the Kennedy Tax Cuts Cause Rising Inflation?
Wall Street Journal columnist Greg Ip, among others, has repeatedly warned that “this year’s tax cut mayoverheat an economy already near full employment. ” This equivocal prediction relies on a theory that inflation is caused by combining low unemployment and large structural (cyclically-adjusted) budget deficits. Inflation is assumed to be a national rather thanglobal phenomenon, and its cause is assumed to be fiscal rather than monetary. To support this fiscal theory that tax cuts are inflationary, the evidence Greg Ip andothers have always turned to is this brief sample from U.S. history, 1965 to 1967:“In ...
Source: Cato-at-liberty - May 1, 2018 Category: American Health Authors: Alan Reynolds Source Type: blogs
The Phillips Curve Is Dead (except in Federal Reserve and CBO models)
“Is the Phillips Curve Dead?” asked Princeton economistAlan Blinder in a May 3Wall Street Journal article. The former Vice-Chairman of the Fed noted that “the correlation between unemployment and changes in inflation is nearly zero… Inflation has barely moved as unemployment rose and fell.”For a veteran Ivy League Keynesian like Blinder to doubt the Phillips Curve was doctrinal heresy, comparable to a monetarist asking if money matters or a supply-sider wondering aloud if a 91% tax rate is better than a 28% rate.Wall Street Journal columnistGreg Ip later explained the dilemma and expanded it: “Standard models o...
Source: Cato-at-liberty - May 24, 2018 Category: American Health Authors: Alan Reynolds Source Type: blogs
Trade Warriors Exclude a Third of U.S. Exports from “Trade Deficits”
Private services account for 69% of GDP, and 128.2 million jobs in June. In theBureau of Economic Analysis industry accounts,private service industries“consist of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreational, accommodation, a nd food services; and other services (except public administration).”Goods-producing industries, by contrast, “consist of agriculture, forestry, fishing, and hunting; mining;...
Source: Cato-at-liberty - July 9, 2018 Category: American Health Authors: Alan Reynolds Source Type: blogs
