My last post argued that, despite what Diamond and Dybvig’s famous theory suggests, bank runs have seldom proven fatal to otherwise sound banks. Instead, when people run on a bank,…
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The 2022 Nobel Prize in Economics is to be shared by Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig, “for research on banks and financial crises.” Diamond and…
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On October 10th, Douglas Diamond and Philip Dybvig won the Sveriges Riksbank Prize in Economic Sciences, sharing it with Ben Bernanke “for research on banks and financial crises.” According to…
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By the start of 1948, there could no longer be any doubt: the Great Depression wasn’t coming back. Instead of collapsing at war’s end, as many feared it would, combined…
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In a recent Bloomberg column, former New York Fed President Bill Dudley echoes a conventional Fed narrative, contrasting Fed interest rate cycles under two supposedly distinct Chairmen. “Powell will need…
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Recently, an investment advisor and Bitcoin proponent tweeted the claim that “[f]or most of human history” the “[s]eparation of money and state was the norm, even if the state stamped…
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Senator Rob Portman (R-OH), the ranking member of the Senate Homeland Security and Governmental Affairs Committee, released a new minority staff report on July 26 contending that, for more than…
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In assessing the possibility that a severe downturn occurred at the end of WWII, I took issue with conventional wartime and postwar output statistics, while taking the period’s unemployment statistics…
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In assessing the possibility that a severe downturn occurred at the end of WWII, I took issue with conventional wartime and postwar output statistics, while taking the period’s unemployment statistics…
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It was supposed to be a debacle. As the Second World War drew to a close, the nation’s leading economists feared that, once the armed services demobilized, at least 8…