Interesting Times

We Live in Interesting Times.  The Stock Market’s Response to Changes in Commercial Banks’ Reserves.  Recent Experience.   The US stock market has moved since mid-2020 with changes in the level of commercial banks’ reserves with the Federal Reserve, as Chart...

Improving Economic Policy

World Economics • Vol. 24 • No. 2 • April–June 2023 Key Points The consensus model (CM) holds that there is only one equilibrium that needs to be maintained for economic stability. This follows, as a matter of logical necessity, from the model’s fundamental...