Tag Archives

Archive of posts published in the tag: In Fed We Trust

The Proper Role of the Central Bank in a Crisis

This “lender of last resort” role for central banks was codified by British journalist and economist Walter Bagehot in his 1873 book, Lombard Street. In a panic, Bagehot advised, a central bank should lend freely on good collateral and charge

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Exposing the Wizard

Monetary debates were even the stuff of popular culture (at the turn of the 20th century). Indeed L. Frank Baum’s enduring The Wonderful Wizard of Oz, published in 1900, has been read as an elaborate allegory for the monetary politics

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