(This is the second installment of a three-part essay. The first part is here.) Big Engines that Couldn’t Although Hoover’s Reconstruction Finance…
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Editor’s Pick
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(In writing this series, I allowed myself to skip over some topics. But now that I’m turning the series into a book,…
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What finally brought the Great Depression to an end? We’ve seen that, whatever it was, it took place not during the 30s…
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After an interruption due mostly to my move to Spain, I’m pleased to be back in the saddle again, wrapping up my…
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My last post argued that, despite what Diamond and Dybvig’s famous theory suggests, bank runs have seldom proven fatal to otherwise sound…
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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…
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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…
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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…
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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…
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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…