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Articles 1 - 3 of 3
Full-Text Articles in Law
The Salary Memo, Robert M. Jarvis
The Salary Memo, Robert M. Jarvis
Robert M. Jarvis
This short essay takes a humorous look at how law school deans decide faculty raises.
The Federal Reserve We Need: It’S The Fed We Once Had, Timothy A. Canova
The Federal Reserve We Need: It’S The Fed We Once Had, Timothy A. Canova
Timothy A. Canova
This article considers the empirical record of the 1942-1951 period of Federal Reserve history when the Fed was more politically accountable and more independent of private financial interests. During the 1940s, federal spending was nearly twice as high as today, and federal borrowing was more than three times higher. Yet, from 1942 to 1951, the Federal Reserve was directed by the White House and Treasury to peg interest rates at 3/8 of one percent on short-term Treasury borrowing and 2.0 to 2.5 percent on long-term borrowing. The U.S. economy grew at a real annual rate of 15 to 20 percent …
Black Swans And Black Elephants In Plain Sight: An Empirical Review Of Central Bank Independence, Timothy A. Canova
Black Swans And Black Elephants In Plain Sight: An Empirical Review Of Central Bank Independence, Timothy A. Canova
Timothy A. Canova
This paper critically reviews the empirical economic literature that seeks to correlate central bank independence with low inflation rates; discusses the relationship between central bank accountability, economic growth, income and wealth distribution, and financial stability; analyzes the contested theoretical views of central bank independence, and considers the constitutional issues raised by delegations of monetary authority to privately-directed central banks in the context of recent transparency and disclosure reforms in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The empirical literature that seeks to correlate central bank independence with lower inflation rates focuses on data prior to the 2008 collapse, …