Could Bitcoin kill Fed monetary policy?

Could Bitcoin kill Fed monetary policy?

| bitcoin, cash, Federal Reserve, medium of exchange, Michael Woodford, unit of account

While bitcoin could one day kill most of the roles that the Fed plays, monetary policy will probably stay intact. The reason for this, as I...

Ghost Money: Chile's Unidad de Fomento

Ghost Money: Chile's Unidad de Fomento

| compensated dollar, deflation, ghost money, inflation, Irving Fisher, medium of exchange, money illusion, Robert Shiller, unit of account, zero lower bound

Santiago skyline This post continues on the topic of the separation of the medium-of-exchange function of money from the unit-of-account fu...

Separating the functions of money—the case of Medieval coinage

Separating the functions of money—the case of Medieval coinage

| augmentation/diminution, Bill Woolsey, coins, ghost money, history of thought, Larry White, medium of account, medium of exchange, New Monetary Economics, Scott Sumner, Tyler Cowen, unit of account

Florentine florin Last year Scott Sumner introduced the econ blogosphere to what he likes to call the medium-of-account function of money,...

Market monetarists and "buying up everything"

Market monetarists and "buying up everything"

| fundamental value, inflation, market monetarism, medium of exchange, open market operations, stock market and equities

Market monetarists have a reductio ad absurdum that they like to throw in the face of anyone who doubts the ability of central banks to crea...