Stanley Fischer has passed away at the age of 81. For those of us who have followed monetary policy closely over the years, this is not merely the loss of a prominent economist. It marks the departure of one of the rare practitioners who truly understood what it means to safeguard nominal stability – and…

Market Monetarist

04.06.2025

The Mechanics of US Debt: Modelling the Unpleasant Arithmetic | The Market Monetarist

Introduction: A Nation of Spend First, Ask Questions Later If there is any enduring law in fiscal economics, it is this: arithmetic always wins. Political rhetoric, on the other hand, is mercifully short-lived. In Washington, talk of “fiscal cliffs” and “grand bargains” has become background noise, but the numbers keep moving regardless. The US has…

Market Monetarist

10.06.2025

The McCallum Rule and 25 Years of Euro-Area Monetary Policy | The Market Monetarist

Introduction: Why Monetary Policy Needs a Firm Theoretical Foundation Monetary policy is fundamentally about stabilising nominal spending — nominal GDP — to support economic growth and maintain price stability. For the euro area, this challenge is particularly complex given structural differences across member states, asymmetric shocks, and the unique institutional arrangement of monetary union without…

Market Monetarist

14.06.2025

The Fiscal Dominance Trap: A Love Story Between Debt and Denial | The Market Monetarist

The calendar reads June 13, 2025, but I'm getting flashbacks to December 1977. As Israeli fighter jets strike Iranian nuclear facilities and President Trump calls Federal Reserve Chair Jerome Powell a "$600 billion numbskull," we're witnessing a dangerous historical parallel to the Carter-Burns-Miller transition that helped create the Great Inflation. Yet today's constraints—with federal debt…

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Stanley Fischer – the Central Banker Who Understood Nominal Stability | The Market Monetarist

The Mechanics of US Debt: Modelling the Unpleasant Arithmetic | The Market Monetarist

The McCallum Rule and 25 Years of Euro-Area Monetary Policy | The Market Monetarist

The Fiscal Dominance Trap: A Love Story Between Debt and Denial | The Market Monetarist

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