Most veterans speak highly of furloughs…

…except that the furloughs now in the news are of a different kind. In this case, federal employees will be put on unpaid leave of varying lengths because of the “sequester.” The long run-up to the sequester began during the summer of 2011, when Congress and the Administration failed to reach a budget deal.  Their … Read more


Follow this link to an interview with Kevin Hartnett of the Boston Globe‘s “Idea’s” section.  The link includes the web debut of the cover art for my book: WRONG: Nine Economic Policy Disasters and What We Can Learn from Them, to be published by Oxford University Press in October.

Not far enough

The International Organization of Securities Commissioners (IOSCO) published a report this week calling for the London interbank offered rate (Libor) and other such benchmark interest rates to be tied more closely to actual transactions. Sadly, the proposal does not go far enough. I have written about Libor on a number of occasions (see here, here, … Read more

Good news

I have been named a 2013 Fellow of the John Simon Guggenheim Memorial Foundation.  During the tenure of the fellowship, I will conduct research on the evolution of banking regulation across countries and US states during the last 200 years.  I hope and expect that this will lead to new insights about banking regulation and … Read more