Working Paper

Quote

"I think there was a second Volcker moment that gets less publicity but is also important, and that occurred in the summer and fall of 1982."

"Bailouts to avoid sovereign default were comparatively modest."

"While this meta-analysis concludes that lockdowns have had little to no public health effects, they have imposed enormous economic and social costs where they have been adopted. In consequence, lockdown policies are ill-founded and should be rejected as a pandemic policy instrument."

The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved.