In his superb new book, "The Money Problem: Rethinking Financial Regulation," Morgan Ricks meticulously and persuasively argues that financial stability and money creation are two sides of the same coin. Understanding this relationship yields an immensely important policy payoff. By controlling...

The U.S. dollar serves both as the domestic currency of the United States and as the dominant international currency for trade, settlement, and reserve purposes. The dollar’s international status provides significant benefits for the United States, but one aspect of the global dollar system as...

Most analyses of the financial crisis of 2007-2008 assign a large causal role to inflated credit ratings. The ratings flaw most directly implicated in the crisis involved “second-level” mortgage securitizations: individual mortgages were pooled and securities sold against them, and some of...