Painting of Captain Williams A. Leidesdorff

Banking Without Banks (November 2017) Dr. Tiemann discovered an economically fascinating period in California’s history — the period immediately before the Gold Rush. This essay explores how Californians approached commerce in that period — a period characterized by a severe shortage of cash and a complete absence of banks. So how did they get working capital? Read this note.

Government Credit and Money (June 2017) Dr. Tiemann takes a deep look at the historical antecedents, including Ely’s Rebellion and the writings of Joseph Hawley, to show why our monetary system relies on the soundness of Government credit. Dr. Tiemann maintains that keeping the public credit in good standing is of paramount importance.

The New Industrial Policy (February 2017) Dr. Tiemann takes a look at three specific instances of actions relating to U.S. industry which suggest that Trump is making a dramatic shift in both the style and substance of national industrial policy and answers the question of what these say about the type of Industrial Policy we can expect to see out of the Trump Administration.

The Purpose of Monetary Policy (June 2016) As Chair Janet Yellen prepares to review interest rates at the Federal Open Market Committee meeting scheduled for June 2016, Dr. Tiemann reviews the purpose of Monetary Policy. Through the lens of monetary economics, monetary policy is reviewed in the context of the functioning of our banking system, the history, thinking and goals that animate the Fed’s actions.