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DL Thorton Economics

Publications for Download

I have started two new publications, which I provide free of charge. These are Common Sense Economics and CSE Perspective. The titles come from my first course in economics: On the first day of class, the professor described economics as “common sense made difficult.” I have never forgotten this, and my career as a professional economist has shown me that there is considerable truth in this statement. Common Sense Economics focuses on economic ideas that are misleading, ill-conceived, or much simpler than they appear. CSE Perspective presents my perspective on a wide range of topics. I hope my readers find these publications interesting, thought provoking, and useful.

Common Sense Economics

Evaluating the Effectiveness of Monetary Policy

Does Aggregate Supply Exist? Should We Care?

Money Demand in Financially Sophisticated Economies

Common Sense Economics, Perspectives

Untangling Causes from Effects of the Financial Crisis

Renewing America’s Prosperity

Conundrum? Again?

Structure Matters in Government

What Will Happen if Greece Exits the Euro?

The Fed's Lack of Confidence in the Economy's Healing Powers

Why Has Economic Growth Slowed In China?

Monetary Policy Insanity

The Rain Man and the Fed's Ability to Control Interest Rates

The Link Between Monetary Policy and Exchange Rates or Inflation

Is the Fed Monetizing the Debt?

What's Positive About Negative Interest Rates?

Why the Fed's Zero Interest Rate Policy Failed

The Fed's Monetary Policy:  Excess Reserves, and Excessive Risk Taking

My Scary Graph

Will the Fed Raise Rates Before the Election?

 Why Larry Summers is Wrong About Slow Growth

Is the Fed Waking Up to Reality?

My Scary Graph Revisited

Economic Theory and the BREXIT Question

Another Unintended Consequence of QE

The Fed Needs to Normalize Now

 Economic Growth Part 1

 Dissecting Yellen’s Jackson Hole Speech

Dissecting Yellen’s Speech A Clarification

Fixing Social Security

The Feds Impending Inflation Disaster?

The Feds Impending Inflation Disaster?:  A Clairification

Economic Growth: Does the Party of the President Matter?

Fixing a Bad System

The Fed Who Played With Fire

First page 2017.06 Here's The Only Way to Prevent Too Big To Fail

First page 2017.07 Here's The Only Way to Prevent Too Big To Fail

Why We Need to End Too Big to Fail

Policymakers Don't Understand the Money Supply Process

Its Time to Change the Monetary Policy Debate

The Limits of Monetary Policy Why Interest Rates Don't Matter

The Limits of Monetary Policy Can the Fed Affect Interest Rates?

The Limits of Monetary Policy Can the Fed Affect Output Growth?

The Limits of Monetary Policy Things the Fed Cannot or Should Not Do

What's All The Fuss about Bitcoin?

Markets Needn't Panic About Normalization

QE Was Effective: Show Me Your Evidence

How and Why the Fed Stumbled into QE

The Myth of Potential Output

The Myth of Potential Output Revisited

Congress Needs to Order the Fed to Stop Interest Rate Targeting

The Folly of Negative Nominal Interest Rates

Common Sense Reasons Interest Rates Don't Matter For Policy

The Usefulness of Models for Economic Policy

The Fed's 3.9% Unemployment Rate

r-Star The Unnatural Natural Rate of Interest

The Effect of the Fed's Policy on Output and Employment

Congress Need to End the Charade and Fix Social Security

Where is r-Star?

What Monetary Policy Can Do

Will the FOMC Adopt Nominal GDP Targeting?

Its Important to Get It Right

Understanding the Accelerating Deficit Debt Problem

The Insanity of Government-Fianced Mortgages

In Defense of Stephen Moores Nomination

Pulling Back the Curtain on the Feds Mystique

The Feds Monetary Policy Metamorphoses Past and Present

Is There a Phillips Curve?

A Question Policymakers Need to Answer

The Fed's Rate Cut was a Mistake

The Politicalization of the Fed and How to DePoliticalize It

Protecting the Feds Independence Dudleys Way

The Politicalization of the Fed Revisited

What Really Fuels Economic Growth

Alan Blinder's Odd Monetary Policy Recommendation

The Fed Has Surrendered Its Independence


Economic Growth 2.3% I Told You So!

Again, Its Important to Get It Right

On the Feds Ability to Affect Interest Rates

The Feds Monetary Policy Reaches a New Low

The Feds Road to Perdition

Help Versus Economic Stimulus

The Government Bailout What It Did and What It Should Have Done

Hoarding TP Is More Rational Than You Think

Monetary Policy What I Believe and Why I Believe It

Requiem for Fed Independence

Requiem for Fed Independence A Clarification

Modern Monetary Theory and the Impending Financial Crisis

Alan S. Blinder's Scarlett O'Hara Approach to the National Debt Problem

The Feds Complicity in the Debt Problem

WSJ - If Inflation Starts, It will Be Hard to Corral, June 8, 2020

The Economics of Making Wearing a Mask a Requirement

Reasons to Question the Effectiveness of the Feds Interest Rate Policies

Three Monetary Policy Questions My Answers

OpEd Letter Financial Times, August 6, 2020

Economic Growth Whats Politics Got to Do with It

The Feds Bizarre New Longer-Run Monetary Strategy

The Mystique of the All-Powerful Fed

Trumps Economic Policies Unsuccessful When Evaluated Correctly

Why Were the Pollsters So Wrong?

WSJ Letter re Republican Party

 Requiem for Fed Independence No. 25

Can The Fed Control Long Term Rates What the Facts and Theory Tell Us

The US Deficit History - Just the Facts

The US Deficit History - Just the Facts Revisited

The Minimum Wage Don't Ignore the Science

QEs Effect on Long Term Rates Its Not Working and Never Has

The Feds Long Term Bond Buying Playing with Fire

The Fed Has the Tools to Prevent Inflation.  What Tools?

The Problem With the Fed: Too Much Groupthink

Will the Fed Create a Digital Dollar?

Do We Need a Digital Dollar?

The Fed's Folly

The Feds Other Folly

Economic Growth Monetary and Fiscal Policy Can't Help

The Effectiveness of the Feds QE Policy

Hanke and Hanlon's Nonsense Explanation for Inflation

Alan Blinder's Epiphany

Some Thoughts About Inflation and the Feds Ability  to Control It

Its Time the Fed Stops Using Core Inflation

Core Versus Headline Inflation Again

My Favorite Chart Revisited A Pyschics Dream

The Effect of the Feds Interest Rate Hikes on Mortgage Rates

What Does the Current Inflation Tell Us About Inflation Targeting

The M2 Inflation Myth

More Evidence the Fed Doesn't Affect Mortgage Rates

A Litmus Test of Fed Independence

Core versus Headline Inflation Revisited

Revealing the Fed

 The Feds Financial Stability Report Card

 Debt Fact That Everyone Should Know

The Anatomy of a Debt Default

President Biden's Deficit Reduction Plan Won't Work

The Effect of Changes in the Fed's Target on Interest Rates

The Effect of the Fed's Target on Interest Rates A Clarification

Will the Inflation Rate Increase?

 A Higher Inflation Target Is a Tired Old Idea

Monetary Policy Makers and Advisors Need to Get Real

Its Time the Fed Stopped Paying Banks Interest to Hold Reserves

 A Graph that Mimics the Governments Disastrous Policies Since 1990

When Will the Fed Start Reducing its Rate?

Higher Capital Requirements Wont Prevent a Financial Crisis

Government Economists and Central Bankers Slept Through Econ 101

The Feds Response to Inflation Was Anything But Aggressive

The Reason the Fed Follows the Market

What Is the Fed's Monetary Policy?

More Monetary Policy Insanity Price Fixing Consultation Services

I provide economic consulting services in the areas of economics, finance, and data analysis. My approach to data analysis is somewhat unique: I provide an up-to-date statistical analysis of your data, but I also offer a perspective that statistical analyses alone cannot provide. I will take the time to understand your problem or concern so I can recommend appropriate steps to take to reach your goals.

To discuss your needs and to get a quote call me at 314-348-9900 or contact me at

Guest Speaker

I am available to speak at a variety of functions on a variety of topics, such as the economic outlook, monetary policy, fiscal policy, the financial crisis, the federal deficit, U.S. and global debt, and leadership. I can tailor the content and delivery of speeches and presentations to your specific audience and topic. Unlike many speakers who often generalize and speak in overly broad terms, I will provide an analysis that is supported by facts and well-founded economic theory, not speculation. My speaking fees depend on the type of organization (non-profit, economic education, or other) and the specific function.

To discuss your needs and to get a quote call me at 314-348-9900 or contact me at