Will Blockchain Be a Big Deal? Reasons for Caution

• Date: 01 December 2019
• Author: Craig Pirrong
• Published date: 01 December 2019
• DOI: http://doi.org/10.1111/jacf.12379

IN THIS ISSUE:

e Fed

and the

Financial

System

VOLUME 31

NUMBER 4

FALL 2019

APPLIED

CORPORATE FINANCE

Journal of

10 Hamilton and the U.S. Financial Revolution

Richard Sylla, New York University and NBER, and David J. Cowen, Museum of American Finance

16 A Limited Central Bank

Charles I. Plosser, Former President and CEO, Federal Reserve Bank of Philadelphia

21 How to Promote Fed Independence:

Perspectives from Political Economy and History

Charles W. Calomiris, Columbia University and The Hoover Institution

43 e Great Crash of 1929: A Look Back After 90 Years

Robert F. Bruner, University of Virginia, and Scott C. Miller, Yale University

59 e Strange and Futile World of Trade Wars

Steve H. Hanke and Edward Li, Johns Hopkins University

68 Monetary Policy Implementation: Making Better and

More Consistent Use of the Federal Reserve’s Balance Sheet

Peter N. Ireland, Boston College and the Shadow Open Market Committee

77 e Fed’s Communications: Suggestions for Improvement

Mickey D. Levy, Berenberg Capital Markets

86 FinTech, BigTech, and the Future of Banking

René M. Stulz, The Ohio State University

98 Will Blockchain Be a Big Deal? Reasons for Caution

Craig Pirrong, University of Houston

105 Two Modes of Investment Banking:

Technocrats, Relationship Managers, and Conict

Alan D. Morrison and William J. Wilhelm, Jr., University of Oxford and University of Virginia

118 Dividend Consistency: Rewards, Learning, and Expectations

David Michayluk and Scott Walker, University of Technology Sydney,

Karyn Neuhauser, Lamar University

129 e Reference-Driven College Paper

(Or Why Your Students Should Read the JACF)

Joseph W. Trefzger, Illinois State University