Monetary disturbances have been either a major cause of or a key accentuating factor in business fluctuations. Maintaining a money of stable value through institutional reform would be socially beneficial. It is time to recognize the limits of activist monetary policy and to focus on long-run price stability as the Fed’s primary objective.

More on The Fed and Monetary Policy

Commentary

Is the Fed Getting Too Much Credit for This Rally?

By Alan Reynolds. Barron’s. May 3, 2013.

Hyperinflation? No. Inflation? Yes.

By Steve H. Hanke. Globe Asia. March 25, 2013.

What’s the Trigger That Will Cause the Fed to Act?

By Henry G. Manne and Richard W. Rahn. Forbes. March 17, 2013.

Cato Studies

Central Banks: Reform or Abolish?

By Gerald P. O’Driscoll Jr.. Working Paper No. 11. October 15, 2012.

Competition in Currency: The Potential for Private Money

By Thomas L. Hogan. Policy Analysis No. 698. May 23, 2012.

Has the Fed Been a Failure?

By George Selgin, William D. Lastrapes and Lawrence H. White. Working Paper No. 2. November 9, 2010.

Articles

Yes, McKinnon Is Right, Again

Steve H. Hanke. The International Economy. Spring 2013.

Bretton Woods Transcripts Discovered

Jacques de Larosière and Steve H. Hanke. Swiss Derivatives Review. No. 51. Spring 2013.

Central Banks as Sources of Financial Instability

George Selgin. The Independent Review. Vol. 14. No. 10. Spring 2010.

Reviews & Journals

The Devolution of the Dollar

Policy Report. May/June 2013.

The Federal Reserve’s Unsound Policies

John A. Allison. Policy Report. May/June 2013.

Diminishing Quality of Fiscal Institutions in the United States and European Union

Thomas Grennes. Cato Journal. Winter 2013.

Events

Third Annual Cato Papers on Public Policy Conference

Featuring Jeffrey A. Miron. June 6, 2013, June 7, 2013. Conference.

The Federal Reserve, the Centennial Monetary Commission, and the Sound Dollar Act

Featuring Rep. Kevin Brady and Mark A. Calabria. May 16, 2013. Policy Forum.

Constitutional Money: A Review of the Supreme Court’s Monetary Decisions

Featuring Steve H. Hanke, James A. Dorn, Richard H. Timberlake Jr. & George Selgin. April 24, 2013. Book Forum.