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


FOMC Statement: Evidence of Policy Communications Failure

By William Poole. Forbes. January 7, 2015.

A Case for a Monetary Rule: It’s Time to End the Fed’s Discretion

By James A. Dorn. December 22, 2014.

Federal Reserve Bank Policy Can’t Heal Economic Malaise

By James A. Dorn. Investor’s Business Daily (Online). December 11, 2014.

Cato Studies

Math Gone Mad: Regulatory Risk Modeling by the Federal Reserve

By Kevin Dowd. Policy Analysis No. 754. September 3, 2014.

Fiscal Uncertainty and Economic Activity

By Jesús Fernández-Villaverde, Pablo Guerrón-Quintana, Keith Kuester, & Juan Rubio-Ramírez. Research Briefs in Economic Policy No. 4. June 18, 2014.

Mortgage Reform under the Dodd-Frank Act

By Mark A. Calabria. Working Paper No. 15. January 27, 2014.


Monetary Austerity Explains Everything

Steve H. Hanke. OMFIF Bulletin. November 2014.

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.

Public Filings

Monetary Policy and the State of the Economy

By Mark A. Calabria. Testimony. February 11, 2014.

The Federal Reserve and the Rule of Law

By Lawrence H. White. Testimony. September 12, 2013.

Audit the Fed: Dodd-Frank, QE3, and Federal Reserve Transparency

By Mark A. Calabria. Testimony. October 4, 2011.

Cato Reviews & Journals


The Forgotten Depression: 1921: The Crash That Cured Itself

Featuring Jim Powell, Lawrence H. White, and George Selgin. November 18, 2014. Book Forum.

32nd Annual Monetary Conference

Featuring James A. Dorn, James Grant, Louise Bennetts, Kevin Dowd, Lawrence H. White, Bennett T. McCallum, Mark A. Calabria, John A. Allison, Edwin Vieira, Jr., Walker F. Todd, Axel Leijonhufvud, George Melloan, Jerry L. Jordan, George Selgin, Nathan Lewis, Bob Gelfond, Norbert Michel, Gerald P. O'Driscoll Jr., & Judy Shelton. November 6, 2014. Conference.

Rethinking Housing Bubbles: The Role of Household and Bank Balance Sheets in Modeling Economic Cycles

Featuring Vernon L. Smith, Steven Gjerstad, Dean Baker, & Mark A. Calabria. October 1, 2014. Book Forum.