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


The Fed Flirts With the Right Move at the Wrong Time

By Gerald P. O’Driscoll Jr.. The Wall Street Journal. August 24, 2015.

It’s Time to Evaluate the Fed

By James A. Dorn. Caixin Online. August 21, 2015.

The Fed’s Trade-Off between Inflation and Jobs Is a Myth

By James A. Dorn. Investor’s Business Daily. August 13, 2015.

Cato Studies

A Roadmap to Monetary Policy Reforms

By Norbert Michel. Working Paper No. 27. March 18, 2015.

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.


Fed Policy Is Too Light

Steve H. Hanke. The International Economy. Spring 2015.

The Productivity Gap: Monetary Policy, the Subprime Boom, and the Post-2001 Productivity Surge

George Selgin, David Beckworth, and Berrak Bahadir. Journal of Policy Modeling. Vol. 37. No. 2. March 2015.

Monetary Austerity Explains Everything

Steve H. Hanke. OMFIF Bulletin. November 2014.

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

Current Evidence on the Resource Costs of Irredeemable Paper Money

Tyler Watts and Lukas Snyder. Cato Journal. Spring/Summer 2015.

The Swiss Experiment: From the Lower Bound to Flexible Exchange Rates

Peter Bernholz. Cato Journal. Spring/Summer 2015.

The Market for Cryptocurrencies

Lawrence H. White. Cato Journal. Spring/Summer 2015.


33rd Annual Monetary Conference

Featuring James A. Dorn, Jeffrey Miron, George Selgin, Gerald P. O'Driscoll Jr., Lawrence H. White, Kevin Dowd, Jeffrey M. Lacker, George S. Tavlas, Charles I. Plosser, John B. Taylor, Scott Sumner, George Melloan, Alex Pollock, David Malpass, Jerry L. Jordan, & Kevin Dowd. November 12, 2015. Conference.

Math Gone Mad: Systemic Dangers of the Federal Reserve’s Stress Tests

Featuring George Selgin and Kevin Dowd. June 4, 2015. Capitol Hill Briefing.

Should GAO Audit the Federal Reserve?

Featuring Mark A. Calabria. April 17, 2015. Policy Forum.