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


How Meddling with Monetary Policy Shaped Modern Mortgages

By Mark A. Calabria. National Mortgage News. October 3, 2016.

Let’s Not Start a War on Cash

By James A. Dorn. Orange County Register. September 23, 2016.

Jobs Report Proves Janet Yellen Is Wrong about the Economy

By Gerald P. O’Driscoll Jr.. September 2, 2016.

Cato Studies

New York’s Bank: The National Monetary Commission and the Founding of the Fed

By George Selgin. Policy Analysis No. 793. June 21, 2016.

How Important Are Banks for Development? National Banks in the United States, 1870–1900

By Scott L. Fulford. Research Briefs in Economic Policy No. 44. February 3, 2016.

Requiem for QE

By Daniel L. Thornton. Policy Analysis No. 783. November 17, 2015.


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

Making a Financial Choice: More Capital or More Government Control

By John A. Allison. Testimony. July 12, 2016.

Interest on Reserves and the Fed’s Balance Sheet

By George Selgin. Testimony. May 17, 2016.

Monetary Policy and the State of the Economy

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

Cato Reviews & Journals

Interest on Reserves and the Fed’s Balance Sheet

John B. Taylor. Cato Journal. Fall 2016.

Adverse Effects of Unconventional Monetary Policy

Andreas Hoffmann and Gunther Schnabl. Cato Journal. Fall 2016.

Behavioral Economics and Fed Policymaking

Mark A. Calabria. Cato Journal. Fall 2016.


34th Annual Monetary Conference

Featuring James A. Dorn, James Grant, John A. Allison, Gerald P. O'Driscoll Jr., Kevin Dowd, Thomas Hoenig, J. Christopher Giancarlo, Athanasios Orphanides, H. Robert Heller, Daniel L. Thornton, Thomas J. Sargent, Tyler Goodspeed, George Selgin, Jerry L. Jordan, Steve H. Hanke, Walker F. Todd, & Phil Gramm. November 17, 2016. Conference.

Monetary Rules for a Post-Crisis World

Featuring John B. Taylor, Mark A. Calabria, Scott Sumner, Walker F. Todd, David Beckworth, & George Selgin. September 7, 2016. Conference.

EconTalk LIVE: David Beckworth on Monetary Policy and the Great Recession

Featuring David Beckworth. May 19, 2016. Policy Forum.