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


Letting Lehman Fail Was a Choice, and It Was the Right One

By Mark A. Calabria. Daily Caller. October 3, 2014.

Debate over Monetary Rule Should Trump Labor Market Conundrum

By James A. Dorn. Caixin Online. August 28, 2014.

The Fed Needs Truly Radical Reform, Not a Timid Taylor Rule Fix

By James A. Dorn. July 31, 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.


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.

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


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.

After Dodd-Frank: The Future of Financial Markets

Featuring John A. Allison, Mark A. Calabria and Louise Bennetts. July 16, 2014, July 17, 2014. Conference.