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 Needs Truly Radical Reform, Not a Timid Taylor Rule Fix

By James A. Dorn. July 31, 2014.

Fed Proposal to End Bailouts Falls Short

By Mark A. Calabria and Marcus Stanley. The Hill (Online). July 25, 2014.

The Fed Can’t Fix What Ails the Economy

By Gerald P. O’Driscoll Jr.. Real Clear Markets. July 21, 2014.

Cato Studies

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.

The Rise and Fall of the Gold Standard in the United States

By George Selgin. Policy Analysis No. 729. June 20, 2013.


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

Fed versus Market Regulation

Rep. Jeb Hensarling. Cato Journal. Spring/Summer 2014.

Nominal GDP Targeting: A Simple Rule to Improve Fed Performance

Scott Sumner. Cato Journal. Spring/Summer 2014.

Clearing House Currency

Richard H. Timberlake Jr.. Cato Journal. Spring/Summer 2014.


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, Steve Forbes, Gerald P. O'Driscoll Jr. & Judy Shelton. November 6, 2014. Conference.

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.

Money: How the Destruction of the Dollar Threatens the Global Economy — and What We Can Do about It

Featuring Steve Forbes, Steve H. Hanke and James A. Dorn. June 19, 2014. Book Forum.