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


Better if Fed Targets Neither Inflation Nor Employment

By George Selgin. Investor’s Business Daily. April 29, 2015.

Monetary Stimulus Creates Only Pseudo Wealth

By James A. Dorn. Investor’s Business Daily (Online). April 21, 2015.

Hammering Global Growth with Faulty Monetary Policy

By Richard W. Rahn. Washington Times. April 20, 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.


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.

Yes, McKinnon Is Right, Again

Steve H. Hanke. The International Economy. 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

Fannie, Freddie, and Future Bailouts

Policy Report. March/April 2015.

Reforming the Monetary System

Policy Report. March/April 2015.

Toward Free-Market Money

Policy Report. January/February 2015.


Should GAO Audit the Federal Reserve?

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

Did Affordable Housing Policy Cause the Financial Crisis and Can It Happen Again?

Featuring Mark A. Calabria. April 7, 2015. Policy Forum.

Renewing the Search for a Monetary Constitution: Reforming Government’s Role in the Monetary System

Featuring George Selgin. February 25, 2015. Book Forum.