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


Fed Can Print Money, But It Can’t Print Jobs

By Alan Reynolds. Investor’s Business Daily. April 16, 2014.

Why Do We Still Use Paper Money?

By Richard W. Rahn. Washington Times. April 7, 2014.

The Great Destabilizer

By Steve H. Hanke. Globe Asia. February 21, 2014.

Cato Studies

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.

Recent Arguments against the Gold Standard

By Lawrence H. White. Policy Analysis No. 728. 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

What If Money Were Private?

Policy Report. September/October 2013.

Who Is Satoshi Nakamoto?

Pierre Lemieux. Regulation. Fall 2013.

The Gold Standard, the Euro, and the Origins of the Greek Sovereign Debt Crisis

Harris Dellas and George S. Tavlas. Cato Journal. Fall 2013.


The Fed’s 100th Anniversary and the Case for a Centennial Monetary Commission

Featuring John A. Allison and James A. Dorn. February 28, 2014. Capitol Hill Briefing.

Gold: The Monetary Polaris

Featuring Mark A. Calabria. February 12, 2014. Book Forum.

31st Annual Monetary Conference

Featuring James A. Dorn, Lawrence H. White, Richard W. Rahn, Mark A. Calabria, John A. Allison, Gerald P. O'Driscoll Jr. & Mary Anastasia O'Grady. November 14, 2013. Conference.