The Bottom Line

History has shown that monetary stability — money growth consistent with a stable and predictable value of money — is an important determinant of economic stability. As capital markets become more sophisticated, they are simultaneously more crucial to the functioning of a complex economy and more difficult for policymakers to understand. Cato’s analysts study the workings of the capital markets, the value of free flows of capital, and the burdens imposed on markets by regulation.

Cato Studies


It’s Time to Evaluate the Fed

The lack of a clear guide for monetary policy, reliance on flawed theory and a failure to predict the financial crisis are good reasons to make changes at the U.S. central bank.

Of Special Note

WSJ: “Libertarian Think Tank is Spoiling for a Fight with the Fed”

Libertarian Think Tank is Spoiling for a Fight with the Fed

The Wall Street Journal covered the launch of Cato’ new Center for Monetary and Financial Alternatives. From author Ben Leubsdorf:

“The new center is the latest manifestation of growing public and academic attention on the Fed and central banking after the 2008 financial crisis. …Critics have variously accused the Fed of bailing out fat-cat Wall Street bankers, harming Americans who rely on interest from their savings, distorting the flows of the free market, failing to generate sustainable economic growth and flirting with out-of-control inflation and a debased currency.”

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In the News

This Nobel Is No Prize

Center for Monetary and Financial Alternatives mentioned, along with CMFA Director George Selgin, in this Barron’s piece from Gene Epstein on the Nobel Prize in Economics.

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32nd Annual Monetary Conference

32nd Annual Monetary Conference
Alternatives to Central Banking: Toward Free-Market Money

When the Federal Reserve was created in 1913, its powers were limited and the U.S. was on the gold standard. Today the Fed has virtually unlimited power and the dollar has no backing. Leading scholars and advocates for fundamental monetary reform discussed the case for sound money and the reforms needed to realize it.

Watch or Listen to the Conference