![Cato Journal Fall 2019 Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2019-09/cj-v39n3-cover.jpg?itok=RpzKn_qd) 

# Fall 2019 

Vol. 39 No. 3 

##### Articles 

#### [Consumer Protection and Financial Inclusion ](/cato-journal/fall-2019/consumer-protection-financial-inclusion)

By Brian Johnson 

#### [Macroprudential Policy, Leverage, and Bailouts ](/cato-journal/fall-2019/macroprudential-policy-leverage-bailouts)

By Allan M. Malz 

#### [Modern Monetary Theory: Cautionary Tales from Latin America ](/cato-journal/fall-2019/modern-monetary-theory-cautionary-tales-latin-america)

By Sebastian Edwards 

#### [Modern Monetary Theory: A Critique ](/cato-journal/fall-2019/modern-monetary-theory-critique)

By Warren Coats 

#### [Myopic Monetary Policy and Presidential Power: Why Rules Matter ](/cato-journal/fall-2019/myopic-monetary-policy-presidential-power-why-rules-matter)

By [James A. Dorn](https://www.cato.org/people/james-dorn) 

In the absence of a monetary rule, a central bank is vulnerable to politicization. In the case of the United States, Congress delegated monetary authority to the Federal Reserve in 1913 and has increased the scope of that authority over time, especially following crises. However, Congress has never enacted an explicit rule to guide Fed policy, and it has used the Fed as a scapegoat when things go awry.

#### [Will Paying Interest on Reserves Endanger the Fed’s Independence? ](/cato-journal/fall-2019/will-paying-interest-reserves-endanger-feds-independence)

By H. Robert Heller 

#### [The 1948 German Currency and Economic Reform: Lessons for European Monetary Policy ](/cato-journal/fall-2019/1948-german-currency-economic-reform-lessons-european-monetary-policy)

By Gunther Schnabl 

#### [Optimal Top Tax Rates: A Review and Critique ](/cato-journal/fall-2019/optimal-top-tax-rates-review-critique)

By [Alan Reynolds](https://www.cato.org/people/alan-reynolds) 

#### [Restructuring the U.S. Postal Service ](/cato-journal/fall-2019/restructuring-us-postal-service)

By [Chris Edwards](https://www.cato.org/people/chris-edwards) 

#### [How the Supreme Court Promotes Independent Presidential Power ](/cato-journal/fall-2019/how-supreme-court-promotes-independent-presidential-power)

By [Louis Fisher](https://www.cato.org/people/louis-fisher) 

Judicial decisions that vest independent power in the president in external affairs come at high cost to constitutional principles, congressional authority, the system of checks and balances, and public trust in government.

##### Book Reviews 

##### [*Opting Out: Selected Writings of Gerrit H. Wormhoudt* by Michael G. Stratton and Amy C. Lynch, eds.](/cato-journal/fall-2019/opting-out-selected-writings-gerrit-h-wormhoudt-michael-g-stratton-amy-c)

By [Robert A. Levy](https://www.cato.org/people/robert-levy) 

##### [*A New Foreign Policy: Beyond American Exceptionalism* by Jeffrey D. Sachs](/cato-journal/fall-2019/new-foreign-policy-beyond-american-exceptionalism-jeffrey-d-sachs)

By John Glaser 

##### [*Public Governance and the Classical-Liberal Perspective: Political Economy Foundations* by Paul Dragos Aligica, Peter J. Boettke, and Vlad Tarko](/cato-journal/fall-2019/public-governance-classical-liberal-perspective-political-economy)

By Jonathan W. Plante 

##### [*The Enlightened Capitalists: Cautionary Tales of Business Pioneers Who Tried to Do Well by Doing Good* by James O’Toole](/cato-journal/fall-2019/enlightened-capitalists-cautionary-tales-business-pioneers-who-tried-do-well)

By Richard Morrison 

##### [ *The Value of Everything*](/cato-journal/fall-2019/value-everything)

By Thomas A. Hemphill 

##### [*The State Strikes Back: The End of Economic Reform in China?* by Nicholas R. Lardy](/cato-journal/fall-2019/state-strikes-back-end-economic-reform-china-nicholas-r-lardy)

By [James A. Dorn](https://www.cato.org/people/james-dorn) 

##### Latest Issues 

[![Cato Journal - v41n3 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2021-10/cj-v41n3-cover-img.jpg?itok=5oFdtHHE)](https://www.cato.org/cato-journal/fall-2021) 

[Fall 2021](/cato-journal/fall-2021)

[![Cato Journal - v41n2 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2021-05/cj-v42n2-cover.jpg?itok=Gsu0q9wJ)](https://www.cato.org/cato-journal/spring/summer-2021) 

[Spring/​Summer 2021](/cato-journal/spring/summer-2021)

[![Cato Journal - v41n1 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2021-01/Cover.jpg?itok=FSh0s6W_)](https://www.cato.org/cato-journal/winter-2021) 

[Winter 2021](/cato-journal/winter-2021)

[![Cato - Fall 2020 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2020-09/cj-v40n3-cover.jpg?itok=9jXN2iCd)](https://www.cato.org/cato-journal/fall-2020) 

[Fall 2020](/cato-journal/fall-2020)