![Media Name: cato-journal-v28n2.jpg](/sites/cato.org/files/styles/serial_cover_phone/public/serials/covers/cato-journal/cato-journal-v28n2.jpg?itok=AFTwtL7m) 

# Spring/​Summer 2008 

Vol. 28 No. 2 

Monetary Arrangements in the 21st Century

##### Articles 

#### [Editor’s Note ](/cato-journal/spring/summer-2008/editors-note)

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

#### [The Fed’s Road toward Greater Transparency ](/cato-journal/spring/summer-2008/feds-road-toward-greater-transparency)

By Ben S. Bernanke 

#### [Renminbi Exchange Rates and Relevant Institutional Factors ](/cato-journal/spring/summer-2008/renminbi-exchange-rates-relevant-institutional-factors)

By Yi Gang 

#### [The Future of the Renminbi and Its Impact on the Hong Kong Dollar ](/cato-journal/spring/summer-2008/future-renminbi-its-impact-hong-kong-dollar)

By Eddie Yue and Dong He 

#### [The Costs and Implications of PBC Sterilization ](/cato-journal/spring/summer-2008/costs-implications-pbc-sterilization)

By John Greenwood 

#### [The Role of the Renminbi in the World Economy ](/cato-journal/spring/summer-2008/role-renminbi-world-economy)

By Fred Hu 

#### [Monetary Stability, Exchange Rate Regimes, and Capital Controls: What Have We Learned? ](/cato-journal/spring/summer-2008/monetary-stability-exchange-rate-regimes-capital-controls-what-have)

By Miranda Xafa 

#### [The Case for Price Stability with a Flexible Exchange Rate in the New Neoclassical Synthesis ](/cato-journal/spring/summer-2008/case-price-stability-flexible-exchange-rate-new-neoclassical)

By Marvin Goodfriend 

#### [Monetary Policy and the Legacy of Milton Friedman ](/cato-journal/spring/summer-2008/monetary-policy-legacy-milton-friedman)

By Anna. J. Schwartz 

#### [Milton Friedman and the Euro ](/cato-journal/spring/summer-2008/milton-friedman-euro)

By Antonio Martino 

#### [Friedman: Float or Fix? ](/cato-journal/spring/summer-2008/friedman-float-or-fix)

By [Steve H. Hanke](https://www.cato.org/people/steve-h-hanke) 

#### [Milton Friedman and the Case against Currency Monopoly ](/cato-journal/spring/summer-2008/milton-friedman-case-against-currency-monopoly)

By [George Selgin](https://www.cato.org/people/george-selgin) 

#### [The Federal Reserve’s Role in the Great Contraction and the Subprime Crisis ](/cato-journal/spring/summer-2008/federal-reserves-role-great-contraction-subprime-crisis)

By [Richard H. Timberlake Jr.](https://www.cato.org/people/richard-timberlake) 

#### [Economic Development and the Role of Currency Undervaluation ](/cato-journal/spring/summer-2008/economic-development-role-currency-undervaluation)

By Surjit Bhalla 

#### [Lessons from Monetary and Real Exchange Rate Economics ](/cato-journal/spring/summer-2008/lessons-monetary-real-exchange-rate-economics)

By Arnold C. Harberger 

##### Book Review 

##### [*Freedom from Want: American Liberalism and the Global Economy* by Edward Gresser](/cato-journal/spring/summer-2008/freedom-want-american-liberalism-global-economy-edward-gresser)

By [Daniel Griswold](https://www.cato.org/people/daniel-griswold) 

##### [*The Cult of Statistical Significance: How the Standard Error Costs Us Jobs, Justice, and Lives* by Stephen T. Ziliak and Deirdre N. McCloskey](/cato-journal/spring/summer-2008/cult-statistical-significance-how-standard-error-costs-us-jobs)

By [Peter Van Doren](https://www.cato.org/people/peter-van-doren) 

##### [*My Grandfather’s Son* by Clarence Thomas](/cato-journal/spring/summer-2008/grandfathers-son-clarence-thomas)

By [Ilya Shapiro](https://www.cato.org/people/ilya-shapiro) 

##### [*Supreme Discomfort: The Divided Soul of Clarence Thomas* by Kevin Merida and Michael A. Fletcher](/cato-journal/spring/summer-2008/supreme-discomfort-divided-soul-clarence-thomas-kevin-merida-michael)

By [Ilya Shapiro](https://www.cato.org/people/ilya-shapiro) 

##### [*Rumsfeld’s Wars: The Arrogance of Power* by Dale R. Herspring](/cato-journal/spring/summer-2008/rumsfelds-wars-arrogance-power-dale-r-herspring)

By Ionut Popescu 

##### [*World War IV: The Long Struggle against Islamofascism* by Norman Podhoretz](/cato-journal/spring/summer-2008/world-war-iv-long-struggle-against-islamofascism-norman-podhoretz)

By [Christopher A. Preble](https://www.cato.org/people/christopher-preble) 

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