![CJ v40n2 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2020-05/cj-v40n2-cover.jpg?itok=U7dcOvJ0) # Spring/​Summer 2020 Vol. 40 No. 2 ## Fed Policy: A Shadow Review ##### Articles #### [Editor’s Note ](/cato-journal/spring/summer-2020/editors-note) By [James A. Dorn](https://www.cato.org/people/james-dorn) #### [The Federal Reserve’s Review of Its Monetary Policy Strategy, Tools, and Communication Practices ](/cato-journal/spring/summer-2020/federal-reserves-review-its-monetary-policy-strategy-tools) By Richard H. Clarida #### [Independence and Accountability via Inflation Targeting ](/cato-journal/spring/summer-2020/independence-accountability-inflation-targeting) By Peter Ireland #### [A Look Back at the Consensus Statement ](/cato-journal/spring/summer-2020/look-back-consensus-statement) By Jeffrey M. Lacker #### [NGDP Targeting and the Public ](/cato-journal/spring/summer-2020/ngdp-targeting-public) By Carola Conces Binder #### [Federal Reserve Policy in a World of Low Interest Rates ](/cato-journal/spring/summer-2020/federal-reserve-policy-world-low-interest-rates) By Eric Sims and Jing Cynthia Wu #### [Operating Regimes and Fed Independence ](/cato-journal/spring/summer-2020/operating-regimes-fed-independence) By Charles I. Plosser #### [How QE Changed the Shape of the U.S. Yield Curve ](/cato-journal/spring/summer-2020/how-qe-changed-shape-us-yield-curve) By Manmohan Singh and Rohit Goel #### [Monetary Policy Operating Frameworks: Are Reforms Heading in the Right Direction? ](/cato-journal/spring/summer-2020/monetary-policy-operating-frameworks-are-reforms-heading-right) By Andrew Filardo #### [Upgrading the Fed’s Operating Framework ](/cato-journal/spring/summer-2020/upgrading-feds-operating-framework) By [David Beckworth](https://www.cato.org/people/david-beckworth) #### [Central Banking and the Rule of Law ](/cato-journal/spring/summer-2020/central-banking-rule-law) By Sir Paul Tucker #### [How Natural Language Processing Will Improve Central Bank Accountability and Policy ](/cato-journal/spring/summer-2020/how-natural-language-processing-will-improve-central-bank) By Charles Calomiris and Harry Mamaysky #### [How Politics Shapes Federal Reserve Communications ](/cato-journal/spring/summer-2020/how-politics-shapes-federal-reserve-communications) By Sarah A. Binder and Mark Spindel #### [Pitfalls of Makeup Strategies for Mitigating the Effective Lower Bound ](/cato-journal/spring/summer-2020/pitfalls-makeup-strategies-mitigating-effective-lower-bound) By Andrew T. Levin and Arunima Sinha #### [Envisioning Monetary Freedom ](/cato-journal/spring/summer-2020/envisioning-monetary-freedom) By [George Selgin](https://www.cato.org/people/george-selgin) The much‐​enlarged role of government in modern monetary systems makes it especially difficult to “inquire what would result” were the government to cease playing any role. #### [The Fed’s Precrisis Monetary Policy Framework Is Well-Suited for a Free Society ](/cato-journal/spring/summer-2020/feds-precrisis-monetary-policy-framework-well-suited-free-society) By William Nelson #### [Four Principles for a Base Money Regime ](/cato-journal/spring/summer-2020/four-principles-base-money-regime) By [William J. Luther](https://www.cato.org/people/william-j-luther) #### [Money, Stability, and Free Societies ](/cato-journal/spring/summer-2020/money-stability-free-societies) By [Steve H. Hanke](https://www.cato.org/people/steve-h-hanke) ##### Book Reviews ##### [*Human Compatible: Artificial Intelligence and the Problem of Control* by Stuart Russell](/cato-journal/spring/summer-2020/human-compatible-artificial-intelligence-problem-control-stuart) By Thomas A. Hemphill ##### [*The Cosmopolitan Tradition: A Noble but Flawed Ideal* by Martha C. Nussbaum](/cato-journal/spring/summer-2020/cosmopolitan-tradition-noble-flawed-ideal-martha-c-nussbaum) By [Paul Meany](https://www.cato.org/people/paul-meany) ##### [*The American Dream Is Not Dead (But Populism Could Kill It)* by Michael R. Strain](/cato-journal/spring/summer-2020/american-dream-not-dead-populism-could-kill-it-michael-r-strain) By Richard Morrison ##### [*The Case for Nationalism: How It Made Us Powerful, United, and Free* by Rich Lowry](/cato-journal/spring/summer-2020/case-nationalism-how-it-made-us-powerful-united-free-rich-lowry) By [Alex Nowrasteh](https://www.cato.org/people/alex-nowrasteh) ##### [*Reason, Faith, and the Struggle for Western Civilization* by Samuel Gregg](/cato-journal/spring/summer-2020/reason-faith-struggle-western-civilization-samuel-gregg) By Juliana Geran Pilon ##### 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)