As the one hundredth birthday of the Federal Reserve System approaches, it seems appropriate to once again take stock of our monetary system. In the latest issue of Cato Policy Report, economists George Selgin, William D. Lastrapes, and Lawrence H. White survey the relevant research and conclude that the Federal Reserve System has not lived up to its original promise. Also in this issue, new president John A. Allison shares his thoughts on joining the Cato Institute.

• November/​December 2012 Issue of Cato Policy Report