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Engine of Inequality: The Fed and the Future of Wealth in America

Book Forum | March 4, 2021

Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. George Selgin, director of the Cato Institute’s Center for Monetary and Financial Alternatives, interviewed Karen Petrou on her new book, Engine of Inequality: The Fed and the Future of Wealth in America, and the pragmatic solutions inside for creating more inclusive monetary policy and equality‐​enhancing financial regulation as quickly and painlessly as possible.

Meet Our Experts

James A. Dorn

Vice President for Monetary Studies, Senior Fellow, and Editor of Cato Journal

Steve H. Hanke

Senior Fellow and Director, Troubled Currencies Project

George Selgin

Senior Fellow and Director, Center for Monetary and Financial Alternatives

Featured Studies

Maintaining Distance between Monetary and Fiscal Policy

Adopting a rules‐​based approach to the conduct of monetary policy would help safeguard central bank independence and promote both monetary and financial stability.

By James A. Dorn

Ground Proposals for “Helicopter Money”

“Helicopter money” is a fascinating theoretical construct that has proven useful in advancing economists’ understanding of various subtle points of monetary theory. But it risks undermining both Congress’s power of the purse and the Federal Reserve System’s already tenuous independence.

By George Selgin