Monetary disturbances have been either a major cause of or a key accentuating factor in business fluctuations. Maintaining a money of stable value through institutional reform would be socially beneficial. It is time to recognize the limits of activist monetary policy and to focus on long-run price stability as the Fed’s primary objective.

More on The Fed and Monetary Policy

Commentary

Hyperinflation Usually Produces Hype, an Antidote in One Table

By Steve H. Hanke. Forbes.com. June 29, 2017.

Here’s What the Fed Just Signaled about the Rest of 2017

By Gerald P. O’Driscoll Jr.. CNBC.com. June 14, 2017.

Fed Must Stop Rewarding Banks for Not Lending

By Norbert Michel and George Selgin. American Banker. May 30, 2017.

Cato Studies

New York’s Bank: The National Monetary Commission and the Founding of the Fed

By George Selgin. Policy Analysis No. 793. June 21, 2016.

How Important Are Banks for Development? National Banks in the United States, 1870–1900

By Scott L. Fulford. Research Briefs in Economic Policy No. 44. February 3, 2016.

Requiem for QE

By Daniel L. Thornton. Policy Analysis No. 783. November 17, 2015.

Articles

Fed Policy Is Too Light

Steve H. Hanke. The International Economy. Spring 2015.

The Productivity Gap: Monetary Policy, the Subprime Boom, and the Post-2001 Productivity Surge

George Selgin, David Beckworth, and Berrak Bahadir. Journal of Policy Modeling. Vol. 37. No. 2. March 2015.

Monetary Austerity Explains Everything

Steve H. Hanke. OMFIF Bulletin. November 2014.

Public Filings

A Legislative Proposal to Create Hope and Opportunity for Investors, Consumers, and Entrepreneurs

By John A. Allison. Testimony. April 26, 2017.

Sound Monetary Policy

By John A. Allison. Testimony. March 16, 2017.

Making a Financial Choice: More Capital or More Government Control

By John A. Allison. Testimony. July 12, 2016.

Cato Reviews & Journals

Rethinking Central Banking

Gerald P. O'Driscoll Jr.. Cato Journal. Spring/Summer 2017.

Federal Reserve Mischief and the Credit Trap

Daniel L. Thornton. Cato Journal. Spring/Summer 2017.

Monetary Mischief and the Debt Trap

H. Robert Heller. Cato Journal. Spring/Summer 2017.

Events

35th Annual Monetary Conference

Featuring Loretta Mester, Rep. Andy Barr (R-KY), John B. Taylor, Charles I. Plosser, Kevin Warsh, Eswar S. Prasad, Judy Shelton, Martin Feldstein, J. Huston McCulloch, Lawrence H. White, William D. Lastrapes, & David Dollar. November 16, 2017. Conference.

Banking Unbound: The Cato Summit on Financial Regulation

Featuring George Selgin, Emily Ekins, and Brian Knight. June 6, 2017. Conference.

34th Annual Monetary Conference

Featuring James A. Dorn, James Grant, John A. Allison, Gerald P. O'Driscoll Jr., Kevin Dowd, Thomas Hoenig, Athanasios Orphanides, H. Robert Heller, Daniel L. Thornton, Tyler Goodspeed, George Selgin, Jerry L. Jordan, Steve H. Hanke, Walker F. Todd, & Phil Gramm. November 17, 2016. Conference.