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


The Fed’s Dangerous ‘New Normal’

By George Selgin. Politico. May 29, 2019.

Trump’s Stephen Moore Might Bring a New Perspective to Fed

By Steve H. Hanke. March 29, 2019.

The Fed Follows Trump’s Tweets, and Does the Right Thing

By Steve H. Hanke. March 22, 2019.

Cato Studies

The Imbalances of the Bretton Woods System, 1965–1973: U.S. Inflation, the Elephant in the Room

By Michael D. Bordo. Research Briefs in Economic Policy No. 164. May 22, 2019.

Should Governments Restrict Cash?

By Jeffrey Rogers Hummel. Policy Analysis No. 855. November 14, 2018.

The Impact of the Dodd-Frank Act on Small Business

By Michael D. Bordo and John V. Duca. Research Briefs in Economic Policy No. 129. September 5, 2018.


On Measuring the Money Supply

Steve H. Hanke. World Economics. Vol. 20. No. 1. March 2019.

The Mortgage Interest Deduction Must Go

Ike Brannon. Bloomberg BNA: Daily Tax Report. November 1, 2017.

Fed Policy Is Too Light

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

Cato Reviews & Journals

The Story of Silver

Gary Richardson. Regulation. Summer 2019.

Landmark Breakthrough on the Great Depression

Policy Report. May/June 2019.

Should the Fed Be Constrained?

Jeffrey Frankel. Cato Journal. Spring/Summer 2019.


36th Annual Monetary Conference: Monetary Policy 10 Years after the Crisis

Featuring Peter Goettler, George Selgin, James A. Dorn, Lydia Mashburn, Rep. Jeb Hensarling, Phil Gramm, Claudio Borio, Josh Zumbrun, Stephen D. Williamson, Peter Ireland, Tobias Adrian, Vincent R. Reinhart, Ylan Mui, Michael D. Bordo, Joseph E. Gagnon, David Beckworth, John A. Allison, Jeffrey M. Lacker, Scott Sumner, & Jeffrey Frankel. November 15, 2018. Conference.

Fintech Unbound: The Cato Summit on Financial Regulation

Featuring Hester Peirce, Balaji Srinivasan, John Collins, Andrea O'Sullivan, Barry Wides, Ryan Zagone, Diego Zuluaga, Lydia Mashburn, Matthew Feeney, Louis Caditz-Peck, Jay Reinemann, Paul Watkins, Spencer Bogart, J.W. Verret, Hardeep Walia, Haimera Workie, & Gerald Tsai. September 12, 2018. Conference.

Should Cryptocurrencies Be Regulated like Securities?

Featuring Diego Zuluaga and Matt Weibel. July 24, 2018. Capitol Hill Briefing.


Regulatory Failures at the Federal Reserve

By Mark A. Calabria. August 28, 2015.

Sound Money, Freedom, and Prosperity

By James A. Dorn. April 25, 2015.

A Century of the Federal Reserve: Success or Failure?

By Lawrence H. White. April 23, 2015.