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

It’s Time to Dump Most Central Banks

By Steve H. Hanke. Forbes. March 22, 2017.

Are We Heading toward Another Subprime Mortgage Crisis?

By William Poole. CNN.com. March 15, 2017.

Why Three Rate Hikes in 2017 May Not Be Enough

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

Making a Financial Choice: More Capital or More Government Control

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

Interest on Reserves and the Fed’s Balance Sheet

By George Selgin. Testimony. May 17, 2016.

Monetary Policy and the State of the Economy

By Mark A. Calabria. Testimony. February 11, 2014.

Cato Reviews & Journals

Monetary Policy

Cato Handbook for Policymakers. Monetary Policy.

The Power and Independence of the Federal Reserve by Peter Conti-Brown

Ari Blask. Cato Journal. <em>The Power and Independence of the Federal Reserve</em> by Peter Conti-Brown.

The Fiscal Theory of the Price Level: A Comment on Tutino and Zarazaga

James A. Dorn. Cato Journal. The Fiscal Theory of the Price Level: A Comment on Tutino and Zarazaga.

Events

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.

Monetary Rules for a Post-Crisis World

Featuring John B. Taylor, Mark A. Calabria, Scott Sumner, Walker F. Todd, David Beckworth, & George Selgin. September 7, 2016. Conference.