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


Turkey’s Lira Takes a Dive and Inflation Soars

By Steve H. Hanke. June 24, 2018.

It’s the End of the Beginning for the Economy, Not the Other Way Around

By John H. Cochrane. The Hill (Online). May 23, 2018.

No, Fed Reg Relief Isn’t Courting Financial Disaster

By Diego Zuluaga. American Banker. May 14, 2018.

Cato Studies

Should Cryptocurrencies Be Regulated like Securities?

By Diego Zuluaga. CMFA Briefing Paper No. 1. June 25, 2018.

FLOORED! How a Misguided Fed Experiment Deepened and Prolonged the Great Recession

By George Selgin. Working Paper No. 50. March 1, 2018.

Local and Aggregate Fiscal Policy Multipliers

By Bill Dupor and Rodrigo Guerrero. Research Briefs in Economic Policy No. 98. January 31, 2018.


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.

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.

Public Filings

A Further Examination of Federal Reserve Reform Proposals

By George Selgin. Testimony. January 10, 2018.

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.

Cato Reviews & Journals

Long-Term and Short-Term Impediments to the RMB’s Rise as a Reserve Currency

David Dollar. Cato Journal. Spring/Summer 2018.

Bluster Notwithstanding, China’s Bargaining Position Will Weaken

Charles Calomiris. Cato Journal. Spring/Summer 2018.

The Slow, Uneven Rise of the Renminbi

Eswar S. Prasad. Cato Journal. Spring/Summer 2018.


Should Cryptocurrencies Be Regulated like Securities?

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

#CatoConnects: The Federal Reserve’s Unresolved Questions

Featuring Tate Lacey and Caleb O. Brown. December 15, 2017. Cato Connects.

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, & Norbert Michel. November 16, 2017. Conference.