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Cato Journalcompanies, and even nonfinancial companies. No one can say who is,and who is not, going to receive loans in the future, for what amounts,and for what duration. There are no effective rules governing centralbank lending.Congress delegated its constitutional authority to “coin moneyand regulate the value thereof” to a central bank but has consistentlyfailed to provide effective oversight of the money-creationprocess. Worse, Congress saddled the central bank with anunworkable dual mandate and an institutional bias toward artificiallylow interest rates. The central bank is now dominated bypeople who believe inflation occurs as a result of a too-low unemploymentrate, and that inflation is not a risk so long as unemploymentis above some threshold. Indeed, monetary policymakers willnot give greater weight to inflation until they perceive that toomany people are working, earning a paycheck, and supportingtheir families.The Fed’s century-long track record includes the GreatDepression of the 1930s; the Great Inflation of the 1970s;episodes of bubbles, panics, and crises; and an average inflationthat left today’s dollar worth only a small fraction of the 1913 dollar.The challenge is to establish institutional arrangements thatprevent the next hundred years from being simply more ofthe same.ReferencesCargill, T. F., and O’Driscoll Jr., G. P. (2013) “Federal ReserveIndependence: Reality or Myth?” Cato Journal 33 (3): 417–35.Friedman, M. (2003) “A Conversation with Milton Friedman.”Alamos Alliance X, Sonora, Mexico (1 March).Jordan, J. L. (2006) “Money and Monetary Policy for the Twenty-First Century.” Federal Reserve Bank of St. Louis Review(November/December): 485–510.(2012) “Friedman and the Phillips Curve.” In SoundMoney: Why It Matters, How to Have It. Essays in Honour ofMilton Friedman’s Contributions to Monetary Policy, 9–29.Ottawa: Macdonald-Laurier Institute for Public Policy.Meltzer, A. H. (2003) A History of the Federal Reserve, Vol. 1:1913–1951. Chicago: University of Chicago Press.226
A Century of Central Banking(2010a) A History of the Federal Reserve, Vol. 2, Book1: 1951–1969. Chicago: University of Chicago Press.(2010b) A History of the Federal Reserve, Vol. 2, Book2: 1970–1986. Chicago: University of Chicago Press.Selgin, G. A. (1990) “Monetary Equilibrium and the ProductivityNorm of Price-Level Policy.” Cato Journal 10 (1): 265–87.227
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Page 6 and 7: Kevin Dowd and Martin HutchinsonHow
Page 8 and 9: Cato JournalScott B. Sumner advocat
Page 11 and 12: A Limited Central BankCharles I. Pl
Page 13 and 14: Fed Goals and ObjectivesA Limited C
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Page 39 and 40: Operation Twist-the-Truth:How the F
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Page 55 and 56: Operation Twist-the-TruthAnd so it
Page 57 and 58: Operation Twist-the-TruthBernanke e
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Cato JournalFIGURE 4Output Gap Revi
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Cato JournalConclusionThe unprecede
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The Troubling Suppression ofCompeti
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Alternative MoniesThe potential alt
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Alternative Monies§486, and is a c
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Alternative MoniesIn December 2012,
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Alternative Moniesknown as OmniPay,
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Alternative MoniesCaribbean nation
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Alternative Moniesstatute, 31 USC
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Alternative Moniesof community serv
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Alternative Monieslicense what he c
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Alternative Moniesmoney-transmittin
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Alternative MoniesSmith, V. C. ([19
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Cato Journalchanges in the demand f
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Cato Journalwere in denominations o
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Cato Journalsubstitutes for currenc
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Cato Journalconvert bank notes or d
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Cato Journalcentral money market [i
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Cato JournalSeligman, E. R. A., ed.
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Cato JournalThe Gold StandardIt is
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Cato Journalthe discipline of such
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Cato JournalRobert Hetzel (2009, 20
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Cato JournalLehman Brothers failed.
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Cato Journala level path or a sligh
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Cato Journallate 2007 and early 200
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Cato Journalpolicy affecting inflat
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Cato Journalinterprets as calling f
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Cato Journalhelp to restore policym
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Cato JournalAn almost identical seq
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Cato JournalHall, R. (2010) “Why
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Fed versus Market RegulationJeb Hen
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The Fed’s Dual MandateFed versus
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Fed versus Market RegulationAct’s
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Market Discipline BeatsRegulatory D
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Market Disciplinederegulated under
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Market Disciplinealways involve som
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The Free-Market SolutionMarket Disc
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How Should Financial MarketsBe Regu
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Financial Marketsmade the financial
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Financial Marketsand the regulatory
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Financial MarketsGlass-Steagall Act
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Financial MarketsWe have intentiona
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Financial Marketsbut it worked—an
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Financial Marketssystem less rather
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Financial Marketsreturn but the ban
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Financial MarketsAgain, there is no
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Financial MarketsBasel II—and, th
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Financial Marketsinvolving means. I
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Financial Marketsclient funds throu
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Financial MarketsFinancial Regulati
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Financial Marketsthat the pieces up
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Financial Marketstogether that thos
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Financial MarketsThey persist becau
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Financial Marketsa perfect example
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Financial MarketsCalomiris, C. W. (
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The Case for a CentennialMonetary C
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Centennial Monetary Commission• A
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Centennial Monetary CommissionOther
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Prospects for FundamentalMonetary R
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Fundamental Monetary Reforminto the
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Fundamental Monetary Reform1920s, t
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Fundamental Monetary Reformexistenc
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Fundamental Monetary Reformthe mone
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Fundamental Monetary ReformWhite, L
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Cato Journalinherently ineffective.
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Cato JournalThe gasoline market in
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Cato Journalcrisis or economic mala
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Cato Journalfor goods, especially t
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The Federal Reserve and the DollarL
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Federal Reserve and the Dollarthe i
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Federal Reserve and the Dollarsmall
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Federal Reserve and the Dollarinfla
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Federal Reserve and the Dollarmoney
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Federal Reserve and the Dollarexcha
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Federal Reserve and the Dollarcurre
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Federal Reserve and the Dollarunder
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Federal Reserve and the Dollar([195
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Cato JournalStarting with patrols i
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Cato JournalForeign Policy Begins a
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Cato Journalresolve to its friends
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Cato Journaladvocate policies that
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Cato Journalrules will achieve desi
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Cato Journalsituation that preclude
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Cato Journalgovernment policies rew
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Cato Journal18 times in the book, w
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NEW EBOOK FROM THE CATO INSTITUTETh
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How does the United States once aga
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Education is important to everyone.
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December 2012On the Kindle app for
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$8 00STABLE MONEY AND COMMERCEIt is
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