(This editor's note is cross-posted from the  Spring/Summer 2021 edition of the Cato Journal.) In 1996, Cato held its 14th Annual Monetary Conference, “The Future of Money in the Information Age.”  The proceedings, along with additional essays, appeared in a book with the same title in 1997. …

Christopher Waller

In his first speech as a member of the Federal Reserve’s Board of Governors, Christopher Waller defended Fed independence and reassured his audience that “deficit financing and debt servicing issues play no role in our policy decisions and never will.”  His goal was to dispel the “narrative”…

Mnuchin v. Waters

On November 19, Treasury Secretary Steven Mnuchin announced that he would sunset five of the Federal Reserve’s emergency lending programs at year-end: the Primary Market Corporate Credit Facility, Secondary Market CCF, Municipal Liquidity Facility, Main Street Lending Program, and Term Asset-Backed Securities Loan Facility (TALF). His decision,…