The Fall 2020 issue of the Cato Journal covers several key topics in monetary policy: (1) the risk to the Federal Reserve's independence and credibility as it drifts into fiscal policy; (2) the effectiveness of negative interest rates as a tool of monetary policy; (3) the impact…

Should the U.S. government create a digital dollar?

Proposals for "central bank digital currency" (CBDC) come in two basic types: account-based and token-based. I have been critical of proposals for an account-based system. Until recently, there didn't seem to be much active interest in a token-based system. But now comes a significant token-based proposal in…