(Although my contributions to this series have so far been more-or-less in their proper order, this one isn't: it occurred to me only relatively recently that it would be worthwhile to take stock of the overall progress of the recovery up to the outbreak of the Roosevelt…
In a thought-provoking article published by the IMF in April, Ruchir Agarwal and Miles Kimball argue for moving away from a “paper money standard” and toward an "electronic money standard." The promised benefits include shorter recessions and lower average inflation. These benefits are said to result from…
The distinguished contributors to Populism and the Future of the Fed examine populist demands to expand the Fed’s mandate and the threat to the demarcation between fiscal and monetary policy. All the essays, except those by Charles Plosser and me, stem from Cato’s 39th Annual Monetary Conference,…
In December 1946, Clark Warburton published an article in the Political Science Quarterly titled, “Monetary Control under the Federal Reserve Act,” which was reprinted in chapter 14 of his landmark book, Depression, Inflation, and Monetary Policy (1966). He argues that the Federal Reserve’s failure to prevent the…