Vice Chair Clarida holds the Cato Journal

Cato's Annual Monetary Conference last November hosted a "shadow review" of the Federal Reserve's own self-review, dedicated to examining "whether the U.S. monetary policy framework can be improved to meet future challenges." The articles in the spring/summer 2020 issue of the Cato Journal, drawn from that conference,…

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…

When the Federal Reserve announced on March 23 that it would purchase eligible corporate debt, syndicated loans, and exchange-traded funds (ETFs) via a special purpose vehicle (SPV), backstopped by the Treasury, moribund markets jumped. Highly leveraged companies like Carnival, Ford, and Boeing, which were unable to obtain…