asset bubbles, Great Recession, inflation targeting, monetary policy, NGDP targeting

In the first, 1922 edition of Money, his own now-classic primer on monetary economics, the great Dennis Robertson included a chapter he called "Money in the Great Muddle," about the blow World War I dealt to England's once (relatively) rock-solid monetary system, and to other monetary arrangements…

Federal Reserve, Cato Journal, The Fed, behavioral economics, inflation targeting, zero lower bound, balance sheet, normalization

The fall 2016 issue of the Cato Journal is now available. Along with articles on free speech, climate change, and the peculiar business of politics, the latest edition offers a full line up on pressing issues in the current discourse on monetary policy. Among them are pieces critiquing calls to raise the Fed's inflation target, the Fed's…