Since its publication in 1963, Milton Friedman and Anna Jacobson Schwartz’s A Monetary History of the United States has stood as a monumental scholarly accomplishment. Even critics of Friedman’s Monetarism have admired the work’s meticulous historical research, particularly its reconstruction of a data series on several measures of…

O'Driscoll, knowledge problem, monetary conference, central banks, Hayek, Milton Friedman

On Thursday, November 12th, Cato hosts its 33rd Annual Monetary Conference.  This year’s conference theme is “Rethinking Monetary Policy.”  I will be presenting a paper on “Monetary Policy: The Knowledge Problem.” The knowledge problem in conducting monetary policy, or any other government policy, is that the required…