real bills doctrine, the fed, gold, timberlake, humphries, cato, milton friedman

The Cato Institute's newest book, Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922–1938 is out now — and it's already getting rave reviews for challenging conventional wisdom on the Great Depression. In Gold, the Real Bills Doctrine, and the Fed, preeminent monetary…

Milton Friedman, optimum quantity of money, interest on excess reserves, interest on reserves, monetary base

Fed economists defending interest on reserves have recently called on an unexpected quarter by reviving interest in Milton Friedman’s 1969 essay, “The Optimum Quantity of Money.”[1] As Ben Bernanke and Don Kohn put it, “Before the Fed paid interest on reserves, banks engaged in wasteful and inefficient…