Lawrence H. White documents how the Fed erases government debt - at the expense of long-term savers.
Gerald O'Driscoll doubts that nominal GDP targeting can be enforced. And if it can't, it will fail to check the central bank's power.
Scott Sumner replies to Gerald O'Driscoll on asset prices, inflation, and interest rates.
Scott Sumner argues that the Federal Reserve should perform nominal GDP targeting, which will make its actions both predictable and beneficial.
The Federal Reserve is conventionally thought of as a good thing. Gerald O'Driscoll asks: Good compared to what?
Jerry L. Jordan argues that legislative restraints on monetary policy tend to fail; in this area, we just can't trust government to watch itself.
Scott Sumner argues that monetary policy needs to be flexible to respond to crises, and that commodity standards don't meet that test.
Lawrence H. White reviews the unenviable track record of the Federal Reserve.