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Issues
The Federal Reserve at 100
The U.S. Federal Reserve marks its 100th anniversary this year. Has it been worth it?
Essays
The Fed at 100
Gerald P. O'Driscoll reviews the history of central banking. He argues decentralized banking is possible, but getting there will be difficult.
Essays
The Fed’s Track Record
Lawrence H. White reviews the unenviable track record of the Federal Reserve.
Essays
In Defense of a Flexible Monetary Policy
Scott Sumner argues that monetary policy needs to be flexible to respond to crises, and that commodity standards don't meet that test.
Essays
Who Will Guard the Monetary Guardians?
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.
Essays
Good Compared to What?
The Federal Reserve is conventionally thought of as a good thing. Gerald O'Driscoll asks: Good compared to what?
Essays
The Fed Was a Mistake. But Now That We Have It…
Scott Sumner argues that the Federal Reserve should perform nominal GDP targeting, which will make its actions both predictable and beneficial.
Essays
Asset Prices, Inflation, and Interest Rates
Scott Sumner replies to Gerald O'Driscoll on asset prices, inflation, and interest rates.