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Essays
The Fed’s Role in Eroding Real Federal Debt
Lawrence H. White documents how the Fed erases government debt - at the expense of long-term savers.
Essays
How Do We Enforce Nominal GDP Targeting?
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.
Essays
Asset Prices, Inflation, and Interest Rates
Scott Sumner replies to Gerald O'Driscoll on asset prices, inflation, and interest rates.
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
Good Compared to What?
The Federal Reserve is conventionally thought of as a good thing. Gerald O'Driscoll asks: Good compared to what?
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
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
The Fed’s Track Record
Lawrence H. White reviews the unenviable track record of the Federal Reserve.