Irresponsible monetary policy can undermine prosperity by promoting business cycles and otherwise preventing the price system from reflecting the true scarcity of various goods and services. Sound monetary policy limits such damaging distortions. In a fiat monetary system, it does so by assigning a central bank the overarching objective of maintaining a stable and predictable overall level of spending on goods and services, while insulating it from political pressure to pursue other, conflicting ends. But in a free society that attaches a high value to competition, consumer choice, and innovation, monetary authorities should also allow people the freedom to employ unofficial substitutes for official fiat currency: if the official monetary standard is to prevail, it should do so because it is well-managed and not because alternatives have been suppressed.
Monetary Policy
509 results found
Banking Committee Clears the Way for Continuing Flawed Fed policies
The Failed Fed
Europe’s Bank Money Blues
100 Years Later, Was the Federal Reserve a Good Idea?
No, Asset Bubbles and Inflation Don’t Stimulate the Economy
Yellen, the Hawk?
The Real Problem Isn’t Janet Yellen, It’s the Conceit That Is the Fed Itself
The Fed Is in Desperate Need of Change - Sadly Janet Yellen Won’t Be It
Syria’s Other Problem: Inflation
Four Reasons Not To Worry About The Fed’s Taper
A Flawed Approach to Monetary Policy
The Danger of an All-Powerful Federal Reserve
Inflation Inferno Roared Away until Mid-November 2008
To Make Sense of the Coins Act, Follow the Money