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Monetary Policy

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.

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  • April 24, 2013
    Book Forum
    Constitutional Money: A Review of the Supreme Court’s Monetary Decisions
    Featuring the author Richard H. Timberlake, Jr., Professor Emeritus of Economics, University of Georgia; with comments by Steve H. Hanke, Professor of Applied Economics, The Johns Hopkins University, and Senior Fellow, Cato Institute; and George A. Selgin, Professor of Economics, University of Georgia, and Senior Fellow, Cato Institute; moderated by James A. Dorn, Editor, Cato Journal, and Vice President for Academic Affairs, Cato Institute.
  • November 15, 2012
    Conference
    30th Annual Monetary Conference
    Featuring Vernon L. Smith, Professor of Economics, Chapman University, and Nobel Laureate in Economics; Thomas Hoenig, Vice Chairman,Federal Deposit Insurance Corporation; John B. Taylor, Professor of Economics, Stanford University; George S. Tavlas, Director, Bank of Greece; Jurgen Stark, Former Chief Economist, European Central Bank; and Charles I. Plosser, President, Federal Reserve Bank of Philadelphia.
  • November 16, 2011
    Conference
    29th Annual Monetary Conference
    Featuring Rep. Ron Paul (R-TX), Chairman, House Financial Services Subcommittee on Domestic Monetary Policy; James Grant, Editor, Grant’s Interest Rate Observer; Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond; Robert Zoellick, President, World Bank; Allan Meltzer, University Professor of Economics, Carnegie-Mellon University, and Distinguished Visiting Scholar, Hoover Institution; Judy Shelton, Author, Money Meltdown; Benn Steil, Director of International Economics, Council on Foreign Relations; John Allison, Former Chairman and CEO, BB&T, and Distinguished Professor of Practice, Wake Forest University.
  • November 18, 2010
    Conference
    28th Annual Monetary Conference
    Featuring Charles Plosser, President, Federal Reserve Bank of Philadelphia; Carmen M. Reinhart, Professor of Economics, University of Maryland; Jerry L. Jordan, Former President, Federal Reserve Bank of Cleveland; George S. Tavlas, Director-General, Bank of Greece; John B. Taylor, Professor of Economics, Stanford University; and Manuel Sánchez, Vice Governor, Banco de México.
  • June 24, 2009
    Policy Forum
    Bringing Transparency to the Federal Reserve
    Featuring Rep. Ron Paul (R-TX); with comments by Gilbert Schwartz, Partner, Schwartz & Ballen LLP, Former Associate General Counsel, Federal Reserve; and Bert Ely, President, Ely & Company, Inc. Moderated by Mark Calabria Director, Financial Regulation Studies, Cato Institute.
  • April 24, 2009
    Conference
    Shadow Open Market Committee
    Featuring position papers from Michael Bordo, Rutgers University, “The Great Contraction 1929–1933: Are There Parallels to the Current Crisis?”; Charles Calomiris, Columbia University, “The Dos and Don’ts of Financial Regulatory Reform” and “TALF and PPIP: Will they Work to Unclog the Financial Plumbing?”; Marvin Goodfriend, Carnegie Mellon University, “We Need an Accord for Fed Credit Policy”; Mickey Levy, Bank of America, “What’s in Worse Shape, the Economy or Fiscal Policy?”; Bennett McCallum, Carnegie Mellon University, “China, the U.S. Dollar, and SDRs”; and Anna Schwartz, NBER, “Boundaries Between the Fed and the Treasury”; Moderated by Gregory Hess, Claremont McKenna College.
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