Cato Journal

In this article, we argue that the present constellation of exchange rate arrangements among the major currencies has...

It is a pleasure to join you at Cato's 28th Annual Monetary Conference. In preparing today's remarks, I...

The role of monetary policy in creating, not merely responding to, asset price bubbles is a provocative topic...

The story is fairly well known. In 1971, as chairman of the Chicago Mercantile Exchange, I had an...

The articles in this issue of the Cato Journal addressing Asset Bubbles and Monetary Policy were first presented...

The Federal Reserve has a long history of creating aggregate demand bubbles in the United States (Niskanen 2003,...

The Federal Reserve's conduct of monetary policy casts a spell over market participants, commentators, and academics. The pages...

The most important lesson we can learn from the financial crisis is what caused it. Even though the...

It is now quite clear that the U.S. economy went through a massive housing bubble, starting in the...

President George W. Bush famously remarked in July 2008 that during the housing boom "Wall Street got drunk...

In Matthew 25: 14-30, Jesus recounts the Parable of the Talents, the story of how the master goes...

The financial crisis that surfaced in 2007 has stressed the need to identify the ultimate sources of the...

Under the Bretton Woods system, the central banks of the world undertook to keep the exchange rates of...

Robust Political Economy: Classical Liberalism and the Future of Public Policy Mark Pennington Cheltenham and Northampton, UK: Edward...

America Identified: Biometric Technology and Society Lisa S. Nelson Cambridge, Mass.: MIT Press, 2010, 266 pp. Lisa Nelson's...

Over the years, there has been a lot to consider in the Federal Reserve's choices of monetary policy...

In these remarks I discuss a proposal to legislate a rule for monetary policy. The proposal modernizes laws...

Peddling Protectionism: Smoot-Hawley and the Great Depression Douglas A. Irwin Princeton, N.J.: Princeton University Press, 2011, 244 pp....

Will Rogers, commenting on the Depression, famously quipped: "If stupidity got us into this mess, why can't it...

Both monetary policy and real factors played crucial causal roles in the housing boom and bust. Monetary policy...