Monetary Policy
By minimizing the harm caused by recessions and high inflations, monetary policy can promote economic stability and create an environment in which individuals and businesses prosper and thrive. In pursuit of these goals, Mercatus research shows why and how the Federal Reserve should (a) follow a rules-based approach to making policy, (b) increase its transparency and accountability to the public, and (c) better utilize market signals.
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Latest work in Monetary Policy
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The Legacy of Bennett McCallum and Lessons for Monetary Policy Today
National Press Club (Washington, D.C.)
- | Monetary Policy Monetary Policy
- | Data Visualizations Data Visualizations
Measuring Monetary Policy: the NGDP Gap
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Thomas Hoenig on Public Debt Sustainability and the Current State of the US Banking System
As high interest rates continue to persist, a possible collapse of the commercial real estate market may be a stern warning about the health of the US banking system.

- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Taking a Close Look at the Economic Situation: September 2023 | Groundbreak Carolinas
- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
A Government Shutdown Would Stifle Flow of Economic Data | Marketplace Radio
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Robert McCauley on Bond Market Crises and the International Lender of Last Resort
As the 2020 dash for cash demonstrated, the Fed has now assumed a crucial role as the twenty-first century international lender of last resort in the bond market.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Joe Gagnon on Inflation Progress and the Path Ahead: Breaking Down Jerome Powell’s Jackson Hole Speech
Chair Powell’s Jackson Hole speech provided some necessary reassurances while leaving some important questions unanswered, as we continue to navigate through an uncertain macro environment.

- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q2 2023
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Nicholas Anthony on the Current Prospects and Legislative Developments Surrounding CBDC
As proposals for CBDC development become more ubiquitous across governments and central banks, it’s important to weigh the many arguments for and against such propositions.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
John Coates on *The Problem of Twelve: When a Few Financial Institutions Control Everything*
As private equity and index funds continue to swallow up a growing number of financial assets, the legitimacy and accountability of American capitalism may be called further into question.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Zac Gross on the Past, Present, and Future of Australian Monetary Policy
Altering the monetary policy decision-making process and switching to a corridor system are just a few steps the RBA can take to improve policy outcomes in the future.

- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
First Anniversary of Inflation Reduction Act; Topical Economics | WGSO radio’s “Ringside Politics” (LA)
- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
First Anniversary of Inflation Reduction Act and Its Impact | WJIM radio’s “The Steve Gruber Show” (MI)
- | Government Spending Government Spending
- | Expert Commentary Expert Commentary
First Anniversary of Inflation Reduction Act | WSPD radio’s “The Scott Sands Show” (OH)
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
In the search for better money, it’s important to compare and evaluate all monetary standards with sound monetary theory, economic analysis, and relevant historical contexts.

- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
The Push for a Central Bank Digital Currency | WIND radio’s Chicago’s Morning Answer”
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Biden’s Union Support Could Get in the Way of His Industrial Policy | National Review’s “The Corner”
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Do Aging Politicians Help Explain the US Credit Rating Downgrade? | The Washington Examiner
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ricardo Reis on the Macroeconomics of Financial Crises and the Recent Inflation Surge
The Great Recession period offers many lessons for identifying and preventing macroeconomic crises in the future.

- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
Why Was America’s Credit Downgraded? | Lars Larson Show
Latest work in Monetary Policy
- | Monetary Policy Monetary Policy
- | Events Events
The Legacy of Bennett McCallum and Lessons for Monetary Policy Today
National Press Club (Washington, D.C.)
- | Monetary Policy Monetary Policy
- | Data Visualizations Data Visualizations
Measuring Monetary Policy: the NGDP Gap
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Thomas Hoenig on Public Debt Sustainability and the Current State of the US Banking System
As high interest rates continue to persist, a possible collapse of the commercial real estate market may be a stern warning about the health of the US banking system.

- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Taking a Close Look at the Economic Situation: September 2023 | Groundbreak Carolinas
- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
A Government Shutdown Would Stifle Flow of Economic Data | Marketplace Radio
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Robert McCauley on Bond Market Crises and the International Lender of Last Resort
As the 2020 dash for cash demonstrated, the Fed has now assumed a crucial role as the twenty-first century international lender of last resort in the bond market.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Joe Gagnon on Inflation Progress and the Path Ahead: Breaking Down Jerome Powell’s Jackson Hole Speech
Chair Powell’s Jackson Hole speech provided some necessary reassurances while leaving some important questions unanswered, as we continue to navigate through an uncertain macro environment.

- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q2 2023
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Nicholas Anthony on the Current Prospects and Legislative Developments Surrounding CBDC
As proposals for CBDC development become more ubiquitous across governments and central banks, it’s important to weigh the many arguments for and against such propositions.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
John Coates on *The Problem of Twelve: When a Few Financial Institutions Control Everything*
As private equity and index funds continue to swallow up a growing number of financial assets, the legitimacy and accountability of American capitalism may be called further into question.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Zac Gross on the Past, Present, and Future of Australian Monetary Policy
Altering the monetary policy decision-making process and switching to a corridor system are just a few steps the RBA can take to improve policy outcomes in the future.

- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
First Anniversary of Inflation Reduction Act; Topical Economics | WGSO radio’s “Ringside Politics” (LA)
- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
First Anniversary of Inflation Reduction Act and Its Impact | WJIM radio’s “The Steve Gruber Show” (MI)
- | Government Spending Government Spending
- | Expert Commentary Expert Commentary
First Anniversary of Inflation Reduction Act | WSPD radio’s “The Scott Sands Show” (OH)
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
In the search for better money, it’s important to compare and evaluate all monetary standards with sound monetary theory, economic analysis, and relevant historical contexts.

- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
The Push for a Central Bank Digital Currency | WIND radio’s Chicago’s Morning Answer”
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Biden’s Union Support Could Get in the Way of His Industrial Policy | National Review’s “The Corner”
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Do Aging Politicians Help Explain the US Credit Rating Downgrade? | The Washington Examiner
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ricardo Reis on the Macroeconomics of Financial Crises and the Recent Inflation Surge
The Great Recession period offers many lessons for identifying and preventing macroeconomic crises in the future.

- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
Why Was America’s Credit Downgraded? | Lars Larson Show
Latest work in Monetary Policy
- | Monetary Policy Monetary Policy
- | Data Visualizations Data Visualizations
Measuring Monetary Policy: the NGDP Gap
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q2 2023
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
What Is the Monetary Standard? The Fed Should Tell Us
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
A New Coin of the Realm? Central Bank Digital Currency as New Public Money
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Transparency at Federal Reserve Banks
- | Monetary Policy Monetary Policy
- | Research Papers Research Papers
Fifteen Years of Aggressive Discretionary Fiscal Policy
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
Nominal Income Expectations of Consumers
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q1 2023
- | Government Spending Government Spending
- | Policy Briefs Policy Briefs
Fiscal Dominance: How Worried Should We Be?
- | Monetary Policy Monetary Policy
- | Books Books
Alternative Approaches to Monetary Policy
Published at "TheMoneyIllusion"
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Why There Is a Need for a New Fed History in the Spirit of Friedman and Schwartz’s A Monetary History
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q4 2022
- | Monetary Policy Monetary Policy
- | Research Papers Research Papers
Is the Quantity Theory Dead? Lessons from the Pandemic
- | Monetary Policy Monetary Policy
- | Research Papers Research Papers
What Kind of Landing: Soft or Hard?
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Federal Reserve’s Balance Sheet: Costs to Taxpayers of Quantitative Easing
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2022
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Do Price Controls Work? Lessons from Hyperinflations under Dictatorial Regimes
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
The Fate of FAIT: Salvaging the Fed’s Framework
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Consumer Inflation Uncertainty Is Rising
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q2 2022
Latest work in Monetary Policy
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Thomas Hoenig on Public Debt Sustainability and the Current State of the US Banking System
As high interest rates continue to persist, a possible collapse of the commercial real estate market may be a stern warning about the health of the US banking system.

- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
A Government Shutdown Would Stifle Flow of Economic Data | Marketplace Radio
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Robert McCauley on Bond Market Crises and the International Lender of Last Resort
As the 2020 dash for cash demonstrated, the Fed has now assumed a crucial role as the twenty-first century international lender of last resort in the bond market.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Joe Gagnon on Inflation Progress and the Path Ahead: Breaking Down Jerome Powell’s Jackson Hole Speech
Chair Powell’s Jackson Hole speech provided some necessary reassurances while leaving some important questions unanswered, as we continue to navigate through an uncertain macro environment.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Nicholas Anthony on the Current Prospects and Legislative Developments Surrounding CBDC
As proposals for CBDC development become more ubiquitous across governments and central banks, it’s important to weigh the many arguments for and against such propositions.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
John Coates on *The Problem of Twelve: When a Few Financial Institutions Control Everything*
As private equity and index funds continue to swallow up a growing number of financial assets, the legitimacy and accountability of American capitalism may be called further into question.

- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
First Anniversary of Inflation Reduction Act; Topical Economics | WGSO radio’s “Ringside Politics” (LA)
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Zac Gross on the Past, Present, and Future of Australian Monetary Policy
Altering the monetary policy decision-making process and switching to a corridor system are just a few steps the RBA can take to improve policy outcomes in the future.

- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
First Anniversary of Inflation Reduction Act and Its Impact | WJIM radio’s “The Steve Gruber Show” (MI)
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
In the search for better money, it’s important to compare and evaluate all monetary standards with sound monetary theory, economic analysis, and relevant historical contexts.

- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
The Push for a Central Bank Digital Currency | WIND radio’s Chicago’s Morning Answer”
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ricardo Reis on the Macroeconomics of Financial Crises and the Recent Inflation Surge
The Great Recession period offers many lessons for identifying and preventing macroeconomic crises in the future.

- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
Why Was America’s Credit Downgraded? | Lars Larson Show
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Macro Lit Review 4: Highlights from Mid-2023 with George Selgin
George Selgin rejoins David Beckworth to discuss a wide range of important monetary and financial policy developments.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Bryan Cutsinger and Louis Rouanet on the Politics and Dynamics of Hyperinflation in Revolutionary France
After years of political turmoil and subsequent hyperinflation, revolutionary France provides a valuable lesson in monetary theory that still has implications today.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Jesus Fernandez-Villaverde on Demographic Trends, Recent Macroeconomic Developments, and AI’s Implications for Economic Growth
As fertility rates continue to decline across the globe, there is cause for concern regarding how these trends will negatively impact economic growth in the future.

- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
CPI Numbers | American Radio Journal
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Chris Conlon on the Post-COVID Inflation Surge and the Greedflation Narrative
Although recent inflationary trends have coincided with periods of record corporate profits, we should pump the brakes when considering greedflation theories.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Tim Lee on the Present and Future of AI and its Implications for Policy
As AI technology continues to develop, it could have major implications for the labor market, macro policy, and the greater macroeconomy moving forward.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Steven Kamin on the Global Influence of Fed Policy and the U.S. Dollar
Although the effects of Fed policy can be felt throughout the world, its impacts may not be as pronounced in most emerging markets.

Latest work in Monetary Policy
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Taking a Close Look at the Economic Situation: September 2023 | Groundbreak Carolinas
- | Government Spending Government Spending
- | Expert Commentary Expert Commentary
First Anniversary of Inflation Reduction Act | WSPD radio’s “The Scott Sands Show” (OH)
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Biden’s Union Support Could Get in the Way of His Industrial Policy | National Review’s “The Corner”
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Do Aging Politicians Help Explain the US Credit Rating Downgrade? | The Washington Examiner
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
US Downgrade: 20 Years of Erosion of Governance | National Review’s “The Corner”
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Money Supply Predicted Inflation’s Fall. Who’s Actually Surprised? | The Washington Examiner
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Solution to the Inflation-interpretation Debate | National Review
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Why We Don’t Need To Tolerate Higher Inflation | Tribune News Service
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Legacy of Trailblazing Economist Robert Lucas | Discourse
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Fed Has Overseen a Remarkable Transfer of Wealth From Bondholders to Taxpayers | Barron's
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
It’s Time for the Fed to Take a Breath | National Review
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Role of Sound Monetary Policy in an Abundance Agenda | Discourse
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
‘Team Permanent’ (Mostly) Won the Inflation Debate | National Review
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Money Supply Is Shrinking: The Fed Should Pay More Attention | National Review
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
What Would it Mean to Abolish the Bank of Canada? | EconLib
- | Monetary Policy Monetary Policy
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Why Is It So Difficult To Achieve a Soft Economic Landing? | The Hill
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Monetary Conflation | EconLib
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
What is a Low Interest Rate Policy? | The Money Illusion
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
What is Monetary Policy? | EconLib
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary