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
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Skanda Amarnath and Preston Mui on the Tribal Transitory Debate and the Future of the Fed’s Framework
Entering 2024, economists and policymakers should consider dropping tribalist attitudes when discussing the future path of inflation.

- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
What’s the Difference Between the CPI and the PPI? | Marketplace Radio
- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
CPI Inflation and the Broader Economy | American Ag Network
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Claudio Borio on the Future of Central Bank Operating Systems
Despite overestimated concerns surrounding balance sheet size and reserve demand instability, central banks should consider the possibility of returning to a scarce reserve operating system.

- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Governance and Diversity at the Federal Reserve
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Colby Smith, Steven Kelly, and Gerard DiPippo on the Highlights of 2023 and Looking Ahead to the Future
An esteemed panel of guests join Macro Musings to reflect on the biggest surprises, themes, and stories of 2023 with an eye toward what 2024 may have in store.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Tyler Cowen on the Greatest Economist of All Time and Other Macro Awards
From Adam Smith to Milton Friedman, Tyler Cowen breaks down his evidence and reasoning for who should be considered the greatest economist of all time.

- | Monetary Policy Monetary Policy
- | Announcements Announcements
Former Richmond Fed President Lacker Joins Mercatus
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Dollarization Won’t Solve Argentina’s Fiscal Problems | The Hill
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Nicolas Cachanosky on Dollarization in Argentina
As hyperinflation and other macroeconomic concerns continue plague Argentina, committing to a policy of dollarization may offer a much needed remedy.

- | Monetary Policy Monetary Policy
- | TV Appearance TV Appearance
The Fed’s Decision on Interest Rates | BBC
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Will the Economy Get Better in 2024? | Washington Examiner
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Charlie Evans on the Past, Present, and Future of U.S. Monetary Policy
Heading into the next framework review, policy messaging will be a crucial consideration for the Fed as it considers possible changes to the current FAIT regime.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Matteo Maggiori and Jesse Schreger on Geoeconomics and its Policy Implications
As geopolitical power struggles continue to unfold across the globe, the burgeoning field of geoeconomics is becoming increasingly crucial as a tool to help understand how nations leverage their economic strength in the political arena.

- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Argentina’s Best Hope: Dollarization | City Journal
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2023
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Matthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance Sheet
Increased central clearing and use of the Standing Repo Facility are just a few ways to improve the liquidity and stability of the Treasury market.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
David Papell on the History, Motivations, and Current Applications of Monetary Policy Rules
Embracing inertial policy rules could have spared the Fed from the errors it committed in the aftermath of the COVID-19 recession.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Rachel Siegel on the Fed, Commercial Real Estate, and the Economics of the 2024 Election
As inflation and other economic issues top the list of concerns heading into next year’s election, the commercial real estate market remains a major threat to financial and broader macro stability.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Will Bateman on the History and Evolving Nature of the Fiscal Fed
Contrary to conventional wisdom, the Fed has a long and extensive fiscal history of building, smoothing, and rescuing US Treasury debt markets.

Latest work in Monetary Policy
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Skanda Amarnath and Preston Mui on the Tribal Transitory Debate and the Future of the Fed’s Framework
Entering 2024, economists and policymakers should consider dropping tribalist attitudes when discussing the future path of inflation.

- | Monetary Policy Monetary Policy
- | Radio Appearance Radio Appearance
What’s the Difference Between the CPI and the PPI? | Marketplace Radio
- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
CPI Inflation and the Broader Economy | American Ag Network
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Claudio Borio on the Future of Central Bank Operating Systems
Despite overestimated concerns surrounding balance sheet size and reserve demand instability, central banks should consider the possibility of returning to a scarce reserve operating system.

- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Governance and Diversity at the Federal Reserve
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Colby Smith, Steven Kelly, and Gerard DiPippo on the Highlights of 2023 and Looking Ahead to the Future
An esteemed panel of guests join Macro Musings to reflect on the biggest surprises, themes, and stories of 2023 with an eye toward what 2024 may have in store.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Tyler Cowen on the Greatest Economist of All Time and Other Macro Awards
From Adam Smith to Milton Friedman, Tyler Cowen breaks down his evidence and reasoning for who should be considered the greatest economist of all time.

- | Monetary Policy Monetary Policy
- | Announcements Announcements
Former Richmond Fed President Lacker Joins Mercatus
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Dollarization Won’t Solve Argentina’s Fiscal Problems | The Hill
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Nicolas Cachanosky on Dollarization in Argentina
As hyperinflation and other macroeconomic concerns continue plague Argentina, committing to a policy of dollarization may offer a much needed remedy.

- | Monetary Policy Monetary Policy
- | TV Appearance TV Appearance
The Fed’s Decision on Interest Rates | BBC
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Will the Economy Get Better in 2024? | Washington Examiner
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Charlie Evans on the Past, Present, and Future of U.S. Monetary Policy
Heading into the next framework review, policy messaging will be a crucial consideration for the Fed as it considers possible changes to the current FAIT regime.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Matteo Maggiori and Jesse Schreger on Geoeconomics and its Policy Implications
As geopolitical power struggles continue to unfold across the globe, the burgeoning field of geoeconomics is becoming increasingly crucial as a tool to help understand how nations leverage their economic strength in the political arena.

- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Argentina’s Best Hope: Dollarization | City Journal
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2023
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Matthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance Sheet
Increased central clearing and use of the Standing Repo Facility are just a few ways to improve the liquidity and stability of the Treasury market.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
David Papell on the History, Motivations, and Current Applications of Monetary Policy Rules
Embracing inertial policy rules could have spared the Fed from the errors it committed in the aftermath of the COVID-19 recession.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Rachel Siegel on the Fed, Commercial Real Estate, and the Economics of the 2024 Election
As inflation and other economic issues top the list of concerns heading into next year’s election, the commercial real estate market remains a major threat to financial and broader macro stability.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Will Bateman on the History and Evolving Nature of the Fiscal Fed
Contrary to conventional wisdom, the Fed has a long and extensive fiscal history of building, smoothing, and rescuing US Treasury debt markets.
