Has the nation’s experiment with the Federal Reserve been a success or a failure? Does the Fed’s full history (1914 to present) contain fewer symptoms of monetary and macroeconomic instability than the decades prior to the Fed’s establishment? Has our central bank’s post-WWII performance clearly surpassed that of its pre-WWI predecessor, the National Banking system? Are there any alternative monetary arrangements against which to judge the Fed’s performance? In this lecture at the Heritage Foundation, Lawrence H. White addresses these and other important policy questions.
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