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
- | Announcements Announcements
Former Richmond Fed President Lacker Joins Mercatus
- | 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.
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
PJ Glandon on the State of Macroeconomics: Research and Pedagogy
Quantitative theory-based analysis has begun to take over the field of macroeconomics over the past 40 years, and this is having major impacts on the pedagogic future of the discipline.
- | Monetary Policy Monetary Policy
- | Event Video Event Video
The Legacy of Bennett McCallum and Lessons for Monetary Policy Today
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ed Nelson on the Life, Work, and Legacy of Bennett McCallum
In addition to being a pioneer and a titan in the fields of macroeconomics and monetary policy, Bennett McCallum was an even better colleague, friend, and husband who has left an illustrious legacy.
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Sam Hammond on AI, Techno-Feudalism, and the Future of the State
As AI technology continues to swiftly develop, the role of government may soon undergo a radical transformation.
- | 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
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Marc Goldwein on the US Government Budget: Structure, Challenges, and Reform Strategies
In order to help secure the long-term health of the US economy, policymakers must begin to grapple with the harsh realities of entitlements reform.
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Lev Menand and Josh Younger on *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon*
After its near collapse in March of 2020, robust legal reforms are needed ensure increased liquidity and stability in the Treasury market moving forward.
- | 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.
Latest work in Monetary Policy
- | Monetary Policy Monetary Policy
- | Announcements Announcements
Former Richmond Fed President Lacker Joins Mercatus
- | 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.
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
PJ Glandon on the State of Macroeconomics: Research and Pedagogy
Quantitative theory-based analysis has begun to take over the field of macroeconomics over the past 40 years, and this is having major impacts on the pedagogic future of the discipline.
- | Monetary Policy Monetary Policy
- | Event Video Event Video
The Legacy of Bennett McCallum and Lessons for Monetary Policy Today
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ed Nelson on the Life, Work, and Legacy of Bennett McCallum
In addition to being a pioneer and a titan in the fields of macroeconomics and monetary policy, Bennett McCallum was an even better colleague, friend, and husband who has left an illustrious legacy.
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Sam Hammond on AI, Techno-Feudalism, and the Future of the State
As AI technology continues to swiftly develop, the role of government may soon undergo a radical transformation.
- | 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
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Marc Goldwein on the US Government Budget: Structure, Challenges, and Reform Strategies
In order to help secure the long-term health of the US economy, policymakers must begin to grapple with the harsh realities of entitlements reform.
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Lev Menand and Josh Younger on *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon*
After its near collapse in March of 2020, robust legal reforms are needed ensure increased liquidity and stability in the Treasury market moving forward.
- | 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.
Latest work in Monetary Policy
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
PJ Glandon on the State of Macroeconomics: Research and Pedagogy
Quantitative theory-based analysis has begun to take over the field of macroeconomics over the past 40 years, and this is having major impacts on the pedagogic future of the discipline.
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ed Nelson on the Life, Work, and Legacy of Bennett McCallum
In addition to being a pioneer and a titan in the fields of macroeconomics and monetary policy, Bennett McCallum was an even better colleague, friend, and husband who has left an illustrious legacy.
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Sam Hammond on AI, Techno-Feudalism, and the Future of the State
As AI technology continues to swiftly develop, the role of government may soon undergo a radical transformation.
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Marc Goldwein on the US Government Budget: Structure, Challenges, and Reform Strategies
In order to help secure the long-term health of the US economy, policymakers must begin to grapple with the harsh realities of entitlements reform.
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Lev Menand and Josh Younger on *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon*
After its near collapse in March of 2020, robust legal reforms are needed ensure increased liquidity and stability in the Treasury market moving forward.
- | 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.