Has The Federal Reserve Been A Failure?

From The Heritage Foundation:


Monetary Policy/Financial Regulation

Has the Fed Been a Failure?

by George Selgin, William D. Lastrapes, Lawrence H. White

Cato Institute

November 23, 2010

Working Paper Series

Its record strongly suggests that the Federal Reserve’s problems go well beyond those of having lacked good administrators. Although it has manifested itself in different ways during different decades, the Fed’s failure has been chronic. The problems appear to reside with the institution, and not with particular personalities who have been placed in charge of it. Hence the record would not be likely to improve substantially even with complete turnover in the Board of Governors. The only real hope for a better monetary system lies in regime change.



URL: www.cato.org/pubs/researchnotes/WorkingPaper-2.pdf