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
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