Tuesday, June 27, 2017
  Search 
Home
Opportunities
Partners
Publications
About Us
 
 
Please enter your email here, we would like to keep you informed.
 
 
Connect With Us - Facebook RSS
<June 2017>
SuMoTuWeThFrSa
123
45678910
11121314151617
18192021222324
252627282930
Sections
Liberty In The News
Liberty Events
Conference Proceedings
Culture
Agriculture
Democracy
Development is the Key
Economic Freedom
Education for Life
Enterpreneurship
Environment
Freedom of Expression
Freedom to Trade
Globalization for the Good
Health is Wealth
Intellectual Property Rights
International Relations
Liberty is Security
Limited Government
Principles of Politics
Privatisation
Population - the ultimate resource
Property Rights
Regulatory Affairs
Rule of Law
Tax Freedom
Facts & Figures
Opportunities
Competitions
 Limited Government
 
Has the Fed Been a Failure?
Cato Working Papers, United States Tuesday, November 09, 2010

George Selgin
It is time to assess whether the United States' experiment with he Federal Reserve was a success or a failure. Empirical research has found that the establishment of the Federal Reserve has led to more monetary and macroeconomic instability. It's performance wasn't anywhere close to that of the National Banking System, which existed before World War I. We should explore alternatives to the established monetar system, writes George A. Selgin, William D. Lastrapes and Lawrence H. White in Cato Working Paper.

As the one-hundredth anniversary of the 1913 Federal Reserve Act approaches, we assess whether the nation's experiment with the Federal Reserve has been a success or a failure. Drawing on a wide range of recent empirical research, we find the following: (1) The Fed's full history (1914 to present) has been characterized by more rather than fewer symptoms of monetary and macroeconomic instability than the decades leading to the Fed's establishment. (2) While the Fed's performance has undoubtedly improved since World War II, even its postwar performance has not clearly surpassed that of its undoubtedly flawed predecessor, the National Banking system, before World War I. (3) Some proposed alternative arrangements might plausibly do better than the Fed as presently constituted. We conclude that the need for a systematic exploration of alternatives to the established monetary system is as pressing today as it was a century ago.

Read the whole paper.

 

This article was published in the Cato Working Papers on Tuesday, November 09, 2010. Please read the original article here.
Author : George Selgin is a professor of economics at the University of Georgia's Terry College of Business and a senior fellow at the Cato Institute in Washington.
Tags- Find more articles on - world war

Post your Comments on this Article

Name  
Email    
Comment  
Comments will be moderated

More Related Articles
Limited Government
More Articles


 
An Initiative of
LIBERTY INSTITUTE, INDIA
All rights reserved.