Has the Fed Been a Failure?

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

doi:10.2139/ssrn.1713755

Cited by 30 publications

(28 citation statements)

References 128 publications

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“…2010. "Central banks as sources of financial instability", Independent Review, Vol.14, no.4, pp.485-496;George Selgin, William D. Lastrapes and Lawrence H. White. 2012.…”

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confidence: 99%

The Seeds of Divergence: The Economy of French North America, 1688 to 1760

Geloso

2016

SSRN Journal

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“…2010. "Central banks as sources of financial instability", Independent Review, Vol.14, no.4, pp.485-496;George Selgin, William D. Lastrapes and Lawrence H. White. 2012.…”

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confidence: 99%

The Seeds of Divergence: The Economy of French North America, 1688 to 1760

Geloso

2016

SSRN Journal

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“…Selgin, Lastrapes, and White [2012] cast doubt on that conclusion. Their comparison suffers from differences in the quality and content of data over two distinctly different periods, under very different political [Taylor 1993].…”

Section: The Policy Recordmentioning

confidence: 99%

What's Wrong With the Federal Reserve: What Would Restore Independence?

Meltzer¹

2013

Bus Econ

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“…Moreover, the declared superiority of central banking became nothing less than a dogma without any very clear understanding of the exact nature of the advantages, (…)" (Smith [1936] In an important paper Selgin, Lastrapes, and White (2012) found that the performance of the national banking system was better than has been conventionally portrayed, and that the performance of the Fed has been worse than has been portrayed, thus providing the kind of comparative institutional analysis needed to challenge the dogma of central banking.…”

Section: Conclusion: Is There a Rationale For Central Banking?mentioning

confidence: 99%

Monetary Constitutionalism: Some Recent Developments

Hauwe

2017

SSRN Journal

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The volume edited by Leland Yeager more than 50 years ago and published in 1962 under the title In Search of a Monetary Constitution has turned out to be remarkably prescient since the Great Inflation was then about to begin. One might expect that in the wake of the Global Financial Crisis and Great Recession interest in monetary-constitutional matters would be revived and this has indeed been the case. In this paper an attempt is made to assess whether and to what extent scientific progress has been made in defining the nature and characteristics of a monetary constitution for the post-Crisis world. To that end some recent contributions to the literature are reviewed critically. IntroductionDespite some contributions to the economic literature that have acknowledged the role of central banks in the financial crisis and how these institutions have contributed to the Great Recession and the meager recovery thereafter (see e.g. Hetzel 2012), most economists have been more interested in analyzing the technical role that monetary policy played during and after the crisis, thus taking the existent framework as given, than in considering and addressing alternative frameworks for monetary policy. Some economists have not only been supporters of the current hypothetically optimal monetary framework but have even argued in favor of further enhancements on central bankers' discretionary powers. Several economists such as Nobel Prize winners Buchanan, Friedman and Hayek, however, had addressed the technicalities of monetary policy within the context of broader political economy concerns. Their proposals should be situated within the more general framework of institutional and constitutional reforms of the rules of the "monetary policy game". It is in the tradition of these contributions that we review some recent contributions without being exhaustive. The aim is to raise questions and to stimulate the intellectual debate rather than to provide conclusive answers. The Yeager 1962 volume and afterLeland Yeager's decision more than 50 years ago to organize a lecture series and the resulting volume on monetary constitutions (Yeager 1962) has turned out to be unusually prescient. It has been suggested that much damage might have been avoided if the world had listened to the message of the Yeager volume and subjected its central banks to the restrictions of a monetary constitution in the 1960s. (Rockoff 2015) In the aftermath of the 3 Global Financial Crisis one would expect thoughtful discussion of monetary constitutions to resume and this has indeed been the case. In this paper we will review some recent contributions to this debate and try to assess if, and to what extent, scientific progress has been made in the search for a monetary constitution. "A great deal of contemporary monetary scholarship (…) has concentrated on piecemeal and detailed study of our existing monetary structure and its performance. (…) The reforms proposed have generally been correspondingly minor. Meritorious though this detailed work has be...

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Has the Fed Been a Failure?

Cited by 30 publications

References 128 publications

The Seeds of Divergence: The Economy of French North America, 1688 to 1760

The Seeds of Divergence: The Economy of French North America, 1688 to 1760

What's Wrong With the Federal Reserve: What Would Restore Independence?

Monetary Constitutionalism: Some Recent Developments

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