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- Title
THE FUTILITY OF CENTRAL BANKING.
- Authors
Selgin, George A.
- Abstract
The article discusses the role of central banking in the U.S. economic system. The author suggests that central banks are futile and discusses the failures of discretionary banking, the actions of the U.S. Federal Reserve (Fed) during the global financial crisis of 2008 and 2009, and the Federal Open Market Committee (FOMC). Other topics include economic and financial policy, economic reform, and financial regulatory policy. The author discusses the Taylor Rule of monetary policy, the capabilities of an alternative monetary rule in the U.S., and various aspects of nominal gross domestic product (GDP) targeting systems.
- Subjects
UNITED States; UNITED States economic policy, 2009-2017; CENTRAL banking industry; GLOBAL Financial Crisis, 2008-2009; BOARD of Governors of the Federal Reserve System (U.S.); UNITED States. Federal Open Market Committee; MATHEMATICAL models of monetary policy; ECONOMIC reform; TAYLOR'S rule; GROSS domestic product
- Publication
CATO Journal, 2010, Vol 30, Issue 3, p465
- ISSN
0273-3072
- Publication type
Article