Monetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartz's now consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York.

While the final version of the 1986 Tax Reform Act retained budget funding of the IRS, the Senate proposal to finance spending from audit revenues represented a seriously debated alternative that continues to receive attention as a method for increasing enforcement. At one level, the ultimate...

For the most part, economic studies have not exhibited even a rudimentary awareness of the elements of the consolidation record discussed in the previous section. This neglect stems from an implicit assumption that the institutional structure underlying consolidation has no impact on outcomes....

1. Central Bankers, Bureaucratic Incentives, and Monetary Policy: An Introduction -- I. Structure of Central Bank Financing and Bureaucratic Rents -- 2. Monetary Policy: Theory and Practice -- 3. Inflationary Bias of the Federal Reserve System: A Bureaucratic Perspective -- 4. Preliminary...