Attempting to find the technically optimal monetary policy is futile if the Fed's independence is undermined by political influences. Nobel Laureates F.A. Hayek, Milton Friedman, and James Buchanan each sought ways to constrain and/or safeguard the Fed from political pressures over their...

This paper explores James Buchanan's contributions to monetary economics and argues these contributions form the foundation of a robust monetary economics paradigm. While often not recognized for his contributions to monetary economics, Buchanan's scholarship offers important insights for...

n the midst of the current financial crisis the economics profession has seen a monumental resurrection of Keynesian ideas. The debate, which Keynes started back in the 1930s, is being picked up again, not where it left off, but in exactly the same place it started. While Keynesian theories were...