As the Federal Reserve reaches its hundredth anniversary, understanding its achievements and failures serves as a useful guide to needed reforms. My paper is an invited comment on the analysis by Selgin, White, and Lastrapes who conclude that the Federal Reserve’s performance is not an...

Money, Credit and Policy covers the demand for money, the relation of money to output, the role of credit and debt, regulation of financial institutions, the influence of uncertainty and macroeconomic policy. Focusing on the relations between money and credit, and in turn their relationship to...

Monetarist analysis of the transmission process highlights the response of relative prices and real wealth to monetary (and other) impulses. Monetary impulses are neutral in the long run. Short-run nonneutrality reflects uncertainty, incomplete information about the persistence and nature of...