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Attempting to find the technically optimal monetary policy is futile if the Federal Reserve's independence is undermined by political influences. F. A. Hayek, Milton Friedman, and James Buchanan each sought ways to improve the performance of the Federal Reserve. They each ended up rejecting the...
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Knowledge problems with discretionary monetary policy -- Incentive prolems with discretionary central banking -- When firefighters are arsonists -- On the shoulders of giants: monetary policy insights of the classically liberal nobel laureates -- Money and the rule of law -- Conclusion: money...
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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...
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