The deflationary outcome of monetary policy during the Great Depression had two fundamental causes: 1) the Federal Reserve's use of flawed operating guides, and 2) a decision to make preservation of the gold standard the overriding objective of policy. The Great Depression resulted in lasting...

comments on the outlook for the U.S. economy and monetary policy at the International Monetary Conference, Washington, D.C., June 5, 2006

Presented at the Bowling Green Area Chamber of Commerce. February 24, 2011.

Presented at the 2011 European Banking & Financial Forum, Prague, Czech Republic.