I distinguish between a gold standard founded on custom-based or “private” law, and one resting upon statute or “public” law, that is, on government legislation. I then argue that the development and flourishing of the historical gold standard depended crucially upon its moorings in...

It is widely believed that, in the wake of the dot.com crash, the Fed kept the federal funds target rate too low for too long, inadvertently contributing to the subprime boom. We attribute this and other Fed departures from a "neutral" policy stance to the Fed's failure to respond appropriately...