The Undollar Digest

The Dangers of an Interventionist Fed

John Taylor 03/29/2012 online.wsj.com

A century of experience shows that rules lead to prosperity and discretion leads to trouble.
America has now had nearly a century of decision-making experience under the Federal Reserve Act, first passed in 1913. Thanks to careful empirical research by Milton Friedman, Anna Schwartz and Allan Meltzer, we have plenty of evidence that rules-based monetary policies [...]


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