As the one hundredth birthday of the Federal Reserve System
approaches, it seems appropriate to once again take stock of our
monetary system. In the latest issue of Cato
Policy Report
, economists George Selgin, William D. Lastrapes,
and Lawrence H. White survey
the relevant research and
that the Federal Reserve System has not lived up to
its original promise. Also in this issue, new president John A. Allison shares his
thoughts on joining the Cato Institute

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