The Fed and the Limits of Discretion

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A review of Money and the Rule of Law by Peter W. Boettke, Alexander William Salter, and Daniel J. Smith.

NRPLUS MEMBER ARTICLE I n just over a decade, the Federal Reserve has been called upon to fight a global financial crisis and pandemic. The monetary response to these events represented a radical departure from the status quo. While a great deal has been written about the technical aspects of these policies, there has been little consideration of their political implications. In Money and the Rule of Law: Generality and Predictability in Monetary Institutions, professors Peter W. Boettke, Alexander William Salter, and Daniel J. Smith argue that the lack of consideration for such implications has not only led to greater economic instability, but has …

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Bryan Cutsinger is an assistant professor of economics in the Norris-Vincent College of Business and a research assistant professor at the Free Market Institute at Texas Tech University.

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