They Just Don’t Work in Practice

by Don Boudreaux on March 10, 2010

in Frenetic Fiddling, History, Hubris and humility, Monetary Policy, Reality Is Not Optional

Here’s the abstract of George Selgin’s excellent new article, “Central Banks as Sources of Financial Instability,” published  in The Independent Review:

The present financial crisis shows how central banks can fuel the financial booms that make severe busts possible. Unfortunately, theoretical discussions of central banking badly neglect its role in fostering financial instability, in part because they ignore its history and political origins.

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