“How much discretion should the monetary authority have in setting its policy? This question is analyzed in an economy with an agreed-upon social welfare function that depends on the economy’s randomly fluctuating state. The monetary authority has private information about that state. Well...

“How do different institutional arrangements for the central bank perform when central bankers have private objectives and society’s objectives vary with time? This paper evaluates three benchmark monetary institutions from a constitutional perspective: (i) a contract with an inflation- or...

“Gold is also a favored investment as central banks issue debt and devalue their currencies, he said. Governments haven’t adequately addressed the causes of the financial crisis and may be sowing the seeds for future problems by borrowing, he said. In the U.S., lawmakers showed they didn’t...

“Fisher said a more pressing problem is that recent fiscal and regulatory policies are not necessarily conducive to economic growth – a message he hears from many business contacts. “The prevailing sentiment is that politicians and officials who craft and enforce taxes and rules have been...

“Just pretending that we can continue with the same monetary policy, the same Federal Reserve system, and all these guarantees sort of concedes that we’re going to have another bubble. If we have regulations and plans for how we distribute these assets later on, it just says that nothing...