US Monetary Policy

This is a fascinating 15-minute video, where George Selgin criticises the operation of U.S. monetary policy.  In particular, he criticises the Fed for only engaging in open market operations with primary dealers (i.e., large stable (?) financial institutions) and only buying and selling government securities.  He recommends that both these policies be ended and that the Fed stops lending directly to individual institutions i.e., that it closes its discount window.

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