The Federal Reserve and Modern Finance
By Roger W. Garrison
Kevin Dowd and Martin Hutchinsons Alchemists of Loss: How Modern Finance and Government Regulation Crashed the Financial System (2010) presents a superior analysis of the origins of the worst financial crisis since the Great Depression. Although the authors cite the Federal Reserve as the main institutional cause of the crisis, they call for it to pursue Volcker-style price stabilitya monetary policy that would still leave the economy vulnerable to Fed-induced booms and busts.
|Other Independent Review articles by Roger W. Garrison|
|Summer 2003||Reflections on Reflections: A Consensus about the Great Depression?|
|Spring 1999||The Great Depression Revisited|