In the new Hoover Press book, The Structural Foundations of Monetary Policy, Michael D. Bordo, John H. Cochrane, and Amit Seru of the Hoover Institution bring together discussions and presentations from a May 2017 annual monetary policy conference held at the Hoover Institution. Since 2014, the Hoover Institution has hosted an annual monetary policy conference to discuss the unprecedented post-2008 economic climate and help set the tone for future monetary reform.
The contributors to The Structural Foundations of Monetary Policy explore vital issues affecting the Federal Reserve—the central banking system of the United States. They voice concern over the Fed’s independence, governance, and ability to withstand future shocks and analyze the effects of its monetary policies and growing balance sheet in the wake of the 2008 financial crisis.
The authors ask a range of questions that get to the heart of twenty-first-century monetary policy: What should the role of the Fed be? Which policies and strategies will mitigate the risks of the next crisis and at the same time spur innovation and job creation? How can new technology make the Fed’s payment system safer, faster, and more efficient? What does the emergence of cryptocurrencies, such as Bitcoin, mean for competition and stability? How can the Fed defend itself against exploitation and politicization?
Finally, they propose reforms to ensure that the Federal Reserve will remain independent and strong in an unpredictable world.
About the Editors
Michael D. Bordo is a Board of Governors Professor of Economics and director of the Center for Monetary and Financial History at Rutgers University. He is currently doing research for a Hoover Institution book project titled The Historical Performance of the Federal Reserve: The Importance of Rules.
John H. Cochrane is a senior fellow at the Hoover Institution. He is also a research associate of the National Bureau of Economic Research and an adjunct scholar of the Cato Institute.
Amit Seru is a senior fellow at the Hoover Institution, a professor of finance at the Stanford Graduate School of Business and the Stanford Institute for Economic Policy Research, and a research associate at the National Bureau of Economic Research.
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About the Hoover Institution: The Hoover Institution at Stanford University is a public policy research center devoted to the advanced study of economics, politics, history, domestic and foreign political economy, and international affairs. With its eminent scholars and world-renowned Library & Archives, the Hoover Institution seeks to improve the human condition by advancing ideas that promote economic opportunity and prosperity, while securing and safeguarding peace for America and all mankind.
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Clifton B. Parker, Hoover Institution: (650) 498-5204, cbparker@stanford.edu
