The Futility of Central Banking

10 Pages Posted: 19 Apr 2013

See all articles by George Selgin

George Selgin

The Cato Institute; University of Georgia

Date Written: October 19, 2010


In light of the Great Financial Crisis, it should now be clear, in case it wasn’t long ago, that central banks generally, and the Federal Reserve in particular, not only are unable to prevent financial and monetary catastrophes, but are unable to resist pursuing policies that inadvertently help to cause such catastrophes.

Keywords: discretionary central banking, rules of monetary policy, preventing financial crises, asset bubbles, federal reserve policies

JEL Classification: F50, F52, F58, E62, N22

Suggested Citation

Selgin, George, The Futility of Central Banking (October 19, 2010). Cato Journal, Vol. 30, No. 3, 2010, Available at SSRN:

George Selgin (Contact Author)

The Cato Institute ( email )

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University of Georgia ( email )

Athens, GA 30602-6254
United States
706-542-2734 (Phone)
706-542-3376 (Fax)

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