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ENDNOTES

i}.

18

U.S. Constitution, Article 1, Sec For example, Alexander Salter and Daniel Smith (20 favorable toward monetary discretion once they are William Salter and Environments in the Formation of Fed Policy Under Economics and Finance, Vol. 71 (February 2019), pp. 1 Sarah Binder, “The Federal Reserve as a ‘Political’ Bulletin, Vol. LXIX, No. 3 (Spring 2016), pp. 47-49, https: downloads/bulletin_Spring2016.pdf (accessed January Pressures on Monetary Policy During the US Great Infla Vol. 4, No. 2 (April 2012), pp. 33-64, https://www.haver Weise Political Pressures _on%20Monetary_Policy.pd The Federal Reserve's financial stability mandate is poo statutory vagueness and proceeded as if it has the auth questionable whether this is permissible. 2 US.C. § 225a, h

Bur

See Peter J. Boettke, Alexander William Salter, and Dani

Daniel J. Smith, “Political Economists or Political Economists? The Role of Poli

13. nstitu

ion 8, https://www.law.cornell.edu/constitution (accessed January 23, 2023). 9) show that Federal Reserve Chairs become more confirmed compared to previous stances. Alexander

ical ns, Greenspan, and Bernanke,” Quarterly Review of

ion,” American Academy of Arts and Sciences //Www.amacad.org/sites/default/files/bulletin/

23, 2023). See also Charles L. Weise, “Political

ion,” American Economic Journal: Macroeconomics, ord.edu/sites/default/files/Department/Economics/ (accessed January 23, 2023).

y defined. The Fed has taken advantage of the

ority to engage in these activities, although it is highly

tos://www.law.cornell.edu/uscode/text/12/225a (accessed January 23, 2023).

el J. Smith, Money and the Rule of Law: Generality

and Predictability in Monetary Institutions (Cambridge, George Selgin, Wi Macroeconomics, Vol. 34, No. 3 (September 2012 article/abs/pii/SO This includes federal

_pp.5 64070412000304 (accessed January

example, unemployment insurance or the Supplemental lience Tests with Big Banks,” ESG Today, September 30,

ark Segal, “Fed to Launch Climate Risk Resi

January 23, 2023).

January 23, 2023).

Russell Roberts, “Gambling with O ercatus Center at George Mason pdf (accessed January 24, 2023). Board of Governors of the Federa Se January 24, 2023). Board of Governors of the Federa https://fred.stlouisfed.org/series/TREAST (accessed Jan Board of Governors of the Federal Reserve Sys 2004-2022, https://fred.stlouisfed.org/series/WSHOMC Board of Governors of the Federal Reserve System, To Series (WALCL), 2004-2022, ht Federal Reserve Bank of St. Louis, “S&P Dow Jones (CSUSHPINSA),” https://fred.stlouisfed.org/series/CSUSH Home Price Index tracks home prices given a constan S&P CoreLogic Case-Shiller Home Price Indices,” h corelogic-case-shiller/sp-corelogic-case-shiller-composi Federal Reserve Bank of St. Louis, “Real Residential Pro

her People’s Money: University, May 2010,

Reserve Sys

Reserve System, U.S.

Longterm Trends, “Home Price to Income Ratio (US & U

January 24, 2023).

— 742

liam D. Lastrapes, and Lawrence H. White, “Has the Fed Been

2022, https://www.esgtoday.com/fed-to-launch-climate

em, Credi ies, 2007-2022, https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm (accessed

em, Mortgage-Backed Securities Data Series (WSHOMCB),

al Assets (Less Eliminations from Consolidation) ps://fred.stlouisfed.org/series/WALCL (accessed January 24, 2023). ndices LLC, S&P/Case-Shiller U.S. National Home Price

UK: Cambridge University Press, 2021).

a Failure?” Journal of 69-596, https://www.sciencedirect.com/science/ 24, 2023).

programs that automatically provide for adjustments as the economy contracts (for

utrition Assistance Program).

isk-resilience-tests-with-big-banks/ (accessed

Kenneth J. Robinson, “Savings and Loan Crisis 1980-1989,” Federal Reserve Bank of St. Louis, Federal Reserve History, November 22, 2013, https://Awww.federalreservehistory.org/essays/savings-and-loan-crisis (accessed

How Perverted Incentives Caused the Financial Crisis,” https://www.mercatus.org/system/files/RUSS-final.

and Liquidity Programs Balance Sheet Data

Treasury Securities Data Series (TREAST), 2004-2022, uary 24, 2023).

B (accessed January 24, 2023). Data

Index ller

PINSA (accessed January 24, 2023). The Case-Shi

level of quality. See S&P Dow Jones Indices, “Real Estate: ps:/Awww.spglobal.com/spdji/en/index-family/indicators/spe/tHoverview (accessed January 24, 2023).

perty Prices for United States (QUSR628BIS),” https://

red.stlouisfed.org/series/QUSR368BIS (accessed January 24, 2023).

K): Home Price to Median Household Income

Ratio (US),” https://www.longtermtrends.net/home-price-median-annual-income-ratio/ (accessed

19

20

21

22

25

24

25

26

27

28

29

30

31

32

53:00:00

34,

Federal Reserve Bank of Atlanta, “Me October 2022, ht affordability-monitor.aspx (accessed J Apartment List Research Team, “Apar

apartmentlist.com/research/national-rent-data

Primary drivers of rising real estate pri guarantees through government-spon

unpriced impli

ps://www.atlantafed.

ro Area H ) anuary 24, 2023). ment List Nationa

ces national sored en

y also erprises

economy’s capital to be invested in ho’

Office, “Transi

(TOTRESNS),

Rowman & Li Enfo

aa

cing Monetary Constitutions with Reforms should a (owners) to monitor bank port Roosevelt recognized. Bailouts Under the current system, ban mechanism for supplying the correct n F. A. Hayek, Denationalization of Mone Currencies (London, UK: Institute of Ec Kate Davidson, “GOP Platform July 20, 2016, https://www.wsj.com/art standard-1469047214?mod=ar H.R. 9157, To Define the Act), 117th Congress, int pdf (accessed January 24, 2023). Judy Shelton, “Gold and Government,” https://www.cato.org/si (accessed January 24, 2023). Lawrence H. White, “Ma

and las

4.odf (accessed Juha Ki Growth

January 24, 2023).

Bank 0

8, 202

February 1, 2022).

ioning to Alternative Struc www.cbo.gov/system/files/2018-08/54218-GSEupdate.pdf Board of Governors of the Federal Reserve System 960-2022, https://fred.stlouisfed.org/series/1 George A. Selgin, The Theory of Free Banking: Money Supply Under Competitive Note Issue (Totowa, NJ: tlefield, 1998). See also Alexander William Sa

icle_inli

ures for

Reference to the Su

onomic Affairs, 1976).

icles/gop-platform-incl

Cato Journal, Vol. 32,

es/cato.org/files/serials/files/cato-jou

ing the Transition to a New Gold Stan Summer 2012), pp. 411-421, https://www.cato.org/sites/cato.org/

ponen and Kai Leitemo, “Model Uncertainty and Delega Rule?” Journal of Money, Credit and Banking, Vol. 40, No. 2/3 (March-April 2008), pp. 547-556. Adam Shapiro and Daniel J. Wilson, “The Evolution of the FOMC’ San Francisco, FRBSF Economic Letter No. 2019-12, Apri uploads/sites/4/el2019-12.pdf (accessed January 24, 2023). WSJ Pro, “Research Says a 3% Fed Inflation Target Could Boost Job , https://www.ws).com/articles/research-says-a-3-fed-in 1629308829#:~:text=Research%20Says%20a%203%25%20Fed%20 OBoost%20Job%20Market,-Aug.&text=Two%20former%20high%2D he%20job%20market (accessed January 24, 2023). See also Oliver Blanchard, “It Is Time to Revisit the 2% nflation Target,” Financial Times, November 28, 2022, https://www.f cacl20d25588 (accessed January 24, 2023). Alexander William Salter, “CBDC in the USA: Not Now, Not Ever,” American Institute for Economic

Research, December, 13, 2022, https://www.aier.org/article/cbdc-in-the-usa-not-now-not-ever/ (accessed