Cato CMFA (Facebook)

Jim Dorn: The relevance of the Phillips curve has been in decline for decades yet central bankers still use it in their policy models. What is needed instead is a nonactivist, rules-based monetary regime.

Tom Clougherty summarizes CMFA's event with Senators Warren and Vitter: '...their overriding concern is that the very existence of [the Fed's] broad powers to bail out financial institutions encourages risk, leverage, and cavalier management in the banking industry, while simultaneously undermining any incentive lenders and investors have to supervise the financial firms into which they put their money.'