Monetary Policy

2026 marks the fiftieth anniversary of University of Chicago professor Milton Friedman’s Nobel Memorial Prize in Economic Sciences. Michael D Bordo reflects on how Milton Friedman’s legacy has developed in this time. While Friedman’s revolutionary idea of monetarism has been superseded in some ways, his contributions have played a key role in the evolution of monetary policy and remain critical to contemporary macroeconomic research and central bank policy.

The European Union can pursue financial sovereignty through the digital euro, but sovereignty over money doesn't mean sovereignty over the markets that form around it, writes Jeff Alvares.

If confirmed, Kevin Warsh would be the latest Federal Reserve chair whose career took place primarily on Wall Street rather than in academia. The ascent of Wall Street veterans in the Fed risks skewing monetary policy to favor large investors and the wealthiest, writes Franny Philos Sophia.

Countries representing 98% of global GDP are exploring central bank digital currencies. They must devise digital infrastructure to maximize competition, writes Jeff Alvares.

The following is an excerpt from "Private Finance, Public Power: A History of Bank Supervision in America" by Peter Conti-Brown and Sean H. Vanatta, now out at Princeton University Press. 

Stigler Center Assistant Director Matt Lucky reviews Kenneth Rogoff’s new book, Our Dollar, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance, and the Road Ahead, which reflects on the rise and ongoing fall of the American dollar’s global dominance. Rogoff discusses his book with Bethany McLean and Luigi Zingales on this week’s Capitalisn’t episode, which you can listen to here.

The United States President has halted plans for a central bank digital currency: a mere show of strength to undermine the Fed’s independence, writes...

Nobel Prize-winning economist Eugene Fama argues that Bitcoin is fundamentally flawed and predicts it has a near-certain chance of becoming worthless within a decade....

In a new paper, Sebastian Edwards details the numerous and varied contributions of University of Chicago faculty to exchange rates and monetary policy from 1892 to 1992.

The following is an excerpt from the book, Balance of Power: Central Banks and the Fate of Democracies, by Éric Monnet.