Academic journal article The Cato Journal

Editor's Note

Academic journal article The Cato Journal

Editor's Note

Article excerpt

The articles in this issue of the Cato Journal were first presented at the Cato Institute's 24th Annual Monetary Conference--Federal Reserve Policy in the Face of Crises--on November 16, 2006. At that conference, we heard the sad news that Nobel laureate economist Milton Friedman had passed away earlier that day. Milton was a friend and mentor to many of us at the conference and, during the moment of silence in his honor, one could sense the magnitude of loss of this great champion of liberty. We dedicate this Cato Journal to Milton Friedman, and we are honored that he has allowed Cato to create the Milton Friedman Prize for Advancing Liberty, which was initiated in 2002 and is awarded every two years to an individual who has made a significant contribution to advancing human freedom.

One of Milton's closest friends, and coauthor of A Monetary History of the United States, Anna J. Schwartz writes in her memorial to Milton, "An ardent defender of freedom for individuals to live their lives as they choose." The world will remember Milton for his stance against tyranny as well as for his technical economics. Robert Barro provides a retrospective on Friedman's life and works, especially on monetary policy.

The other articles in this volume address the following issues:

* How should the Fed respond to growing global imbalances and a falling dollar?

* Is global competition sufficient to discipline central banks?

* Did the Greenspan Fed err by providing too much liquidity in the face of crises and then overshooting in withdrawing that liquidity?

* How will the growing unfunded liabilities of Social Security and Medicare affect monetary policy? …

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