Financial Deregulation, Monetary Policy, and Central Banking

摘要: Financial deregulation is widely understood to have important economic benefits for microeconomic reasons. Since Adam Smith, economists provided arguments and evidence that unfettered private markets yield outcomes are superior public sector alternatives. But financial regulations - specific rules overall structures sometimes justified on macroeconomic grounds. This paper analyzes the need in implementation of central bank policy. Dividing actions Federal Reserve into monetary banking policy, we find cannot readily be rationalized basis benefits.