Stephen Moore's Deficient History of Federal Reserve Policy
By David Henderson
Over at Alt-M, Cato Institute monetary economist George Selgin writes:
To conclude: despite what Stephen Moore has written, there’s no evidence that either Paul Volcker or any later Fed chair ever deliberately “linked Fed monetary policy to real-time changes in commodity prices.” In claiming otherwise, Mr. Moore appears to have leaned heavily on Art Laffer’s own relatively recent recollection of the Volcker years, which are to some extent contradicted by Laffer’s own, earlier testimony. The moral of the story, if there is one, is that, should Mr. Moore secure a seat on the Federal Reserve Board, he would be wise to consult other sources for information on monetary history and, for that matter, on how the Fed should or shouldn’t conduct monetary policy.
The whole piece, with chapter and verse, takes on what seems like Stephen Moore’s made-up history of Federal Reserve monetary policy.