Was Alan Greenspan's Fed "innocent of any role in encouraging the housing boom" and did he actually manage to "solve the monetary-central-planning problem" ?
A briefing paper from the CATO institute by David R. Henderson and Jeffrey Hummel has posed a challenge to those who insist that a persistently sound central-banking policy is not only unlikely but beyond what Selgin argues, the "ken of mere mortals, and that even the best of possible central bankers must eventually steer the economy he is piloting into disaster." They pose an eloquent defense of Alan Greenspan and his FED. Out of the many recent critiques of the paper in blogs and articles, Selgin does a thorough job in evaluating the problems with some of their claims,he gives insight into the Monetary Misunderstandings and logic of the Housing Boom and Fed Policy. However in conclusion, he says that it is a valuable service not just to Greenspan himself but to monetary economics- surely a paper that has caused some recent debate.
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