Notes:
This essay won the 2011 F.A. Hayek Award at George Mason University. The topic was: “Hayek famously warned that policy makers engaged in discretionary monetary policy are in effect holding a “tiger by the tail.” From that perspective, how would you judge contemporary monetary policy since 2008?”
This essay was written on Federal Reserve System monetary policy, and not United States public policy. These two subjects are closely linked, but I did not address public policy issues because of the scope of the essay topic.
