Introduction: The Debate Over Independent Agencies in Light of Empirical Evidence

Constitutional theory has rediscovered the problem of governmental structure. As the rights revolution has matured and entered the mainstream, the debate is returning to the question that preoccupied the Founding Fathers: what organization of government is most likely to establish justice, promote the general welfare, provide for the common defense, and secure the blessings of liberty? The overriding contemporary problem is how to treat the administrative state

Three myths about central banks

Do central banks control the business cycle? Should price stability be their only monetary policy goal? Do politicians give up a degree of power and gain nothing personally when they grant central banks independence? This Commentary argues that none of these widely held notions is true. The Commentary is based on a speech presented to participants at the conference on the Origins and Evolution of Central Banking, sponsored by the Central Bank Institute of the Federal Reserve Bank of Cleveland, in May 2001.Banks and banking, Central

Nonpecuniary Class Action Settlements

Miller and Singer offer a theoretical and empirical analysis of nonpecuniary class action settlements, including coupons, securities and fluid recoveries

Constitutional Moments, Precommitment, and Fundamental Reform: The Case of Argentina

In this Article, I will consider how Argentina has addressed two universal problems: effecting fundamental reform in the presence of powerful vested interests and precommitting to restrain undesirable behavior by the government in the face of political pressures for short-term solutions