“From my view, I would welcome the day when the topic of this conference—”Money, Politics, and the Business Cycle”—would become obsolete. Not because there is no relation between money, politics, and the business cycle; there is. But I would welcome the day when we quit trying to use monetary policy to fine tune the economy and, most important, when we quit expecting the Federal Reserve to do so. The fundamental relation between money, growth and economic activity will always be with us, but I look forward to the possibility that we will eventually recognize the limitations of monetary policy and cease expecting the Fed to iron out every wrinkle that develops in the economy. Then we could concentrate on society’s real economic problems, undistorted by monetary disturbances. Money would then, indeed, be neutral.” Read more.

“Monetary Policy and the Business Cycle” 
Beryl W. Sprinkel 
Cato Journal, Vol 6, No 2 (Fall, 1986)
Via the Cato Institute. 

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