A Night‑Watchman Federal Reserve

Selgin outlines a minimalist central bank that limits itself to core stability functions (e.g., narrow lender‑of‑last‑resort, basic payment and currency operations) rather than active macro‑management. The aim is to reduce policy‑driven volatility and rely more on predictable rules than discretion. — This challenges prevailing assumptions about central‑bank mandates and could reshape debates on Fed authority, crisis playbooks, and financial stability.