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Economic Commentary

Wealth, Economic Infrastructure, and Monetary Policy

Acountry’s choice of institutions profoundly affects its wealth and development. Institutions constitute a nation’s economic “infrastructure,” the framework on which enterprise is built. Perhaps the most important element separating economic “haves” from “havenots” is whether these institutions—and particularly public institutions—either facilitate or confiscate production. One of those institutional arrangements is the monetary regime.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Jordan, Jerry L. 1997. “Wealth, Economic Infrastructure, and Monetary Policy.” Federal Reserve Bank of Cleveland, Economic Commentary 8/1/1997.