Reason.com has an online forum asking respondents "What would you do to improve job growth?" with answers from Amity Shlaes, John Stossel, Deirdre McCloskey, Jeffrey Miron, Don Boudreaux, and many others, including me. What was most striking to me in the answers was the level of disagreement in the libertarian camp, broadly defined, about monetary policy.
On one side is Amity Shlaes, who suggests, "The single thing the U.S. could do to ensure long-term growth, including that of jobs, is to reform our Federal Reserve so that monetary policy is rules-based, not personality-based. Even a return to the gold standard would do, though it is also possible to fashion a monetary regime under which the currency is pegged to a basket of commodities."
On the other side is Bruce Bartlett, an official in the Reagan and George H.W. Bush administrations, who writes, "The only other thing I can think of to raise growth would be a deliberate devaluation of the dollar, which would raise exports. Theoretically, the Fed could buy as much foreign currency as necessary to bring the dollar down. But this is impractical because foreign countries can retaliate by buying dollars with their own currency or impose restrictions on U.S. imports. Any policy of devaluation would be strenuously opposed domestically by those who are obsessed with the idea that the dollar should be strong regardless of the economic conditions."
Also on the other side is Alex Tabarrok, a professor of economics at George Mason University, who suggests, "QE3: Fed should buy lots of long term T-bonds."