The Monetarist Controversy
نویسنده
چکیده
منابع مشابه
The Legacy Of The Monetarist Controversy
It is not quite true, as one (hostile) commentary has asserted, that Monetarism was developed by “Milton Friedman at the Federal Reserve Board (sic) of St. Louis,” but it is nevertheless the case that the intellectual environment created at this Bank by Homer Jones ensured that the doctrine took root and flourished here when it was very much a minority taste elsewhere.1 And indeed, at least two...
متن کاملCollateral Scarcity, Inflation, and the Policy Trap: A New Monetarist Perspective
We construct a model that captures New Monetarist ideas in order to explain post-Great Recession observations on inflation, nominal interest rates, and real interest rates. When finance constraints bind, the model can deliver low real interest rates and positive rates of inflation at the zero lower bound. Optimal monetary policy in the face of a financial crisis shock implies a positive nominal...
متن کامل