Tag: central banking

Beyond the Taylor Rule

The following is in blog form the substance of a talk I gave Sept 7 at a Mercatus conference, “Monetary Policy Rules for a Post-Crisis World.” “Rules versus discretion” is a hardy perennial of monetary policy debate, dating from earliest debates between Bullionists and anti-Bullionists, to the 19th century Currency School versus Banking School, up […]

Family Reunion at Jackson Hole

You can title your conference whatever you want, but the actual content will depend on the speaker list.  The convenors of the Jackson Hole Economic Symposium apparently hoped to generate discussion about “Designing Resilient Monetary Policy Frameworks for the Future”.  Having read all the papers, I can report that only one of them really engages […]

Global Money, a Work in Progress

Today global money is largely private credit money, the issue of a profit-seeking bank that promises ultimate payment in public money which is the issue of some state, quite possibly a different state from the one where the bank is chartered and does its business.  Global money is also largely dollar-denominated, even when the ultimate […]