Comments for Alt-M http://www.alt-m.org Ideas for an Alternative Monetary Future Mon, 31 Aug 2015 17:26:25 +0000 hourly 1 http://wordpress.org/?v=4.1.7 Comment on Monetary Rules: Solving the Knowledge Problem by Some Links http://www.alt-m.org/2015/08/25/monetary-rules-solving-the-knowledge-problem/#comment-15805 Mon, 31 Aug 2015 17:26:25 +0000 http://www.alt-m.org/?p=17554#comment-15805 […] Writing over at Alt-M, Gerald O'Driscoll explains the true value of monetary rules. […]

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Comment on Reserve Requirements Basel Style: The Liquidity Coverage Ratio by Potpourri http://www.alt-m.org/2015/07/31/reserve-requirements-basel-style-liquidity-coverage-ratio/#comment-15802 Sun, 30 Aug 2015 04:13:17 +0000 http://www.alt-m.org/?p=15594#comment-15802 […] Jeffrey Rogers Hummel on backdoor reserve requirements via Basel. BTW, I don't like the Alchian & Allen […]

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Comment on Monetary Rules: Solving the Knowledge Problem by joebhed http://www.alt-m.org/2015/08/25/monetary-rules-solving-the-knowledge-problem/#comment-15801 Sat, 29 Aug 2015 10:43:00 +0000 http://www.alt-m.org/?p=17554#comment-15801 Thanks, Gerry.
Yes, I agree. To a point.
Until Friedman published his "A Program for Monetary Stability" in the mid-90s, in which he reiterates his original plan – from his 1948(?) " A Monetary and Fiscal Framework for Economic Stability" – many claimed he had abandoned his ONLY true 'monetarist' position.
But today, there's a whole movement, including populists (PositiveMoneyUK), money technocrats like Lord Adair Turner and Dr. Michael Kumhof, and traditional reformers like the American Monetary Institute and the Kucinich proposal,

https://www.govtrack.us/congress/bills/112/hr2990/text

that have taken up the mantle of true public money issuance . a new awakening to what is indeed 'monetarism', but without the title and certainly without using money-cost to determine money-supply, when direct issuance eliminates most all problems associated with transmission and 'lag'..
For the Money System Common.
Thanks.

PS, give your dinner guest friend my comment.

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Comment on Monetary Rules: Solving the Knowledge Problem by Gerald O'Driscoll http://www.alt-m.org/2015/08/25/monetary-rules-solving-the-knowledge-problem/#comment-15800 Sat, 29 Aug 2015 00:36:00 +0000 http://www.alt-m.org/?p=17554#comment-15800 One by one, almost all monetarists abandoned money-supply rules over time because of the breakdown in the relationship between money and prices, or money and nominal GDP. So, yes, Friedman had a rule for money growth. Today, however, with just a few exceptions, even the most stalwart monetarists have abandoned efforts to devise a money supply rule. I had dinner with one this past week, and that was his position.

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Comment on Monetary Rules: Solving the Knowledge Problem by Geral O'Driscoll http://www.alt-m.org/2015/08/25/monetary-rules-solving-the-knowledge-problem/#comment-15799 Sat, 29 Aug 2015 00:25:00 +0000 http://www.alt-m.org/?p=17554#comment-15799 I wanted to make the general case for rules and not to push a particular rule. I hoped to start a discussion of alternatives. An important question I didn't bring up is where should a rule come from? A model? Historical experience (e.g., arguably the Taylor Rule's origin). Evolution (e.g., the gold standard)? I think the meta-questions need to be answered first.

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Comment on Hayek and Free Banking by Financial knowledge dispersion and banking regulation | Spontaneous Finance http://www.alt-m.org/2015/07/18/hayek-and-free-banking/#comment-15798 Fri, 28 Aug 2015 23:39:16 +0000 http://www.alt-m.org/?p=9754#comment-15798 […] and economic paradigm. While some would argue that he didn’t push his logic far enough (see here or here), it remains that reading the whole body of Hayek’s work is truly fascinating and […]

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Comment on Monetary Rules: Solving the Knowledge Problem by Hilsenrath’s Take: Dudley Sets a High Bar for September Fed Rate Move – Wall Street Journal | Creative Newspaper http://www.alt-m.org/2015/08/25/monetary-rules-solving-the-knowledge-problem/#comment-15797 Fri, 28 Aug 2015 11:01:25 +0000 http://www.alt-m.org/?p=17554#comment-15797 […] Cato Institute’s Gerald P. O’Driscoll makes the case for a rules-based monetary policy. “Policymakers cannot in principle possess the knowledge […]

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Comment on Monetary Rules: Solving the Knowledge Problem by joebhed http://www.alt-m.org/2015/08/25/monetary-rules-solving-the-knowledge-problem/#comment-15796 Wed, 26 Aug 2015 13:02:00 +0000 http://www.alt-m.org/?p=17554#comment-15796 Gerald,
I look forward to the publication of your thoughts on Money Rules(n) this November.
Also appreciate your historical references here to the works of Simons' and Friedman thereon, with my qualifier that they were both advocates of a "Money quantity" rule, one that had nothing to do with "an interest rate policy Rule to (theoretically) control the money quantity."
Economist : ""setting interest rates according to a fixed formula is a bad idea."”

It is that error that leads to Monetarism becoming an interest rate policy discussion, rather than a money quantity policy discussion….
as in Turner's Overt Money Finance proposal.

http://www.group30.org/images/PDF/ReportPDFs/OP%2087.pdf

Thanks.

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