Setting the boundaries between fiscal and monetary policy.

Not long ago, the CMFA staff and I were preparing to officially launch The Menace of Fiscal QE, my book aimed at countering efforts to have the Fed undertake or otherwise fund off-budget government spending programs. Then came the crisis. Of course our plans were dashed. But…

Quack doctor tries to sell snake oil.

In the latest installment in his series, "Understanding Money Mechanics," Bob Murphy takes on Market Monetarism, and Scott Sumner's case for having central banks practice NGDP level targeting in particular.  A commentator there writes, "I hope George S. pipes up to defend MM! Seeing the other side…