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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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inflation targeting

Booms & Busts, Money & Politics, The Fed & Central Banks

Two Sorts of Average Inflation Targeting

George Selgin/September 26, 2020June 19, 2022

It occurs to me that recent discussions of the Fed's new average inflation targeting plan gloss over a subtle distinction between two different kinds of Average Inflation Targeting (AIT). Hence this post explaining the difference, and why I think it matters. The difference between the two sorts…

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great recession, financial crisis, fomc, federal reserve, interest rates, inflation targeting, NGDP targeting
Inflation & Deflation, The Fed & Central Banks

Anniversary of a Fed Blunder

George Selgin/April 30, 2018June 19, 2022

In the long, tragic chronicle of the Great Recession, April 30, 2008, doesn't resonate as an infamous date. It lacks the notoriety of March 16, 2008, when, by guaranteeing $30 billion of Bear Stearns’ assets, the Federal Reserve crossed a last-resort lending Rubicon, extending its safety net…

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Jerome Powell, NGDP target, nominal GDP, Federal Reserve, monetary policy
Economic Thought, Money & Politics, The Fed & Central Banks

2018: The Year of Nominal GDP Targeting?

Tate Lacey/March 7, 2018June 19, 2022

Alternative monetary policy targets continue to gain advocates. While Chair Powell was waiting to take over leadership at the Fed, internal support for rethinking the current inflation rate target was building. And while there are various possibilities to consider — such as raising the inflation rate target,…

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FOMC minutes, Balance sheet normalization, interest on excess reserves, FOMC, inflation targeting, fed funds market
Money & Politics, News, The Fed & Central Banks

What the FOMC Minutes Reveal about Normalization

Tate Lacey/July 6, 2017June 19, 2022

The Federal Reserve released the minutes from its June policy-setting meeting yesterday afternoon. The Federal Open Market Committee (FOMC) minutes reflect an economic outlook consistent with recent public comments made by Fed officials: an improving labor market, confidence that the current path of monetary policy will achieve 2% inflation…

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NGDP targeting, productivity norm, inflation targeting, unsustainable booms, supply shocks
Booms & Busts, Economic Thought, The Fed & Central Banks

A Stable Spending Catechism

George Selgin/April 12, 2017June 19, 2022

Although it has gained many converts since 2008, thanks especially to tireless crusading on its behalf by Scott Sumner, David Beckworth, and Lars Christensen, among other "Market Monetarists," the suggestion that the Fed ought to stabilize, not the inflation rate, or employment, but the growth rate of…

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Welcome to Alt-M, a community devoted to exploring and promoting ideas for an alternative monetary future. Our goal is to reveal the shortcomings of today’s centralized, bureaucratic, and discretionary monetary arrangements, and to bring serious consideration of real alternatives to the center stage of current monetary and financial reform debates.

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