Jerome Powell, federal reserve, Donald Trump, Fed Chair nomination, monetary rules, NGDP targeting

President Trump’s nomination of Jerome Powell as the next chairman of the Federal Reserve System is a bet that he will continue Janet Yellen’s policies and not rock financial markets. The expectation is that Powell will follow the Fed’s already-announced normalization schedule, which calls for slowly reducing…

commodity money, monetary policy primer, federal reserve, fiat money, alternative monetary policy, monetary alternatives

This primer is supposed to introduce readers to the workings of the present U.S. monetary system. So it's only natural that it should take established monetary arrangements for granted, including an official, "fiat" dollar currency managed by the Federal Reserve System. And while I haven't hesitated to…

NGDP targeting, monetary constitution, monetary rules, discretion, James Buchanan

(Originally appeared on January 12, 2013.) An important post from Lars Christensen at The Market Monetarist this morning.  Lars argues that many folks have misunderstood the argument for monetary easing in order to target NGDP growth by framing it in terms of discretionary policy.  The market monetarists,…