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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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Nominal GDP

Nominal GDP, Inflation Target, Monetary Policy, Fed, Dual Mandate
Economic Thought, Inflation & Deflation, News, The Fed & Central Banks

Lars Svensson on NGDP Targeting

George Selgin/October 15, 2019June 19, 2022

Back in July, I shared here some thoughts concerning the Fed's conference in Chicago that month, which was dedicated to a review of its tools, strategies, and communications. Among other things, I said I was disappointed by the short-shrift given to NGDP targeting by Lars Svensson's paper…

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Stephen Moore, commodity prices, nominal GDP, monetary rules, monetary policy
Money & Politics, The Fed & Central Banks

More on Commodity Price Targeting

George Selgin/April 9, 2019June 19, 2022

In a previous post, I argued that Paul Volcker didn't put a stop to inflation by having the Fed systematically increase interest rates when commodity prices rose, and lower them when commodity prices fell. While commodity-price targeting, aka a "price rule" for monetary policy, had some prominent…

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nominal GDP, zero lower bound, negative interest rates, war on cash
Fiat Money, Money & Politics, The Fed & Central Banks

The Zero Lower Bound is No Reason to Punish Currency Users

Larry White/March 28, 2019June 19, 2022

John Maynard Keynes once marveled at “how, starting with a mistake, a remorseless logician can end up in Bedlam.” (Bedlam was the nickname of a London madhouse.) Keynesian or New Keynesian macroeconomists who start with the mistaken premise that a central bank cannot fight recession except by lowering…

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Federal Reserve, Jay Powell, Jackson Hole, monetary economics, nominal GDP, NGDP targeting
Financial Markets, News, The Fed & Central Banks

Powell's Jackson Hole Speech Should Give NGDP Advocates Optimism

Tate Lacey/August 29, 2018June 19, 2022

Last weekend the Federal Reserve Bank of Kansas City hosted its annual symposium in Jackson Hole. Despite being the Fed’s largest annual event, the symposium has been “fairly boring” for years, in terms of what can be learned about the future of actual policy. This year’s program,…

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nominal GDP, NGDP Targeting, price level, monetary economics, Great Recession
News, The Fed & Central Banks

Price-Level Movements, Fixed Nominal Contracts, and Debtor-Creditor Equity

George Selgin/July 10, 2018June 19, 2022

Recently David Beckworth and Martin Sandbu, among others, have drawn attention to an interesting paper by James Bullard and Riccardo DiCecio unveiled in Norway earlier this year. In it, Bullard and DiCecio investigate a model economy possessing both a large private credit market and "Non-state contingent nominal…

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About Us

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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