Economia
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- Fed Adota Virtual Regime De Metas Para A Inflação
Release Date: January 25, 2012For release at 2:00 p.m. EST Following careful deliberations at its recent meetings, the Federal Open Market Committee (FOMC) has reached broad agreement on the following principles regarding its longer-run goals and monetary...
- Regra De Taylor E A Meta Do Pib Nominal
All in the Family: The Close Connection Between Nominal-GDP Targeting and the Taylor Rule, by Evan F. Koenig: Abstract: The classic Taylor rule for adjusting the stance of monetary policy is formally a special case of nominal- gross-domestic-product...
- Regras Da Política Monetária
Instrument rules, target rules, NGDP, complexity and learningAt one extreme you have pure discretion. The central bank does whatever it thinks is best. At the other extreme you have an instrument rule. The rule specifies exactly how the central bank...
- Os Limites Da Dívida Publica
Reinhart e Rogoff explicam: "... At what point does indebtedness become a problem? In our study “Growth in a Time of Debt,” we found relatively little association between public liabilities and growth for debt levels of less than 90 percent of GDP....
- Milton Friedman: O Retorno Do Mestre
O que Milton Friedman (1912-2006) teria recomendado para elaboração de política monetária para a crise global de 2007-2009? Bernanke, em 2004, observou que “Friedman’s monetary framework has been so influential that, in its broad outlines at least,...
Economia
Monetarismo e a realidade política
The Friedmanite Corruption of Capitalism
However, if Friedmanite monetarism was anything, it was naïve about political reality. The fatal flaw of Friedman’s famous “monetary rule” of constant growth of the money supply in the 3-4 percent range was premised on the assumption that a machine-like Fed chairman would selflessly pursue the public interest by enforcing Friedman’s monetary rule. According to Friedman, Stockman writes, “inflation would be rapidly extinguished if money supply was harnessed to a fixed and unwavering rate of growth, such as 3 percent per annum.” This was the fundamental assumption behind monetarism, and it flew in the face of everything the Chicago Schoolers purported to know about political reality. In other words, Friedmanite monetarism was never a realistic possibility, for as Friedman himself frequently said of all other governmental institutions besides the Fed, a government institution that is not political is as likely as a cat that barks like a dog. Friedman’s monetary rule, Stockman concludes, was “basically academic poppycock.” He mocks the idea of a “monetary rule” as the “idea that the FOMC [Federal Reserve Open Market Committee] would function as faithful monetary eunuchs, keeping their eyes on the M1 gauge and deftly adjusting the dial in either direction upon any deviation from the 3 percent target.” This was “sheer fantasy,” says Stockman, and an extreme example of “political naivete.”Mais
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- Fed Adota Virtual Regime De Metas Para A Inflação
Release Date: January 25, 2012For release at 2:00 p.m. EST Following careful deliberations at its recent meetings, the Federal Open Market Committee (FOMC) has reached broad agreement on the following principles regarding its longer-run goals and monetary...
- Regra De Taylor E A Meta Do Pib Nominal
All in the Family: The Close Connection Between Nominal-GDP Targeting and the Taylor Rule, by Evan F. Koenig: Abstract: The classic Taylor rule for adjusting the stance of monetary policy is formally a special case of nominal- gross-domestic-product...
- Regras Da Política Monetária
Instrument rules, target rules, NGDP, complexity and learningAt one extreme you have pure discretion. The central bank does whatever it thinks is best. At the other extreme you have an instrument rule. The rule specifies exactly how the central bank...
- Os Limites Da Dívida Publica
Reinhart e Rogoff explicam: "... At what point does indebtedness become a problem? In our study “Growth in a Time of Debt,” we found relatively little association between public liabilities and growth for debt levels of less than 90 percent of GDP....
- Milton Friedman: O Retorno Do Mestre
O que Milton Friedman (1912-2006) teria recomendado para elaboração de política monetária para a crise global de 2007-2009? Bernanke, em 2004, observou que “Friedman’s monetary framework has been so influential that, in its broad outlines at least,...