Economia
"... Münchau is an advocate of nominal GDP targeting, the new fad in monetary central planning. There is allegedly nothing wrong with monetary policy. The central bankers only need a new target, and, naturally, a more comprehensive one. The trained mathematician Münchau lectures us how this works:
Here is the prime fallacy behind the nominal GDP target and, in fact, all of Münchaus’ argument: It tacitly assumes that money is neutral, which money never is. Let me explain..."
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- Metas Da Inflação
Inflation Targeting Hits the WallMises Daily:Wednesday, February 01, 2012 by Antony P. MuellerThe financial-market crisis is not over but has grown into a vicious sovereign-debt crisis. Nevertheless, monetary policy makers of the major economies go on...
- 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...
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How Flexible Can Inflation Targeting Be and Still Work? Kenneth N. Kuttner and Adam S. Posen Abstract This paper takes up the issue of the flexibility of inflation targeting regimes, with the specific goal of determining whether the monetary policy...
- Política Monetária Em Debate
UNCONVENTIONAL MONETARY POLICY IN THEORY AND IN PRACTICE by Martina Cecioni*, Giuseppe Ferrero* and Alessandro Secchi* Abstract In this paper, after discussing the theoretical underpinnings of unconventional monetary policy measures, we review the...
- Política De Metas De Inflação
How Flexible Can Inflation Targeting Be and Still Work? Kenneth N. Kuttner and Adam S. Posen Abstract This paper takes up the issue of the flexibility of inflation targeting regimes, with the specific goal of determining whether the monetary policy...
Economia
O PIB nominal como meta da política monetária
The Fallacy of Nominal GDP Targeting
“This is a debate about nominal income targeting, where a central bank no longer stabilises the inflation rate directly but focuses instead on stabilising nominal gross domestic product. You can think of nominal GDP as the sum of real GDP and inflation. If real growth falls, the central bank would thus have to drive up inflation. Conversely, if real growth rises, the central bank would have to bear down on inflation much harder than it would do under the pure inflation targeting regime used by central banks such as the ECB.”There is a dangerous naivete about all of this, a blindness toward real-life complexity. There is also a kind of narrow-mindedness, of which Münchau accuses the central bank critics, but of which he himself is the prime example. Münchau and other advocates of GDP-targeting are consistent macro-economists, which means they necessarily ignore many important micro-economic phenomena.
Here is the prime fallacy behind the nominal GDP target and, in fact, all of Münchaus’ argument: It tacitly assumes that money is neutral, which money never is. Let me explain..."
Mais
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- Metas Da Inflação
Inflation Targeting Hits the WallMises Daily:Wednesday, February 01, 2012 by Antony P. MuellerThe financial-market crisis is not over but has grown into a vicious sovereign-debt crisis. Nevertheless, monetary policy makers of the major economies go on...
- 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...
- Política Monetária De Metas De Inflação
How Flexible Can Inflation Targeting Be and Still Work? Kenneth N. Kuttner and Adam S. Posen Abstract This paper takes up the issue of the flexibility of inflation targeting regimes, with the specific goal of determining whether the monetary policy...
- Política Monetária Em Debate
UNCONVENTIONAL MONETARY POLICY IN THEORY AND IN PRACTICE by Martina Cecioni*, Giuseppe Ferrero* and Alessandro Secchi* Abstract In this paper, after discussing the theoretical underpinnings of unconventional monetary policy measures, we review the...
- Política De Metas De Inflação
How Flexible Can Inflation Targeting Be and Still Work? Kenneth N. Kuttner and Adam S. Posen Abstract This paper takes up the issue of the flexibility of inflation targeting regimes, with the specific goal of determining whether the monetary policy...