We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Not All NGDP Is Created Equal: A Critique of Market Monetarism.
- Authors
Salter, Alexander William
- Abstract
Market Monetarism, with its policy rule of NGDP targeting, has in common with free banking that both seek to avoid monetary disequilibrium. One might conclude that these are different approaches to achieving the same end. The purpose of this paper is to show that the proximate ends are in fact conceived differently: Stable NGDP as an object of choice by a central bank is different from NGDP as the emergent outcome of the market process. Furthermore, well-known insights on knowledge, the pricing process, and the institutional context of economic activity suggest that this difference has important implications.
- Subjects
FREE banking; GROSS domestic product; ECONOMIC equilibrium; MONETARY policy; ECONOMIC activity; CENTRAL banking industry; CHICAGO school of economics
- Publication
Journal of Private Enterprise, 2013, Vol 29, Issue 1, p41
- ISSN
0890-913X
- Publication type
Article