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Monday, March 9, 2009

Galbraith on Monetarism

James K. Galbraith on the irrelevancy and, at its worst, economy-damaging theory of monetarism.
http://utip.gov.utexas.edu/papers/CollapseofMonetarismdelivered.pdf

"...dated Fall 2007. The article, by Professor Goodfriend, is entitled, “How the World Achieved Consensus on Monetary Policy.” It therefore represents a statement of the highest form of expression of economic groupthink we are ever likely to find. Let me quote further, just so the message is clear. Goodfriend writes: “According to this “inflation-targeting principle,” monetary policy that targets inflation makes the best contribution to the stabilization of output. ... [T]argeting inflation thus makes actual output conform to potential output.” Further: “This line of argument implies that inflation targeting yields the best cyclical behavior of employment and output that monetary policy alone can deliver. Thus, and here is the revolutionary point delivered by the modern theoretical consensus–even those who care mainly about the stabilization of the real economy can support a low-inflation objective for monetary policy. ...[M]onetary policy should [therefore] not try to counteract fluctuations in employment and output due to real business cycles.”

...such easy monetary accommodation to the real economy has done wonders so far hasn't it?

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