by Summary:
At the recent Karl Brunner Centenary event, Ernst Baltensperger characterized Monetarism as a set of five convictions: Money matters (as accepted in the neoclassical synthesis) Rules are preferred over discretion (in contrast to the views of Modigliani, Samuelson or Klein), but some flexibility is accepted Inflation and inflation expectations are key (in contrast to traditional Keynesian views)—adaptive expectation formation, parallels to Phelps Money growth targeting is useful—Brunner and Meltzer favored the monetary base, Friedman M1 Money, credit and the “details” of financial markets matter for the monetary transmission mechanism—Brunner and Meltzer pushed the credit view, parallels to Tobin Baltensperger concluded that the macroeconomic mainstream has absorbed many of these convictions, as it has absorbed many pillars of Keynesian thought.
Topics:
Dirk Niepelt considers the following as important: Expectations, inflation, inflation expectations, Monetarism, Money, Notes
This could be interesting, too:
At the recent Karl Brunner Centenary event, Ernst Baltensperger characterized Monetarism as a set of five convictions: Money matters (as accepted in the neoclassical synthesis) Rules are preferred over discretion (in contrast to the views of Modigliani, Samuelson or Klein), but some flexibility is accepted Inflation and inflation expectations are key (in contrast to traditional Keynesian views)—adaptive expectation formation, parallels to Phelps Money growth targeting is useful—Brunner and Meltzer favored the monetary base, Friedman M1 Money, credit and the “details” of financial markets matter for the monetary transmission mechanism—Brunner and Meltzer pushed the credit view, parallels to Tobin Baltensperger concluded that the macroeconomic mainstream has absorbed many of these convictions, as it has absorbed many pillars of Keynesian thought.
Topics:
Dirk Niepelt considers the following as important: Expectations, inflation, inflation expectations, Monetarism, Money, Notes
This could be interesting, too:
Dirk Niepelt writes “Report by the Parliamentary Investigation Committee on the Conduct of the Authorities in the Context of the Emergency Takeover of Credit Suisse”
Marc Chandler writes Yen Jumps on Rate Hike Speculation
Claudio Grass writes Gold climbing from record high to record high: why buy now?
Marc Chandler writes FX Becalmed Ahead of the Weekend and Next Week’s Big Events
At the recent Karl Brunner Centenary event, Ernst Baltensperger characterized Monetarism as a set of five convictions:
- Money matters (as accepted in the neoclassical synthesis)
- Rules are preferred over discretion (in contrast to the views of Modigliani, Samuelson or Klein), but some flexibility is accepted
- Inflation and inflation expectations are key (in contrast to traditional Keynesian views)—adaptive expectation formation, parallels to Phelps
- Money growth targeting is useful—Brunner and Meltzer favored the monetary base, Friedman M1
- Money, credit and the “details” of financial markets matter for the monetary transmission mechanism—Brunner and Meltzer pushed the credit view, parallels to Tobin
Baltensperger concluded that the macroeconomic mainstream has absorbed many of these convictions, as it has absorbed many pillars of Keynesian thought.