A Monetary Policy Primer, Part 1: Money
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It occurs to me that, despite the unprecedented flood of writings of all sorts — books, blog-posts, newspaper op-eds, and academic journal articles — addressing just about every monetary policy development during and since the 2008 financial crisis, relatively few attempts have been made to step back from the jumble of details for the sake of getting a better sense of the big picture.
What, exactly, is "monetary policy" about? Why is there such a thing at all? What should we want to accomplish by it — and what should we not try to accomplish? By what means, exactly, are monetary authorities able to perform their duties, and to what extent must they exercise discretion in order to perform them? Finally, what part might private-market institutions play in promoting monetary stability, and how might they be made to play it most effectively?
Although one might devote a treatise to answering any one of these questions, I haven't time to write a treatise, let alone a bunch of them; and if I did write one, I doubt that policymakers (or anyone else) would read it. No sir: a bare-bones primer is what's needed, and that's what I hope to provide.
The specific topics I tentatively propose to cover are the following:
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MAIS
What, exactly, is "monetary policy" about? Why is there such a thing at all? What should we want to accomplish by it — and what should we not try to accomplish? By what means, exactly, are monetary authorities able to perform their duties, and to what extent must they exercise discretion in order to perform them? Finally, what part might private-market institutions play in promoting monetary stability, and how might they be made to play it most effectively?
Although one might devote a treatise to answering any one of these questions, I haven't time to write a treatise, let alone a bunch of them; and if I did write one, I doubt that policymakers (or anyone else) would read it. No sir: a bare-bones primer is what's needed, and that's what I hope to provide.
The specific topics I tentatively propose to cover are the following:
- Money.
- The Demand for Money.
- The Price Level.
- The Supply of Money.
- Monetary Control, Then and Now
- Monetary Policy: Easy, Tight, and Just Right.
- Money and Interest Rates.
- The Abuse of Monetary Policy.
- Rules and Discretion.
- Private vs Official Money.
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MAIS
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