“Market” dio u Market monetarizmu postaje mainstream

…i to je ono što nas veseli. Korištenje moći tržišta za vođenje monetarne politike je razlog zbog kojeg MM imaju riječ market u svom imenu (prva verzija je bila Krugmanova – quesi monetarism) Cilj je milijune staviti u prošireno upravljačko vijeće središnjih banaka, ili kako Scott Sumner kaže Let a Thousand Models Bloom: The Advantages of Making the FOMC a Truly ‘Open Market’“:

More importantly, I show that policy future markets can address some of the key weaknesses of orthodox macroeconomic theory and policy, particularly the lack of consensus over structural models. Under this sort of policy regime, open market operations would reflect the views of not merely 12 individuals, but rather the consensus opinion of all those who choose to engage in open market operations. Even an issue as basic as the optimal monetary instrument would no longer be determined by the monetary authority, instead, each individual participant in the policymaking process would choose their own policy indicator. I will also show that a universal FOMC can improve the effectiveness of monetary policy even if the average level of decision-making skills on the expanded FOMC is inferior to the average skill level of the current 12 members.


Video:

Iz transcripta:

trying to get the signal from the noise here would be much easier were a place the look to saying that the market participants see the growth and increasing over to the longer term or decreasing? a couple of ways to do that is that you can, again, set up futures or the gdp linked bonds or do a prediction market. one of the guys calling for this is noting that if it is done right, the markets, themselves could more smoothly guide the taper and there wouldn’t be any friction back and forth between what one group is thinking and another at the fomc, and another fed notes that without this type of thing in place, we are still flying blind.

Spominje i Larsa Christensena sa www.marketmonetarist.com, ali transcript još malo treba doraditi.
HT Bill Woolsey

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