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Critiques of Monetary Policy
內容大綱
Money and Banking: An Intermediate Market-Based Approach is a six-chapter book published by Business Expert Press in 2017 and written by William D. Gerdes, Professor of Economics at Clarke University. This book is intended to give students a broad understanding of money and how the money we use today differs from money used in the past and money discovered in isolated subcultures. It examines money as a medium of exchange, a fundamental ingredient in credit markets, and an instrument of monetary policy. In Chapter 6, Gerdes examines critiques of monetary policy. He discusses Milton Friedman's critique that the use of discretionary monetary policy has resulted in increased economic instability. He applies Friedman's growth model to simulate what would've happened had the Federal Reserve followed Friedman's rule. Gerdes then turns to examining interest rate targeting and problems the Fed encounters when using this method. He also discusses how the rational expectations theory offers a critique of monetary policy. Finally, he turns to the Austrian critique of monetary policy.