Modern Monetary Policy:
Whether monetary policy is guided by strict as well as rigid rules or made by authorities using their discretion to come up with the best policy for the particular--unique--situation, one question remains- what sort of rule must be adopted or how must the authority behave? What sort of guidelines for monetary policy must those who set the rules or those who staff the authorities follow?
Economists think that one set of rules to avoid are those that command the central bank to attain values for real economic variables similar to the rate of growth of real GDP or the level of the unemployment rate. The rate of growth of real GDP is partial in the long run by the rate of growth of potential output. The stage of the unemployment rate is in the long run controlled by the natural rate of unemployment. A central bank aim of too high a rate of real GDP growth or too low a level of the unemployment rate is about to end in upward spiraling inflation. A policy that aims nominal variables like the nominal money stock or nominal GDP or the inflation rate is robust in the sense that it doesn’t run the risk of leading to disaster if our assessment of the macroeconomic structure of the economy turns out to be wrong.
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