Money and the Rule of Law

Generality and Predictability in Monetary Institutions

Häftad, Engelska, 2021

AvPeter J. Boettke,Alexander William Salter,Daniel J. Smith

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Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.

Produktinformation

Utgivningsdatum2021-06-03
Mått150 x 230 x 13 mm
Vikt310 g
FormatHäftad
SpråkEngelska
Antal sidor212
FörlagCambridge University Press
ISBN9781108790840

Tillhör följande kategorier

Makroekonomi inom Ekonomi och Ledarskap
Ekonomisk politik inom Ekonomi och Ledarskap

Peter J. Boettke is a University Professor of Economics and Philosophy at George Mason University, Director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics, and BB&T Professor for the Study of Capitalism at the Mercatus Center at George Mason University. Alexander William Salter is an associate professor of economics in the Rawls College of Business at Texas Tech University and the Comparative Economics Research Fellow at TTU's Free Market Institute. Daniel J. Smith is an associate professor of economics in the Jones College of Business at Middle Tennessee State University and the Director of the Political Economy Research Institute.

'A profound and highly original assessment of monetary policy and its inseparable connection to the rule of law, a key principal of economic freedom. This is a great read, carefully researched with telling quotes from top policy makers. It dissects tough monetary problems into easy-to-understand pieces – objectives, instruments, targets, and models. It candidly describes political pressures on the Fed with hard evidence from past to present. It creatively uses the great ideas of Hayek, Friedman, and Buchanan to confront the weaker scholarship of today. Most ominously, it warns that Fed is once again expanding its reach and thereby threatening the rule of law.' John Taylor, Mary and Robert Raymond Professor of Economics at Stanford University