Money and the Rule of Law: Generality and Predictability in Monetary Institutions AUTH-3063031 Ideas that Changed the World

Ideas that Changed the World

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published here in the US under the title

Publish Date: January 20

trong s ch n y

Money and the Rule of Law: Generality and Predictability in Monetary Institutions AUTH-3063031 Ideas that Changed the WorldContemporary 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