Inflation targeting is a framework for monetary policy characterized by the public announcement of official quantitative targets for the inflation rate, and by explicit acknowledgement that low, stabl […]
The idea behind stamped money is sound. It is, indeed, possible that means might be found to apply it in practice on a modest scale. But there are many difficulties which Gesell did not face. John M. […]
EVERYONE’S mother or auntie seems to be at it. With short-term interest rates virtually nil and bonds yielding not much more, Mrs Watanabe, the ubiquitous Japanese housewife who controls the fam […]
On Wall Street, the term “random walk” is an obscenity. It is an epithet coined by the academic world and hurled insultingly at the professional soothsayers. Taken to its logical extr […]