Money and the rule of law: generality and predictability in monetary institutions
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 infor...
Gespeichert in:
| Beteiligte Personen: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge, United Kingdom ; New York, NY
Cambridge University Press
2021
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| Schlagwörter: | |
| Links: | https://doi.org/10.1017/9781108806787 https://doi.org/10.1017/9781108806787 https://doi.org/10.1017/9781108806787 |
| Zusammenfassung: | 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 |
| Beschreibung: | Title from publisher's bibliographic system (viewed on 17 May 2021) Knowledge problems with discretionary monetary policy -- Incentive prolems with discretionary central banking -- When firefighters are arsonists -- On the shoulders of giants : monetary policy insights of the classically liberal nobel laureates -- Money and the rule of law -- Conclusion : money and liberalism in the 21st century |
| Umfang: | 1 Online-Ressource (xviii, 193 Seiten) |
| ISBN: | 9781108806787 |
| DOI: | 10.1017/9781108806787 |
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| 520 | |a 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 | ||
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| author | Boettke, Peter J. 1960- Salter, Alexander William ca. 20./21. Jh Smith, Daniel J. 1984- |
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| spelling | Boettke, Peter J. 1960- (DE-588)123653940 aut Money and the rule of law generality and predictability in monetary institutions Peter J. Boettke, George Mason University, Alexander William Salter, Texas Tech University, Daniel J. Smith, Middle Tennessee State University Cambridge, United Kingdom ; New York, NY Cambridge University Press 2021 1 Online-Ressource (xviii, 193 Seiten) txt rdacontent c rdamedia cr rdacarrier Title from publisher's bibliographic system (viewed on 17 May 2021) Knowledge problems with discretionary monetary policy -- Incentive prolems with discretionary central banking -- When firefighters are arsonists -- On the shoulders of giants : monetary policy insights of the classically liberal nobel laureates -- Money and the rule of law -- Conclusion : money and liberalism in the 21st century 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 Federal Reserve System Federal Reserve Board of Governors (DE-588)74403-7 gnd rswk-swf Monetary policy Banks and banking, Central Geldpolitik (DE-588)4019902-2 gnd rswk-swf Wirtschaftspolitik (DE-588)4066493-4 gnd rswk-swf Rechtsgrundsatz (DE-588)4128346-6 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Federal Reserve System Federal Reserve Board of Governors (DE-588)74403-7 b Geldpolitik (DE-588)4019902-2 s Wirtschaftspolitik (DE-588)4066493-4 s Rechtsgrundsatz (DE-588)4128346-6 s DE-604 Salter, Alexander William ca. 20./21. Jh. (DE-588)1066207046 aut Smith, Daniel J. 1984- (DE-588)1211602893 aut Erscheint auch als Druck-Ausgabe 978-1-108-47984-4 https://doi.org/10.1017/9781108806787 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Boettke, Peter J. 1960- Salter, Alexander William ca. 20./21. Jh Smith, Daniel J. 1984- Money and the rule of law generality and predictability in monetary institutions Federal Reserve System Federal Reserve Board of Governors (DE-588)74403-7 gnd Monetary policy Banks and banking, Central Geldpolitik (DE-588)4019902-2 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Rechtsgrundsatz (DE-588)4128346-6 gnd |
| subject_GND | (DE-588)74403-7 (DE-588)4019902-2 (DE-588)4066493-4 (DE-588)4128346-6 (DE-588)4078704-7 |
| title | Money and the rule of law generality and predictability in monetary institutions |
| title_auth | Money and the rule of law generality and predictability in monetary institutions |
| title_exact_search | Money and the rule of law generality and predictability in monetary institutions |
| title_full | Money and the rule of law generality and predictability in monetary institutions Peter J. Boettke, George Mason University, Alexander William Salter, Texas Tech University, Daniel J. Smith, Middle Tennessee State University |
| title_fullStr | Money and the rule of law generality and predictability in monetary institutions Peter J. Boettke, George Mason University, Alexander William Salter, Texas Tech University, Daniel J. Smith, Middle Tennessee State University |
| title_full_unstemmed | Money and the rule of law generality and predictability in monetary institutions Peter J. Boettke, George Mason University, Alexander William Salter, Texas Tech University, Daniel J. Smith, Middle Tennessee State University |
| title_short | Money and the rule of law |
| title_sort | money and the rule of law generality and predictability in monetary institutions |
| title_sub | generality and predictability in monetary institutions |
| topic | Federal Reserve System Federal Reserve Board of Governors (DE-588)74403-7 gnd Monetary policy Banks and banking, Central Geldpolitik (DE-588)4019902-2 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Rechtsgrundsatz (DE-588)4128346-6 gnd |
| topic_facet | Federal Reserve System Federal Reserve Board of Governors Monetary policy Banks and banking, Central Geldpolitik Wirtschaftspolitik Rechtsgrundsatz USA |
| url | https://doi.org/10.1017/9781108806787 |
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