tag:blogger.com,1999:blog-8897997766931633186.post7924520978925479846..comments2024-02-14T03:21:37.506-05:00Comments on Monetary Freedom: Sumner's Monetary Theory--Long and Variable LeadsBill Woolseyhttp://www.blogger.com/profile/06330232724290161369noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-8897997766931633186.post-40859637918318933352012-07-11T15:31:46.301-04:002012-07-11T15:31:46.301-04:00LOL
Same guy.
http://www.postandcourier.com/arti...LOL<br /><br />Same guy.<br /><br />http://www.postandcourier.com/article/20100804/PC1602/308049942<br /><br />http://www.citadel.edu/root/csba-faculty-a-staff/48-academics/schools/business/badm/990-woolseyMayor Bill Woolseyhttps://www.blogger.com/profile/15439136665155575382noreply@blogger.comtag:blogger.com,1999:blog-8897997766931633186.post-10929167877761344452012-07-11T15:13:53.235-04:002012-07-11T15:13:53.235-04:00Mayor Bill Woolsey, are you the same guy as the re...Mayor Bill Woolsey, are you the same guy as the regular Bill Woolsey?Saturoshttp://en.gravatar.com/satur0snoreply@blogger.comtag:blogger.com,1999:blog-8897997766931633186.post-17835840043707053222012-07-08T11:41:50.246-04:002012-07-08T11:41:50.246-04:00Scott:
Adjusting today's quantity of base mon...Scott:<br /><br />Adjusting today's quantity of base money conditional on expected nominal GDP remaining on target sounds perfect to me.<br /><br />Further, if the reason expected future nominal GDP deviates from target is because current base money is greater or less than the demand to hold it, then it should be possible to fix the problem by adjusting the quantity of money today.<br /><br />But doesn't expected future nominal GDP depend on the expected future quantity of base money relative to the expected future demand to hold it?<br /><br />Further, doesn't an unexpected, temporary deviation of the quantity of base money from the demand to hold it have approximately no effect today or on expected future nominal GDP?Mayor Bill Woolseyhttps://www.blogger.com/profile/15439136665155575382noreply@blogger.comtag:blogger.com,1999:blog-8897997766931633186.post-51970365909573958682012-07-08T10:53:16.502-04:002012-07-08T10:53:16.502-04:00I don't see any advantage in adjusting the fut...I don't see any advantage in adjusting the future monetary base. The future monetary base only matters to the extent that it affects the future expected NGDP. But since future expected NGDP never varies under futures targeting (relative to trend) there will be no long and variable leads affect of money on current NGDP.<br /><br />The goal is to make the current base endogenous, equal to the amount of base money people want to hold as long as they expected future NGDP to be on target. At least that's my initial reaction--it's quite possible I'm wrong.Scott Sumnerhttps://www.blogger.com/profile/15864819372390187247noreply@blogger.com