tag:blogger.com,1999:blog-8897997766931633186.post847189810883490998..comments2024-02-14T03:21:37.506-05:00Comments on Monetary Freedom: Selgin on Monetary StimulusBill Woolseyhttp://www.blogger.com/profile/06330232724290161369noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-8897997766931633186.post-63282016541569181322012-07-13T09:56:43.015-04:002012-07-13T09:56:43.015-04:00This is very well thought out response that comple...This is very well thought out response that completely makes sense. But since we are already discussing issues with MM, what do you make from the urgument #3 from Scott's response? <br /><br /><br />In this article you say that to reach 5,5% growth rate of NGDP the wages need to rise only by 3%. So to simplify things, to reach the NGDP of 3% the wages need to rise on average only by 0,5%<br /><br />Given very real zero lower bound for wage contracts, are you not afraid that such low NGDP trend would create permanently higher unemployment given that you have just 0,5% buffer for adjustment of wages?Anonymoushttps://www.blogger.com/profile/14853090724221729923noreply@blogger.comtag:blogger.com,1999:blog-8897997766931633186.post-11333596801784612772012-07-11T21:39:18.046-04:002012-07-11T21:39:18.046-04:00My preferred monetary constitution would require i...My preferred monetary constitution would require involve a 5 year lag on implementation of an adjusted growth rate.Mayor Bill Woolseyhttps://www.blogger.com/profile/15439136665155575382noreply@blogger.comtag:blogger.com,1999:blog-8897997766931633186.post-8459051297179518662012-07-10T20:08:11.967-04:002012-07-10T20:08:11.967-04:00Presumably moving to a 3% growth path would have t...Presumably moving to a 3% growth path would have to be announced quite some time in advance so that nominal labour and debt contracts can adjust. How far ahead would it have to be announced so that debt deflation wouldn't become a problem?Robertnoreply@blogger.com