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Less Than Zero: The Case for a Falling Price Level in a Growing Economy
TLDR
Selgin explores the differences between these monetary and natural conditions, and proposes solutions of his own as discussed by the authors, concluding that persistent unemployment is a non-monetary or 'natural' economic condition, which no mount of monetary medicine can cure.Abstract:
This book sets out to explain the complexity of why increased production does not that always bring with it lower prices. According to the book, those who look upon monetary expansion as a way to eradicate almost all unemployment fail to appreciate that persistent unemployment is a non-monetary or 'natural' economic condition, which no mount of monetary medicine can cure. Selgin explores the differences between these monetary and natural conditions, and proposes solutions of his own.read more
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Asset prices, financial and monetary stability: exploring the nexus
Claudio Borio,Philip Lowe +1 more
TL;DR: In this article, the authors argue that financial imbalances can build up in a low inflation environment and that in some circumstances it is appropriate for policy to respond to contain these imbalance.
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Foundations of Entrepreneurship and Economic Development
TL;DR: The Theory of Entrepreneurial Discovery as mentioned in this paper is one of the most popular theories for entrepreneurial discovery, and it can be seen as an indicator of entrepreneurial alertness and alertness.
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Synthetic Commodity Money
George Selgin,George Selgin +1 more
TL;DR: In this paper, the authors consider reform possibilities posed by a type of base money that has heretofore been overlooked in the literature on monetary economics, and they call this sort of money "synthetic" commodity money because it shares features with both commodity money and fiat money.
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A Tale of Two Perspectives: Old or New Challenges for Monetary Policy?
TL;DR: The authors examines recent experience through two intentionally polarised perspectives, viz. the "continuity" and "new-environment" views, which lead to somewhat different conclusions regarding the nature of the challenges central banks are likely to face in the current economic landscape and the policy responses that may be appropriate.
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Synthetic commodity money
TL;DR: Synthetic commodity money as mentioned in this paper is a type of money that shares some features of both commodity money and base monies, but it is not just contingently but absolutely scarce.
References
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The Macroeconomics of Low Inflation
TL;DR: In this paper, the effect of downward nominal wage rigidity in an economy in which individual firms experience stochastic shocks in the demand for their output is analyzed, and it is shown that there is no unique natural unemployment rate.
Book
Monetary Trends in the United States and the United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867-1975
Milton Friedman,Anna J. Schwartz +1 more
Book
The optimum quantity of money
Friedman Milton,D. Bordo Michael +1 more
TL;DR: Friedman's The Optimum Quantity of Money as discussed by the authors provides a comprehensive view of the body of monetary theory developed in leading centers of monetary analysis, focusing on specific topics related to the empirical analysis of monetary phenomena and policy.