Let a Thousand Models Bloom: The Advantages of Making the FOMC a Truly 'Open Market'
The B.E. Journal of Macroeconomics, 2006, vol. 6, issue 1, 1-27
In recent decades there has been a worldwide shift toward market-oriented economic policies, sometimes termed 'neoliberalism’. In the policy arena this trend has been most apparent in the widespread move toward privatization and deregulation. And in the academic world there has been increased respect shown to free market ideologies, even to policy views that would once have been regarded as impractical. Surprisingly, monetary policy is one area that has been relatively unaffected by the neoliberal revolution. Not only have governments retained a monopoly on fiat money, but even some free market ideologues have been skeptical of proposals for laissez-faire monetary regimes. This paper will show that market forces can greatly improve the effectiveness of monetary policy.
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