Unless the objective is to pretend you're doing something in response to political pressure, (but what you're really doing is handing out favors to the wealthy), and subsequently to be fellated for your brilliance in the corporate media


There might be people who would put it that way. I think the first point needs to be amended with something like "...but no one has sufficient information to respond to shocks in a beneficial way."

Undisciplined

I think a good way to put it would be to say

So it can be pitched as a sort of commitment / time consistency problem

Maybe monetary economists already knew this and I'm just regurgitating first year grad school stuff haha

econ

Our Economy Has Never Needed an "Elastic" Currency

I think a good way to put it would be to say 

- fiat standard gives more flexibility to respond to shocks in the short term, but creates incentive problems that can lead to worse ex ante outcomes

- commodity money has less flexibility to respond to short term shocks, but has a better incentive structure which could lead to better outcomes in the long run

So it can be pitched as a sort of commitment / time consistency problem 

Maybe monetary economists already knew this and I'm just regurgitating first year grad school stuff haha  
