By Jonathan Newman
A market-selected commodity money enables economic growth without any inflation target to speak of. Markets are made up of individuals with their own values and plans.
Alexander Salter:
The Fed’s job is to nudge dollar-denominated variables in the right direction. Monetary policy is much more like recalibrating the economy’s barometer than flooring the economy’s gas pedal.
Of course, expansionary policy (printing money to purchase securities) can help fight recessions. […] It’s proper to grow the money supply in response to a sudden and unexpected increase in money demand.