The political viability of rule-based monetary policy

Public Choice ◽  
1985 ◽  
Vol 46 (2) ◽  
pp. 125-140 ◽  
Author(s):  
Henry W. Chappell ◽  
William R. Keech

Author(s):  
I. N. Konovalov ◽  
◽  
A. S. Azarova ◽  
D. N. Markin ◽  
◽  
...  

The article is concerned with the phenomenon of extremism among youth. Analyzing the features of modern youth extremism the authors substantiated their conditioning by social, age, historical, and cultural factors. Young people tend to protest and reject the existing system, all-or-nothing thinking. While the phenomena identified as extremism today, repeatedly arose in the process of historical social development. A distinctive feature of the majority of extremist organizations at the present time is their focus on the issues of national identity or the political structure of the Russian society and state, using the principles of a totalitarian sect. In their activities destructive religious organizations themselves are also, as a rule, based on radical ideas, which is why they are recognized as extremist. The article presents the findings of the sociological study conducted in Saratov’s higher educational institutions. Based on the analysis of the study results the authors came to the conclusion that extremist sentiments among student youth are growing towards representatives of various nationalities and religions. The authors assumed that in order to successfully counter youth extremism, first and foremost it is necessary to clearly distinguish its causes, rooted in the society itself and shortcomings of state youth policy, from the forms of its manifestation that have social and group specific features.



Author(s):  
Otmar Issing ◽  
Volker Wieland

SummaryIn this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 years. Rather than presenting an encompassing overview, which would be overambitious, we simply concentrate on a few selected aspects that we view as milestones in the development of this subject.We also try to illustrate some of the interactions with the political and financial system, academic discussion and the views and actions of central banks.



2014 ◽  
Author(s):  
Gerald Epstein ◽  
Tom Schlesinger ◽  
Matías Vernengo




2021 ◽  
Vol 18 (3) ◽  
pp. 331-343
Author(s):  
Frances Coppola

For the last 40 years, macroeconomics has been dominated by Milton Friedman’s view that inflation occurs when the supply of money rises more quickly than economic output – ‘too much money chasing too few goods’, as the saying goes. If inflation is always due to an imbalance of money supply and output, central banks alone determine the path of inflation, and fiscal policy merely has a redistributive function. This paper draws on historical and empirical evidence as well as recent theoretical literature to show that this view is mistaken. Monetary policy has redistributive effects, and fiscal policy affects the money supply. It is therefore impossible to separate them in practice. Both fiscal and monetary policy have inflationary consequences, and because their distributional effects are different, monetary policy cannot fully offset fiscal decisions. Fiscal and monetary policy are influenced by political decisions and are themselves political in nature. Since inflation reflects spending and saving patterns which are affected by political choices, it is fundamentally a political phenomenon.







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