References (38)


Footnotes (15)



Not All NGDP is Created Equal: A Critique of Market Monetarism

Alexander William Salter

Berry College

December 13, 2012

Journal of Private Enterprise 29(1) 2013: 41-52

Market Monetarism, with its policy rule of NGDP targeting, has in common with free banking that both seek to avoid monetary disequilibrium. One might conclude that these are different approaches to achieving the same end. The purpose of this paper is to show that the proximate ends are in fact conceived differently: Stable NGDP as an object of choice by a central bank is different from NGDP as the emergent outcome of the market process. Furthermore, well-known insights on knowledge, the pricing process, and the institutional context of economic activity suggest that this difference has important implications.

Number of Pages in PDF File: 13

Keywords: free banking, Market Monetarism, market process, monetary disequilibrium, monetary institutions, NGDP

JEL Classification: B53, E42, E50

Open PDF in Browser Download This Paper

Date posted: December 14, 2012 ; Last revised: August 16, 2014

Suggested Citation

Salter, Alexander William, Not All NGDP is Created Equal: A Critique of Market Monetarism (December 13, 2012). Journal of Private Enterprise 29(1) 2013: 41-52. Available at SSRN: http://ssrn.com/abstract=2189175

Contact Information

Alexander William Salter (Contact Author)
Berry College ( email )
Mount Berry, GA 30149
United States
Feedback to SSRN

Paper statistics
Abstract Views: 721
Downloads: 174
Download Rank: 112,457
References:  38
Footnotes:  15

© 2015 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo1 in 0.375 seconds