Economic policy: credible commitments

Article Abstract:

Arguments for the importance of establishing a long-term economic policy, in which the adverse effects of business fluctuations can be minimized, and separating the politics of fiscal policy from the management of monetary policy, are presented. Topics include the adverse effects short-term stabilization policies may have on long-term economic policies, the achievement of the Federal Reserve Board under Alan Greenspan as it relates to price stabilization, and policy questions raised by a new economy based on technological innovation.

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Don't set growth limits for the new economy

Article Abstract:

Issues concerning factors that should receive priority when formulating monety policy in the new economy of the 21st century are examined. Topics include arguments that economic growth should not be restrained; the importance of using inflation as a key factor in setting monetary policy; and the differences between the old and new economy, such as lower barriers for entry into the new economy and low costs for reproducing items such as software and pharmaceuticals once the first copy of the product is manufactured.

Economic development

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Don't mix monetary and fiscal policy: why return to an old, flawed framework?

Article Abstract:

The relationship between fiscal and monetary policy at the beginning of the 21st century are examined, focusing on macroeconomic policy mistakes of the past that should be avoided. Topics include the flawed presumption that monetary policy should be adjusted to fiscal policy, the different objectives of fiscal and monetary policy, and the need for the Federal Reserve Board to maintain its credibility by maintaining a separate economic role.

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