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« Capitalism and the Failure in Iraq | Main | Fiscal Sociology and Political Economy »


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He does continue on in that article to state that inflation should be targeted. Very similar to what Milton Friedman suggested and what New Zealand is currently doing. What I have had a hard time understanding is that if you want to target inflation, why not just go back to a hard currency, such as gold or silver. There might be a small bit of inflation via new mining discoveries, etc, but it is not as easily manipulated as a fiat currency. If you want to avoid the business cycles, don't let government mess with the money. If you want to have a more/less constant inflation rate why does the government even have to be involved? Can someone please explain why we need a federal reserve if we are going to set the inflation rate on "cruise control"?

In this article Feldstein and Stiller suggest that the crisis is bad, VERY BAD. Feldstein also suggest lowering the Fed Funds rate by 100 bps, because inflation is "the lesser of two evils." I hope someone more knowledgeable than I would comment.

Sorry...its not Ben or his father for that matter...I had a typo, it's Shiller.


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The greater danger for most of us lies not in setting our aim too high and falling short, but in setting our aim too low and achieving our mark.

Well, the economy just goes in circles, sometimes it's up and sometimes it goes down. It would be impossible for the boom years to last forever.

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