SPEAKER: Daniel J. Smith, Middle Tennessee State University
This lecture will argue that the inevitability of the extraordinary does not weaken the case for monetary rules. In fact, it strengthens the case for monetary rules. The same knowledge and incentive problems that plague monetary authorities during good economic times will become even more pronounced during extraordinary times, representing an insurmountable barrier to effective policy making during extraordinary times. Due to these epistemic and motivation constraints, discretionary central banking will often undermine the generality and predictability of money precisely when it is most desperately needed during periods of heightened economic uncertainty. Monetary rules are necessary to reign in the desire of monetary authorities to engage in extraordinary interventions in response to extraordinary circumstances.
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Saturday, May 16 at 3:00pm to 4:15pmVirtual Event