000			02861nam a2200385 i 4500
001			CR9781108806787
003			UkCbUP
005			20240913170329.0
006			m|||||o||d||||||||
007			cr||||||||||||
008			190626s2021||||enk o ||1 0|eng|d
020			_a9781108806787 (ebook)
020			_z9781108479844 (hardback)
020			_z9781108790840 (paperback)
040			_aUkCbUP _beng _erda _cUkCbUP
050	0	0	_aHG230.3 _b.B638 2021
082	0	0	_a339.5/3 _223
100	1		_aBoettke, Peter J., _eauthor.
245	1	0	_aMoney and the rule of law : _bgenerality and predictability in monetary institutions / _cPeter J. Boettke, George Mason University, Alexander William Salter, Texas Tech University, Daniel J. Smith, Middle Tennessee State University.
264		1	_aCambridge, United Kingdom ; New York, NY : _bCambridge University Press, _c2021.
300			_a1 online resource (xviii, 193 pages) : _bdigital, PDF file(s).
336			_atext _btxt _2rdacontent
337			_acomputer _bc _2rdamedia
338			_aonline resource _bcr _2rdacarrier
500			_aTitle from publisher's bibliographic system (viewed on 17 May 2021).
505	0		_aKnowledge problems with discretionary monetary policy -- Incentive prolems with discretionary central banking -- When firefighters are arsonists -- On the shoulders of giants : monetary policy insights of the classically liberal nobel laureates -- Money and the rule of law -- Conclusion : money and liberalism in the 21st century.
520			_aContemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.
650		0	_aMonetary policy.
650		0	_aBanks and banking, Central.
700	1		_aSalter, Alexander William, _eauthor.
700	1		_aSmith, Daniel J., _d1984- _eauthor.
776	0	8	_iPrint version: _z9781108479844
856	4	0	_uhttps://doi.org/10.1017/9781108806787
942			_2ddc _cEB
999			_c9985 _d9985