Heinz Blasnik- Views You Can Use Message Board

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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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To: NOW who wrote (2471)	6/13/2003 5:50:58 PM
From: GraceZ	Read Replies (3) of 4904

that “The use of quantity of money as a target has not been a success. I’m not sure I would push it as hard as I once did.” This is an extraordinary mea culpa for a man who single- handedly turned the macro policy debate inside out over the past 30 years. The founding father of modern-day monetarism is now telling us that the quantity of money doesn’t matter after all. He's not saying that the quantity of money doesn't matter he's saying using money supply targeting hasn't worked [to engineer the economy]. It doesn't surprise me though that almost everyone would misread that statement. Friedman should have stuck with what he originally said which was that the money supply should grow at a low fixed rate protected from policy tinkering.

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