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Market Monetarism: Roadmap to Economic Prosperity

Marcus Nunes and Benjamin Cole

By
  • Alexander William Salter

Originally published in The Review of Austrian Economics

Market Monetarism: Roadmap to Economic Prosperity is a re-examination of post-World War II economic history, focused mainly on the United States but also including cases such as the infamous Japanese “Lost Decade,” from an explicitly Market Monetarist perspective.

Market Monetarism: Roadmap to Economic Prosperity is a re-examination of post-World War II economic history, focused mainly on the United States but also including cases such as the infamous Japanese “Lost Decade,” from an explicitly Market Monetarist perspective. The rise of the Market Monetarist School is a recent phenomenon, coming to prominence mainly through debate in the blogosphere rather than academic conversation in the scholarly journals. Famous for its insistence that (1) nominal spending, meaning nominal gross domestic product (NGDP), is the crucial variable determining macroeconomic stability and thus (2) central banks ought to implement an NGDP level target, Nunes and Cole adopt this framework to shed light on the causes of macroeconomic fluctuations up to and including the Great Recession.

Find article at Springer Link. 

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