SMP: The Macro Bifurcation

Política monetaria y teoría macroeconomica parecen haber tomado caminos distintos luego de la crisis del 2008. Breve comentario en Sound Money Project.

One of the major issues in contemporary macroeconomics concerns monetary policy since the 2008 crisis. For many, if not most, of the major central banks, the conventional channels through which the money supply changes do not work anymore. For instance, by paying interest on reserves, the Federal Reserve has moved from adjusting the money supply to influencing the banks’ money demand. Some central banks have even maintained that money supply does not affect inflation anymore.

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