I disagree, bitcoin does have a hardcoded monetary policy of nominal money supply targeting. The policy is primitive and will not provide any of the benefits of contemporary monetary policy, but it should provide an interesting case study.
Notice how many are focused on inflation (CPI and price level as measures of inflation/deflation). All of them are used by central banks to influence the markets. None make much sense for an virtual medium of exchange.
Now supposing there was a central bitcoin bank I'd suggest a policy of targeting low volatility. Bitcoins utility as a medium of exchange is a function of transaction cost and volatility risk. Still even without a central bank both attributes will improve with time. Thus the lack of central bank may become a feature by removing human fallibility.
What are the benefits of a contemporary monetary policy? There was a piece I saw by George Selgin lately showing that modern monetary policy has caused the economy to be measurably less stable than in the old days. I haven't followed the responses to it, though.
The Milton Friedman/John Taylor position is that markets will adapt to pretty much any monetary rule as long as it is stable and predictable. Bitcoin's monetary rule is about as predictable as you can get.
The one part of the Keynesian story that I find compelling is the part about inflation being needed to address the problem of sticky wages. But wages in web sectors tend to be much less sticky. Free money's time has come.
I mean, the definition of monetary policy given at the top of the Wikipedia page you linked to rules out there being such a thing as a "monetary policy" hardcoded into bitcoin.
Wikipedia has a good list of the common policy options: https://en.wikipedia.org/wiki/Monetary_policy#Types_of_monet...
Notice how many are focused on inflation (CPI and price level as measures of inflation/deflation). All of them are used by central banks to influence the markets. None make much sense for an virtual medium of exchange.
Now supposing there was a central bitcoin bank I'd suggest a policy of targeting low volatility. Bitcoins utility as a medium of exchange is a function of transaction cost and volatility risk. Still even without a central bank both attributes will improve with time. Thus the lack of central bank may become a feature by removing human fallibility.