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.
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.