Is Monetarism Making a Comeback? by Tim Congdon
After decades on the margins of mainstream economic thinking, monetarism is beginning to re-enter the debate, most notably at the Federal Reserve. To regain credibility, however, monetarists must learn from past mistakes and adapt to the monetary and financial realities of the 21st century.
LONDON—Once again, many of the world’s leading central bankers have gathered in Jackson Hole, Wyoming, for the annual economic policy symposium hosted by the Federal Reserve Bank of Kansas City. This year’s meeting, organized around the theme “Financial Innovation: Implications for Payments and Policy,” will almost certainly focus on the monetary-policy challenges posed by fintech and global payment systems.
