The Journal of Austrian Economics Reviews Market Monetarism

My book with Benjamin Cole – Market Monetarism – Roadmap to economic prosperity  -gets a nice review from the Review of Austrian Economics written by Alexander Salter. It´s gated, but I liked this bit:

Nunes and Cole deserve credit for making monetary policy and history accessible to a larger audience. Popularizing NGDP targeting as a policy rule by presenting it intelligibly and using it as a framework to re-examine accepted macroeconomic orthodoxy is a valuable endeavor. Especially welcome are their arguments against the “Great Recession as market failure” paradigm which is, unfortunately, one of the most prominent explanations (if not the most prominent) among the public and non-economist intellectuals. However, a stronger link between their claims and the logic of individual action could have made their arguments more persuasive, and further distanced their position from the “macro-as-engineering” approach they disdain. Readers of this journal who read Nunes and Cole will come away with a further appreciation of Market Monetarism, but will recognize the political economy issues associated with institutionalizing a sound monetary environment are far more complicated than the authors suggest.

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