John H. Cochrane tarafýndan, Steve Hanke'nin Türkiye için para kurulu önerisine getirdiði eleþtiriler.

The currency board can work, if it is part of a package by which the government commits to solve its fiscal problems, either by tax increases (usually, not likely as if there was that much tax revenue around, the government would have already grabbed it), spending cuts, defaults, or some means other than inflation. But it is the fiscal package, not the currency board, doing the work.

Steve thinks of inflation as coming from money alone. Control money creation, you control inflation. I think in terms of fiscal theory of the price level. You have to control all government debt to control inflation, sooner or later.


https://johnhcochrane.blogspot.com/2...ira-crash.html