On Hayek's denationalization of money, free banking and inflation targeting 1

  title={On Hayek's denationalization of money, free banking and inflation targeting 1},
  author={J. Stephen Ferris and John A. Galbraith},
  journal={The European Journal of the History of Economic Thought},
  pages={213 - 231}
Abstract Recent central bank experience with inflation targeting is used to restate Hayek's reform proposal as a performance contract. This requires banks to first state an explicit inflation target and then promise to perform a set of actions whenever an independent forecast departs from target. Making such actions explicit and observable makes the promise of price stability offered by competing banks operational and enforceable. Competition among banks then leads to convergence on current… Expand
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