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  • MONEY AND THE RULE OF LAW
    MONEY AND THE RULE OF LAW
    BOETTKE, P. /   / SALTER, A. /   / SMITH, D.
    Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically u...
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