I don’t have much time for blogging, but buy this new book written by my good friends Marcus Nunes and Benjamin Cole: Market Monetarism Roadmap to Economic Prosperity
here is the book description:
Market Monetarism – Roadmap to Economic Prosperity takes readers though a succinct, entertaining and accessible history of United States monetary policy in the postwar era, and how the Federal Reserve Board propelled the nation into The Great Inflation (think 1960s-1970s), a brief Volcker Transition (early 1980s), then a pleasant sojourn to The Great Moderation (mid-1980s-2007), before a trip to The Great Recession (2008–). Abundant charts clearly and amply illustrate monetary and economic events. The concepts of Market Monetarism and nominal GDP targeting are also introduced, which provide a policy framework for the Federal Reserve Board and other central bankers to avoid future inflationary and recessionary traps.
And here is what I have to say about it on the cover of the book:
“Nunes and Cole have written the first fully Market Monetarist account of post-second world war US monetary history. They forcefully demonstrate the monetary nature of both the Great Inflation and the Great Recession. They show that the Federal Reserve is to blame both for the high inflation of the 1970s and the horrors of the Great Recession. I gladly recommend this book to the layperson and the economist alike who would like to understand why and how failed monetary policy caused the present crisis.”
Update: Scott Sumner also comments on the book.