Oh and for true junkies looking for
monetary policy games, here is a list of some of them.
Now, for those that want to play
a monetary policy game, my current favorite is this one from the Bank of Finland.
@AndreCimini It's all a part of the current «race to the bottom»
monetary policy game.
Not exact matches
I think there is a more important shift, from
monetary policy being the only
game in town to one where fiscal
policy has taken on greater importance.
Fortunately,
monetary policy is not the only
game in town.
An important and useful element of the thinking at the time was the replacement of the earlier «control theory» approach to
policy (i.e. the belief that the central point was to find an appropriate spot on the Phillips curve and to stay there), towards a «
game theoretic» view, in which the critical issues related to behaviour — the interaction between the
monetary authorities and the public.
When it comes to thinking about what could be done, it's important to remember that
monetary policy isn't the only
game in town.
Others are keen to play the old
game of trying to find a political dimension to
monetary policy.
When I did my «Blame
Game» series, I put Alan Greenspan near the top of the list for his mismanagement of
monetary policy over his tenure, always bringing back the punch bowl too fast, and never letting enough marginal entities go into insolvency.
Of course the
game has a vast shadow looming over it in the form of a truly atrocious PC launch that caused a massive backlash, one so powerful that Warner Bros., a company renowned for having poor customer treatment, pulled it from sale on Steam, largely owing to Steam's new refund
policy that gives consumers power to show their displeasure from a
monetary standpoint.