Central Bank or Monetary Authority? Three Views on Money and Monetary Reform |
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| Authors: | Frank Decker |
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| Affiliation: | Honorary Associate, University of Sydney Law School. Email: fdecker@uni‐bremen.de |
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| Abstract: | The global financial crisis triggered profound changes in the conduct of monetary policy, with ultra‐low interest rates and asset purchases becoming the main policy tools. This represents a major shift towards interventionism that even ten years after the global financial crisis has not been reversed. In this article, I assess three views on money and monetary reform. I argue that a central bank regime with a narrow focus on refinancing property at market interest rates remains an attractive alternative to the current regime and provides an essential benchmark to assess the progress of monetary normalisation. |
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| Keywords: | 100% money central banking central bank insolvency commodity money free banking gold dollar gold standard monetary policy money property‐based money state money |
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