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Market monetarism is a school of macroeconomic thought that advocates that central banks target the level of nominal income instead of inflation, unemployment, or other measures of economic activity, including in times of shocks such as the bursting of the real estate bubble in 2006. In contrast to traditional monetarists, market monetarists do not believe monetary aggregates or commodity prices such as gold are the optimal guide to intervention. Market monetarists also reject the New Keynesian focus on interest rates as the primary instrument of monetary policy.〔 Market monetarists prefer a nominal income target due to their twin beliefs that rational expectations are crucial to policy, and that markets react instantly to changes in their expectations about future policy, without the "long and variable lags" highlighted by Milton Friedman.〔(Long and Variable LEADS )〕 ==History== The term "market monetarism" was coined by Danish economist Lars Christensen in August 2011, and was quickly adopted by prominent economists who advocated a nominal income target for monetary policy. Scott Sumner, a Bentley University economist and one of the most vocal advocates of a nominal income target, adopted the label of market monetarist in September 2011. Sumner has been described as the "eminence grise" of market monetarism. In addition to Scott Sumner, Lars Christensen attributes economists Nick Rowe, David Beckworth, Joshua Hendrickson, Bill Woolsey and Robert Hetzel to be "instrumental in forming the views of Market Monetarism".〔 Yue Chim Richard Wong, professor of economics at the University of Hong Kong, describes market monetarist economists as "relatively junior in the economics profession and ... concentrated in the teaching universities." ''The Economist'' states that Sumner's blog "drew together like-minded economists, many of them at small schools some distance from the centre of the economic universe"; consequently, Christensen considers market monetarism to be the first economic school of thought born in the blogosphere. Although rejecting Milton Friedman's notion of long and variable lags in the effects of monetary policy, market monetarism is typically associated with Friedman's thought, especially with respect to the history of the Great Depression. Ambrose Evans-Pritchard has noted that Christensen, who coined the name "market monetarism," authored a book on Friedman. Evans-Pritchard described the school as, "not Keynesian. They are inspired by interwar economists Ralph Hawtrey and Sweden's Gustav Cassel, as well as monetarist guru Milton Friedman."〔 Evans-Pritchard traces the idea of nominal income targeting to Irving Fisher's Depression-era proposal of a "compensated dollar plan."〔 Bruce Bartlett, former adviser to U.S. President Ronald Reagan, and Treasury official under President George H. W. Bush, first noticed in 2010 the emergence of Scott Sumner, and the movement of economic debates to the blogosphere. Bartlett credited Sumner with bringing the concept of market monetarism into the national debate about economics.〔(Bruce Bartlett Wants The Fed To Target Nominal GDP )〕 ''The Economist'' later noted that Tyler Cowen, professor of economics at George Mason University, and Nobel laureate Paul Krugman had linked to Sumner's blog within a month of its inception, Cowen approving of Sumner's proposals, but Krugman more skeptical.〔 By 2011, market monetarism's recommendation of nominal income targeting was becoming accepted in mainstream institutions, such as Goldman Sachs and Northern Trust.〔(Goldman Advises The Fed To Go Nuclear, And Set A Target For Nominal GDP )〕 Years of sluggish economic performance in the United States have compelled a review of the strategies of the Federal Reserve Board. Later in 2011, Krugman publicly endorsed market monetarist policy recommendations, suggesting "a Fed regime shift" to "expectations-based monetary policy," and commending market monetarism for its focus on nominal GDP. Krugman used the term "market monetarism" in his widely read blog. Also, in the fourth quarter of 2011, The Milken Institute released a study by Clark Johnson, advocating market monetarist approaches. In late October 2011, former Chairwoman of the Council of Economic Advisors, Christina D. Romer, wrote a widely read editorial or "public letter" in ''The New York Times'' in which she called on Federal Reserve chair Ben Bernanke to target nominal GDP, a market monetarist tenet.〔 In November 2011, Bernanke held a press conference stating that the Federal Reserve board of governors had discussed the idea of NGDP targeting, and were considering adding nominal GDP to their list of important economic indicators.〔 However, the board decided against adopting a strict NGDP targeting policy, because, ''The Economist'' reported, "switching to a new targeting regime could 'risk unmooring longer-term inflation expectations'. If inflation were allowed to rise to 5%, for example, people might regard that as permanent and set wages accordingly, even as output returned to normal. To show its mettle, the Fed would then have to restrict growth; the costs of proving its seriousness might swamp the benefits of the new regime."〔 In December 2012, Mark Carney, governor of the Bank of Canada and later governor of the Bank of England, suggested adopting a nominal GDP level target (NGDP-LT). This would also have the advantage that during bad times people could trust on the interests staying low long enough, even though the inflation would exceed the old target. Therefore, the low interest rates would be more effective.〔(Mark Carney suggests targeting economic output ), BBC News, 12 December 2012.〕 According to Carney, NGDP level is in many ways superior to unemployment rate. It makes the central bank repair its old mistakes. This history-dependence is most advantageous during times of low interest rates by making monetary policy more credible and more easy to understand.〔(Mark Carney: Guidance ), Remarks by Mr Mark Carney, Governor of the Bank of Canada and Chairman of the Financial Stability Board, to the CFA Society Toronto, Toronto, Ontario, 11 December 2012.〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Market monetarism」の詳細全文を読む スポンサード リンク
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