Rev Austrian Econ (2015) 28:107–113 DOI 10.1007/s11138-013-0216-x Marcus Nunes and Benjamin Cole: Market monetarism: Roadmap to economic prosperity Self-published, 2013. viii + 115 Pages. USD 6.99 (Kindle) Alexander Salter Published online: 17 March 2013 Springer Science+Business Media New York 2013 Market Monetarism: Roadmap to Economic Prosperity is a re-examination of post- World War II economic history, focused mainly on the United States but also including cases such as the infamous Japanese “Lost Decade,” from an explicitly Market Monetarist perspective. The rise of the Market Monetarist School is a recent phenomenon, coming to prominence mainly through debate in the blogosphere rather than academic conversation in the scholarly journals. Famous for its insistence that (1) nominal spending, meaning nominal gross domestic product (NGDP), is the crucial variable determining macroeconomic stability and thus (2) central banks ought to implement an NGDP level target, Nunes and Cole adopt this framework to shed light on the causes of macroeconomic fluctuations up to and including the Great Recession. The book is written to be intelligible to those with only a minimal familiarity with modern macroeconomic theory, through an understanding of Aggregate Supply/Aggregate Demand analysis. The book consists of nine chapters, with the first outlining the
The Review of Austrian Economics – Springer Journals
Published: Mar 17, 2013
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