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Pittsburg, Kansas | I would say the Fed should read its own publications. I'm only into it the first few paragraphs and it is already a doozy. The paper was written in 2002 and at least from the first few paragraphs I would say they should follow their own description of what a "modern central bank" is cause it sure looks like they fell off the wagon so far. Maybe it will look different as I read it.
Keep in mind, this is "history" through the lens of what constitutes general economic theory of the time. I would hazard to say ZIRP or NIRP or a lot of other central bank "tools" were only theories at that time. I'll read it, but the description of the hyperinflation and causes thereof is likely through the view of a Keynesian lens.
I'm on a TAB with poor cut and paste facilities, but will try to cut and paste a few things. Tried it, not going to work. But the first ten paragraphs that state how a modern central bank operates.................. well lets just say the paper is a little out of date.
John
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For those interested in hyperinflation
