tag:blogger.com,1999:blog-1240730580083032584.post8000443065469346318..comments2024-02-26T22:53:09.562-08:00Comments on Money, Markets, and Misperceptions: Considering Crypto-Currencies and Difficulties with NGDP TargetingUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1240730580083032584.post-8685290659479878192014-07-14T10:07:31.950-07:002014-07-14T10:07:31.950-07:00The distribution can occur simply through the purc...The distribution can occur simply through the purchasing of assets. I am much more a fan of using ETFs as money. The difficulty is that they are taxed in a way that money is not. If the tax structure did not unfairly disadvantage this approach, it would be easy and low cost for individuals to connect their credit/debit cards to their accounts. High levels of liquidity allow the market to innovate around the legal tender monopoly.<br /><br />A system of financial intermediation that approximates stable MV endogenously is best, which is why free banking is appealing.James Catonhttps://www.blogger.com/profile/14807595180565488334noreply@blogger.comtag:blogger.com,1999:blog-1240730580083032584.post-27119198136709608162014-07-13T13:32:00.711-07:002014-07-13T13:32:00.711-07:00I've been thinking about this problem for a wh...I've been thinking about this problem for a while now, and I've come to the conclusion that NGDP (or whatever aggregate) targeting, as a substitute for intermediation, doesn't help you toward monetary equilibrium unless you already have intermediation to distribute the new coins. If you're distributing them to the miners, you don't get a smooth injection like you would distributing them in financial markets. You get price changes bubbling out slowly and idiosyncratically; hardly a win for broad monetary equilibrium.C Harwickhttps://www.blogger.com/profile/13622005439852034063noreply@blogger.com