The Structural Foundations of Monetary Policy: The Battle of Ideas

Friday, May 5, 2017
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istock

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INTRODUCTION

We find ourselves in the foothills by the bay on another perfect day at the epicenter of the innovation economy.

The long drought is over. The flowers are in full bloom. And the construction boom is on full display—even we at Hoover cannot resist erecting a new edifice.
Students are gravitating to novel fields of study. Their ideas are funded as they walk to the edge of campus. The returns to exceptional skills are rewarded like never before.

Deep interconnectivity, low-cost computing power, novel analytic tools, and tremendous advances in artificial intelligence are driving massive changes in industry structure.

According to popular lore, the Valley finds itself in the middle of long epoch of prosperity. And we are assured this is a sustainable, durable equilibrium.

What could possibly go wrong?...

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