Different Matters by Damien Grant cover image

Different Matters by Damien Grant

Different Matters with Michael Reddell

Oct 11, 2023
Damien Grant interviews Michael Reddell, an independent economic commentator and blogger, about the history of monetary policy, currency debasement, the Phillips curve, the wages and prices freeze, managing inflation expectations, central bank independence, government deposits, and the relevance of the Taylor rule in today's economic context. They also discuss the critique of monetary policy mistakes and the significance of central bank independence.
59:37

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Monetary policy cannot address unemployment alone; other measures like labor market policy are required.
  • Inflation expectations play a crucial role in the relationship between wages, unemployment, and inflation.

Deep dives

History of Monetary Policy

The podcast episode delves into the history of monetary policy, starting from Diocletian in Rome and discussing the challenges faced by governments due to fiscal pressures and currency debasement. It explores the concept of price control and the relationship between unemployment and wage inflation discovered by Bill Phillips. It also touches on the limitations of using monetary policy to manipulate the unemployment rate and the role of other factors like labor market policy. The episode mentions the New Zealand government's attempts in the late 1990s to regulate wages and prices, similar to the policies implemented by Richard Nixon in the US years earlier.

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