Bill White’s commentary responds to my argument, set out in a lecture at Cass Business School, that overt monetary finance (OMF) of increased fiscal deficits should not be a taboo policy option. My purpose was not to recommend specific policy actions in particular countries, but to widen the scope of debate about our policy response to the still profound challenges facing the advanced economies. White’s response is immensely valuable, engaging in detail with the arguments, rather than simply recoiling from the unmentionable.
Bill White’s commentary responds to my argument, set out in a lecture at Cass Business School, that overt monetary finance (OMF) of increased fiscal deficits should not be a taboo policy option. My purpose was not to recommend specific policy actions in particular countries, but to widen the scope of debate about our policy response to the still profound challenges facing the advanced economies. White’s response is immensely valuable, engaging in detail with the arguments, rather than simply recoiling from the unmentionable.