〓 Of course, large-scale yen carry trades by Wall Street speculators also tend to generate dollar appreciation and yen depreciation, which can provide some degree of anti-inflationary effect. Nevertheless, from the standpoint of Friedman's money-stock-centered monetarist doctrine (Monetarism Mark I), the destabilizing effects of interest-rate hikes on the money stock outweigh their usefulness as an anti-inflation policy.
〓 Based on the foregoing analysis, it is evident that Milton Friedman would have opposed interest-rate hikes as a remedy for cost-push inflation.
〓 It should also be noted that if countries become increasingly engaged in competitive cycles of rate hikes or rate cuts in an effort to curry favor with Wall Street speculators, the result may be the destabilization of the financial environment and the balance of money supply and demand—the very conditions that Friedman's Monetarism Mark I regarded as its highest priority.»
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〓 Of course, large-scale yen carry trades by Wall Street speculators also tend to generate dollar appreciation and yen depreciation, which can provide some degree of anti-inflationary effect. Nevertheless, from the standpoint of Friedman's money-stock-centered monetarist doctrine (Monetarism Mark I), the destabilizing effects of interest-rate hikes on the money stock outweigh their usefulness as an anti-inflation policy.
〓 Based on the foregoing analysis, it is evident that Milton Friedman would have opposed interest-rate hikes as a remedy for cost-push inflation.
〓 It should also be noted that if countries become increasingly engaged in competitive cycles of rate hikes or rate cuts in an effort to curry favor with Wall Street speculators, the result may be the destabilization of the financial environment and the balance of money supply and demand—the very conditions that Friedman's Monetarism Mark I regarded as its highest priority.»
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