Problems of Monetary Management

Goodhart, C. A. E. (1975/1984). Problems of Monetary Management: The U.K. Experience. Monetary Theory and Practice: The U.K. Experience.

Type

Book chapter

Intellectual base

Review or monograph

Year

1984 this edition · first published 1975

Pages cited

91-121

DOI

10.1007/978-1-349-17295-5_4

ISBN

9780333360606

DOI registrant

Springer Nature (Macmillan Education UK)

Link

https://doi.org/10.1007/978-1-349-17295-5_4

Cited from

mathematics, philosophy, security_intelligence

Cited by

3 citations across 3 artifacts.

Primes

• Adversarial Boundary Navigation
  • Recognising the construct enables several distinct kinds of reasoning. Reasoning about which interventions bite: closing the gap, layering rules, and monitoring drift work, while punishing harder within the rule's current scope does not, because the opponent is already compliant with the rule. Reasoning about the co-evolutionary timeline: each defensive update has a half-life — how long until the opponent finds the next gap — and half-lives compress in fast environments such as spam and stretch in slow ones such as tax law.
• Discretization-Induced Artifact
  • Picking a bin width is picking what the instrument can show, so the cuts are part of the instrument, not a transparent window. The second-order causal facet. When a system reads its own discretization, the artefact becomes partially real — batched orders create real lumpiness, grade cutoffs create real bunching, tick sizes create real clustering — so the pattern is more than a representation warning.
• Reification
  • The downstream errors are predictable: the score gets optimized against (people manipulate utilization to move the number without changing underlying creditworthiness — the gap between abstraction and substrate exploited),

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