Working Paper No. 713 April 09, 2012

Control of Finance as a Prerequisite for Successful Monetary Policy

A Reinterpretation of Henry Simons’s “Rules versus Authorities in Monetary Policy"

by Thorvald Grung Moe

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Blithewood
Bard College
Annandale-on-Hudson, NY 12504-5000
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The Levy Economics Institute of Bard College, founded in 1986 through the generous support of Bard College trustee Leon Levy, is a nonprofit, nonpartisan, public policy research organization. The Levy Institute is independent of any political or other affiliation, and encourages diversity of opinion in the examination of economic policy issues while striving to transform ideological arguments into informed debate.