Kevin Gowen wrote:
> Declan Murphy wrote:
> 
>> Kevin Gowen wrote:
>>
>>> Declan Murphy wrote:
>>>
>>>> Kevin Gowen wrote:
>>>>
>>>>> If China is so concerned, why does it have the same central bank as 
>>>>> the US?
>>>>
>>>> China doesn't have the same central bank as the US. 
>>>
>>> Sure it does. It's called the Federal Reserve. This is by dint of 
>>> pegging the yuan to the dollar
>>
>> Still haven't actually got around to understanding Friedman et al yet 
>> have you.

Do you have a rough layman's understanding of what a central bank does 
now? Have you learned the difference between a currency peg, currency 
baskets, optimum currency areas, fixed and floating exchange rate 
regimes, the relationship between exchange rates and domestic money 
supply etc?

> Are you still scratching our head over who exactly James Buchanan is?

Nope - I enjoyed writing a paper in 1989 that drew largely upon 
Buchanan's work on Wicksell. I also have a bit of an unfair advantage, 
in being able to understand his theoretical work. His critiques of poor 
policymaking with respect to the 1890's depression are still worth 
crunching. Last year I was actually expecting you to quote Mundell.

-- 
Non gratum anus rodentum