Gold Bugs Had the Best Monetary Rule

April 4 (Bloomberg) -- Ever since the U.S. severed the last remnant of the dollar’s link to gold in 1971, economists have been searching for a new rule for monetary policy. The Great Inflation of the 1970s only reinforced the notion that rules trump discretion. But what sort of rule exactly?

To continue reading this article you must be a Bloomberg Professional Service Subscriber.