ABSTRACT
The study looks at reforms that would move our actual central banking framework toward nominal income targeting or monetary stability. The feasibility of returning to the gold standard, a long-standing topic, is one of these monetary reforms. Other less radical options are also included, such as a free banking reform based on fiat money, currency competition, and the development of an NGDP futures market. The intention of these reforms is to reduce the burden of how efficient on its policy a central bank needs to be and let market forces, and new institutional incentives, contribute to spontaneously achieve monetary equilibrium.
