My concern is that when saying that money and debt are the same thing, it's way too easy to lose sight of the real distinctions between monetary and fiscal policy that remain.
In extreme circumstances, I'd favour policies that blur the distinction between monetary and fiscal policy.
The judges made much of the distinction between monetary policy carried out by ECB technocrats and economic policy that needed greater political legitimacy.
Via Mark Thoma, I see that Steve Randy Waldman believes that the distinction between monetary base — the stuff only the central bank can create — and short-term debt in general has disappeared, not just for the moment, but permanently.
A major ethical concern that arises from monetary compensation is the distinction between compensation and monetary incentives [ 23].
Altruistic capital, as defined by this group, means that every individual, in varying degrees, has within them an intrinsic desire to serve others.> Heyman and Ariely [ 11] draw attention to a distinction between monetary markets and social markets (see Table 1), hypothesizing that "monetary markets are highly sensitive to the magnitude of compensation, whereas social markets are not".
Brief response: Kimel apparently misses the distinction between ordinary monetary policy and quantitative easing, and also misunderstands what the Fed is buying.
Members of the committee pressed Mr. Greenspan today to explain the distinction between using monetary policy to slow the whole economy, with all that could mean for jobs and incomes, and using it to curb the wealth effect by taking some air out of the stock market.
Notice that most of the literature does not make a distinction among different monetary aggregates.
"The distinction and separation of monetary and fiscal policy has almost disappeared," said Alberto F. Alesina, an economics professor at Harvard.
