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For that matter, is there a monetary yardstick?
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And by that yardstick, monetary policy is extraordinarily loose today.
Economists at Goldman Sachs, using a similar approach, reach a similar conclusion: the yuan is 10% too cheap.Using a range of yardsticks, the International Monetary Fund reckons, like the BEER studies, that it is hard to find strong evidence that the yuan is much undervalued.
By discussing financial markets at such length, Mr Greenspan has created the impression that share-price movements are a yardstick by which to measure monetary policy.Legally, the Fed is charged with promoting stable prices and full employment.
On Monday, the president of the World Bank, Robert B. Zoellick, surprised experts when he suggested the price of gold should be considered a financial yardstick, reversing 40 years of relying on paper currencies to store value in the international monetary system.
Our yardstick?
A better yardstick is education.
What yardstick are you using?
That's a useful yardstick".
The answer, today, depends on your yardstick.
That is monetary policy.
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