And there is no reason for  6  The term was first used in connection with monetary policy by Bernanke and Mishkin (1997). For an account of the historical debates on rules vs. discretion in monetary policy, see Bernanke (2003). 7  See Fisher (1933).
4  BIS central bankers’ speeches  the pace at which the nominal scale of a fiat money system drifts over time to be a distorting factor of real economic decisions. Should this upper limit be made bigger in steady state because that higher level would insure against major macroeconomic crises? I don’t think so.