that is the macronautics of new keynesianism
it amounts to a timeless model
where the future markets are side by side by sondheim
with present markets
in a connected simultaneous globality of time region based market areas
interests rate are time travel costs .... inter temporal transportation costs
and the macronauts provide the travel cost
how this construction of virtual markets notional markets shadow markets
" related " to the real forward obligation grid
is as schein surrounds and interpenetrates essence
the macronauts like conjured gods
to be puisant must be believed
as much as believed in
when they set "targets "
targets as oughts in a world so surely about is
targets they can not enforce
"in this world " nor punish the transgressors
any gaming of the system must be believed to lead agents and principals
to an inferior outcome
only that belief enforces that outcome
if the macro nauts have no lightening bolts to loose upon the transgressors
fragile ???
magically miraculously so...... eh ??
the talk of price level targets is indeed a move in the right direction
but until price levels are social managed the entire macro nautic enterprise
is something even less then a house of straw
a temple of wishes and spells
