The Hayek Rule

We propose a new policy framework for monetary policy, one that looks at monetary aggregates and factors in the connections between monetary policy and asset prices. Our proposed “Hayek rule” is a symmetrical approach that seeks to stabilize nominal income, in both good and bad times, through a system in which the annual flow of money—what we will refer to as the “circulatingmedium of exchange,” which is equal to nominal spending (MV)—remains at a constant level.

I wonder if this paper - “The Hayek Rule: A New Monetary Policy Framework for the 21st Century”, (pdf) (Marius Gustavson and Anthony Randazzo) - will help to establish "The Hayek Rule" as a key outcome of the second revival in Austrian economics (via Greg Ransom).

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