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George Selgin explored how the idea of neutral money fit with the fashion for inflation targeting among central banks. His monograph Less Than Zero argued that compared to the idea of neutral money, inflation targeting would tend to produce inflation that was too high during booms and too low during busts. Selgin also argued that free banking approached the ideal of neutral money more closely than central banking
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The ideal of neutral money provided a basis for researchers on free banking and fellow travelers among the Austrian economists to criticize the monetary policy of the Federal Reserve and some other central banks over the last five or six years. Before the global recession they were among the few to worry that monetary policy was too expansionary. After the recession began, they were among the first to be persuaded by Scott Sumner, or to conclude on their own, that the policies of the Federal Reserve and the European Central Bank in particular were too contractionary. Many researchers on free banking consider that nominal GDP targeting or something similar would more nearly approach the ideal of neutral money for central banking policy than inflation targeting does, though not as closely as free banking would. And now, a step down in importance from the top two ideas, two others
