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The hawks should start advocating NGDP targeting to avoid embarrassment

Over the past six years the “hawks” among UK and US central bankers have been proven wrong. They have continued to argue that a spike in inflation was just around the corner because monetary policy was “high accommodative”. 399 more words

NGDP Targeting

The story of a remarkably stable US NGDP trend

Today revised US GDP numbers for Q3 were released. While most commentators focused on the better than expected real GDP numbers I am on the other hand mostly impressed by just how stable the development in… 225 more words

NGDP Targeting

The failure is not in our stars but in our analogies

Loose monetary policy analogies focus on excess. The punchbowl is a favorite in which excess alcoholic punch is being made available to the market\economy party. In context, providing more punch to the party is irresponsible behavior. 224 more words