Tags » Ngdp Targeting

Woods, Salerno, White, Selgin, and Wenzel in a spat

Somebody whose last name starts with “S” needs to continue this WSWSW pattern.

Tom Woods interviewed Joseph Salerno on the wrong-headed economics associated with NGDP targeting, a monetary policy prescription usually associated with so-called “market monetarism”, even if it has… 337 more words


Browsing Catharsis - 02.02.15

Cursive handwriting is useless, but politicians want students to learn it anyway,” by Libby Nelson.



“The revival of interest in nominal GDP (NGDP) targeting has come in the context of large advanced economies. 198 more words


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

The Mankiw-Darda rule tells the Fed to wait a bit with hikes

Greg Mankiw has a blog post commenting on my previous post on the so-called Mankiw rule.

I show in my post that according to both the original and a re-estimated version of the Mankiw rule the Federal Reserve should be hiking rates right now. 1,530 more words

NGDP Targeting

Certainly not perfect, but Fed policy is not worse than during the Great Moderation (an answer to Scott Sumner)

Scott Sumner has replied to my previous post in which I argued that the Federal Reserve de facto has implemented a 4% NGDP level targeting regime (without directly articulating it). 1,734 more words

NGDP Targeting