Tags » Ngdp

Today on February 15th, in 1710, King Louis XV was born in the Palace of Versailles. In 1945, the Allied forces conducted their last day of an aerial bombing campaign on Dresden, Germany, destroying  over 1,600 acres (6.5 square kilometers) of the city center. 611 more words


NGDP 3% per year; NGO much less!

A few days ago, Scott Sumner blogged about the “new normal” of NGDP trend (3% a year) (here and here). Overall, I tend to agree with him that the aggregate nominal expenditures are now at a new and historically low trend growth rate. 437 more words


Do we need central banks?

I have recently been trying to collect opinions as to why we assume we need central banks (prompted somewhat by the lead-up to the december 2015 rate hike). 224 more words