Sunday, March 1, 2009

If Only He Had Been Blogging Sooner...

I am talking about Scott Sumner. It is thrilling for me to find someone who (1) believes monetary policy still packs a punch and can reverse the collapse in domestic demand and (2) believes nominal income targeting is the way to do it. He makes a convincing case for both points over at his new blog The Money Illusion--see his posts here and here in particular--which hopefully is broadening the debate on policy options. I too am a big fan of nominal income targeting (here and here) and believe that monetary policy is not tapped out. Those with similar views should be glad to have someone as articulate and influential as Sumner now making the case.

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