Ramesh Ponnuru has a new article up at National Review titled Hard Money. Ponnuru considers the difficult question of what the Fed can do to avoid both deflationary and inflationary spirals while at the same time promoting macroeconomic stability. His conclusion is that the Fed should move to a NGDP level target. I am glad to see this idea get a hearing at the National Review. Take a look at this timely article.
Macro Musings Blog
Some of it looked a bit confused.
ReplyDeleteYou are still committed to trend deflation?
Bill, my thoughts as well.
ReplyDeleteIt's nice to see these ideas getting attention at National Review, and I and I commend Ramesh Ponnuru for writing such an article. However, some of it did indeed look a bit confused, in my opinion.
But good, overall.
check out http://www.hardmoneyman.com for all of your hard money needs.
ReplyDeleteWow, the author writes, "The only point of consensus among economists and financial journalists seems to be that Fed policy is dangerously wrong." This is news to me. It is certainly a polarizing issue but "consensus"?
ReplyDelete