Since nominal GDP level targeting seems to be really taking off now, I thought it would be useful to provide some links to past discussions here and elsewhere on the topic. Let me know in the comments section other pieces I should add to the lists.
I. Some of my posts on NGDP level targeting
(1) A Nominal GDP Target Would Narrow the Fed's Mandate.
(3) The Case for Nominal GDP Targeting.
II. Recent discussion by others on NGDP level targeting
(1) Retargeting the Fed--Scott Sumner
(2) Money Rules--Scott Sumner
(3) The Case for A Nominal GDP Level Target--Goldman Sachs
(4) How to Target the Level of Nominal GDP--Brad Delong
(4) Hard Money--Ramesh Ponnuru
(5) Loose Money Will Keep the Economy--Ramesh Ponnuru
(6) The Case for Nominal Growth Targeting--Josh Hendrickson
(7) Changing Target--The Economist Magazine
(8) Fed Must Fix on a Fresh Target--Clive Crook
(9) Getting Nominal--Paul Krugman
Just yesterday, I commented that David Beckworth was an extremely high-profile economist.
ReplyDeleteAnd then, as if on cue, Krugman takes note of Beckworth (and Sumner) in his national and heavily read blog, and then even admits that Market Monetarists have a lot to offer!
Congrats to Beckworth on a long, and often intellectually lonely struggle, that may be bearing fruit yet. In the most meaningful way possible--not just recognition by your peers, but more prosperity for your countrymen.
Huzzahs all around!
Good stuff David...and Ben is right. Very good work!
ReplyDeleteIt may be a little premature yet, but I'll echo Benjamin's sentiments: congratulations!
ReplyDeleteYour tenacity appears to be paying off. You and the other market monetarist bloggers are making headway.
I've spent an unreasonable amount of time arguing for NGDP targeting in the comments of this and other blogs over the last couple of years. It's exciting to see the idea getting some real attention in the wider world.
Now we just need to convince people that the zero nominal bound is a not a problem for NGDP targeting!