tag:blogger.com,1999:blog-5713178645208582139.post7832255016120656656..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: Further Readings on Nominal SpendingDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5713178645208582139.post-67632793271765449582009-11-10T22:49:05.696-06:002009-11-10T22:49:05.696-06:00David, I think this is related: I seem to recall y...David, I think this is related: I seem to recall you ran some posts a while back about betting on a recession for 2009, maybe it was on Intrade? Anyway, I wondered if you were going to do a follow-up on that. I thought it might be interesting since some people are saying we should set monetary policy by looking at futures markets in nominal GDPECBnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-75657748409553456652009-11-09T20:09:42.155-06:002009-11-09T20:09:42.155-06:00Mankiw and Hall are very good. I don't like a...Mankiw and Hall are very good. I don't like a hybrid policy. Aside from being to complicated, (a growth path for nominal expenditure is easier to understand,) the hybrid poicy requires an estimate of potential income. On the other hand, their simulation showing that output volatility would have been greater with nominal expenditure level targeting that in reality is a bit troubling.Bill Woolseyhttps://www.blogger.com/profile/06330232724290161369noreply@blogger.com