tag:blogger.com,1999:blog-5713178645208582139.post4650435445691036253..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: A Note to FOMC MembersDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-5713178645208582139.post-31278926480410350102011-06-18T20:13:20.624-05:002011-06-18T20:13:20.624-05:00I should note that in the book I'm citing in t...I should note that in the book I'm citing in the blog post above, Robert Hall has an essay calling for an NGNP level target. It was written in 1982, entitled "The Reagan Economic Plan." <br />To quote Hall: <br />"What we can promise through the use of a sensible long-run monetary policy is...to keep nominal GNP growth at a reasonably high level, that is, not undergo a sharp Justin D. Tapphttps://www.blogger.com/profile/12618278252714742391noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-47029179822245609692011-06-18T19:59:45.580-05:002011-06-18T19:59:45.580-05:00David,
I'm not sure if this matters or not but...David,<br />I'm not sure if this matters or not but I was looking over some early 80's history and found it interesting that Reagan's OMB basically submitted <a href="http://justintapp.blogspot.com/2011/06/reagan-volcker-art-laffer-and-monetary.html" rel="nofollow">their own NGNP target as part of their economic policy proposal in 1980</a>. I was wondering if you could comment on Justin D. Tapphttps://www.blogger.com/profile/12618278252714742391noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-33138103854828442602011-06-16T17:36:16.217-05:002011-06-16T17:36:16.217-05:00Lee and Benjamin,
Obviously, the swinging while g...Lee and Benjamin,<br /><br />Obviously, the swinging while going down in my dating attempts was figurative. Fortunately, I found a lovely woman who agreed to marry me and end my losing streak!David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-91008716826840711632011-06-16T17:28:31.142-05:002011-06-16T17:28:31.142-05:00When pursuing a woman, I go down bumbling.
Hopef...When pursuing a woman, I go down bumbling. <br /><br />Hopefully, Dr. Beckworth will have better luck, both in amorous and policy causes!Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-7213582683582602122011-06-16T13:23:02.606-05:002011-06-16T13:23:02.606-05:00"As a good friend once told me about pursuing..."As a good friend once told me about pursuing a woman, if you are going to go down go down swinging."<br /><br />Unfortunate, though, if you are reduced to swinging at a woman, that is :PFrank Buttermanhttps://www.blogger.com/profile/02164374874036975006noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-64860806541272148722011-06-16T09:21:57.265-05:002011-06-16T09:21:57.265-05:00Lee,
As a good friend once told me about pursuing...Lee,<br /><br />As a good friend once told me about pursuing a woman, if you are going to go down go down swinging. I take the same approach to nominal GDP targeting. It may never see the light of day, but at least I will go down swinging in my attempts to promote it.David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-47254588583974575042011-06-16T09:18:47.026-05:002011-06-16T09:18:47.026-05:00Anonymous #1:
If we want to go down the path of t...Anonymous #1:<br /><br />If we want to go down the path of targeting the stickiest prices, it is still possible to arrive at something like a nominal GDP target. For one can make a reasonable argument along these lines that nominal wages should be targeted and a nominal wage target is not that different from a nominal GDP per capita target.<br /><br />I actually like the idea of a nominal wage David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-25933524989902157502011-06-15T19:22:24.235-05:002011-06-15T19:22:24.235-05:00Is persistence a virtue? Because you have it.Is persistence a virtue? Because you have it.Lee Kellynoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-17360342589049164742011-06-15T14:57:17.609-05:002011-06-15T14:57:17.609-05:00Such an emotionless title to your post!
How about...Such an emotionless title to your post!<br /><br />How about "De profundis clamo ad te, domine."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-35407294845603076282011-06-15T12:31:14.384-05:002011-06-15T12:31:14.384-05:00I like the idea of targeting an aggregate price le...I like the idea of targeting an aggregate price level, although I question whether using quantities as the weights (as you do when targeting nominal GDP) is optimal. Surely you should put more weight on the prices of items that are a) more heavily used as intermediate goods; b) are in industries with infrequent price updates; etc.?<br /><br />Furthermore: There is a well-known problem with Anonymousnoreply@blogger.com