http://www.nytimes.com/2011/10/30/business/economy/ben-bernanke-needs-a-volcker-moment.html?_r=1
Romer writes that money stock targeting died "because of instability in the relationship between money growth and the Fed’s ultimate objectives." Maybe I missed it but nominal income targeting has the same set of hurdles.
Steve Williamson does not think it is such a hot idea.
http://newmonetarism.blogspot.com/2011/10/christina-romer-on-ngdp-targeting.html
8 comments:
We have Sumner, Romer, Delong, Nick Rowe, Bill Woolsey, McCallum, Bob Hall, david Beckworth, Thoma, and Goldman Sachs among others all supporting a NGDP target. To really drive the point home, Krugman and Mankiw too. Jump on in Dr Parker, the water is fiiiiiiine.
Since when did Mankiw join in? Where's Hamilton?
Nearly two decades ago for Mankiw:
http://m.nber.org//chapters/c8329.pdf
I'm not sure that writing a research paper is the same as a position paper. But I am sure this is just the beginning....
Multiple research papers?
http://www.financebanter.com/article/greg-mankiw-answers-my-questions
Based on his previous research, I'm also thinking (as ironic as it may sound) that Bernanke himself should be tossed into the ring as a supporter of an NGDP target. Maybe it is the pressure and fear of failure preventing him from enacting the policy.
Oh dear me....you're killing me "Stacks".
Sumner constantly refers to Bernanke's research as a sign of support. Here is David beckworth: http://macromarketmusings.blogspot.com/2011/10/who-said-this.html?m=1
Do as I say, not as I do??????????????
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