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
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.
ReplyDeleteSince when did Mankiw join in? Where's Hamilton?
ReplyDeleteNearly two decades ago for Mankiw:
ReplyDeletehttp://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....
ReplyDeleteMultiple research papers?
ReplyDeletehttp://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.
ReplyDeleteOh dear me....you're killing me "Stacks".
ReplyDeleteSumner 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
ReplyDeleteDo as I say, not as I do??????????????