NGDP Targeting at the Fed (liberals don't even know that they should be happy)
From my perspective, the phenomenal success of the push for nominal GDP targeting, spearheaded by the once-obscure economist and blogger Scott Sumner, is the most impressive. The possibility of using a nominal output or income target as a monetary tool is not a new one, but it was almost entirely off the radar and out of the discussion before Mr Sumner began his crusade. It has now, Federal Reserve minutes confirm, made it into policy discussions at the highest levels. That's quite a success.
Hopefully, this isn't a rehash of Bernanke's prior shootdown.
The mixing of populations lowers the cost of being unusual.
Last edited by sugarkang; 01-07-2012 at 06:20 AM..