Those who have followed the debate about NGDP in the US will know about the views of the Wall Street Journal. I steal this from Scott Sumner:
“I had not heard of Kelly Evans until a few days ago, when I ran across an anti-NGDP targeting piece that she wrote for the WSJ. I did a post that was very critical of the article. Lots of people might have taken that personally, but Evans came over here and engaged in a discussion with me and the other commenters. That showed class.
Now she has a new piece on NGDP targeting, which clearly shows that she’s done her homework. It’s very fair, presenting both sides of the debate.
I applaud her willingness to overlook the sometimes harsh tone of blogosphere debate, and engage with those of us who are working hard to change Fed policy.”
…I don’t have much to add other than I also want to thank Kelly Evans for taking the debate about NGDP targeting serious – and Kelly I will be happy to assist you on and off the record if you want to investigate this issue further.
Benjamin Cole
/ October 28, 2011I wrote positive comments on the new WSJ article, and encourage all others to do the same. Kelly Evans learned in a few days what we still cannot teach the Fed.