“The case for Nominal GDP targeting” by Scott Sumner

This Working Paper from Mercatus Center is highly recommendable, but I am particularly proud of footnote 28:

“Lars Christensen coined the term market monetarist and has been a forceful advocate of combining NGDP targeting with a less interventionist approach to banking. See Lars Christensen, “Scott Sumner and the Case against Currency Monopoly . . . or How to Privatize the Fed,” The Market Monetarist, October 23, 2011; and Lars Christensen, “NGDP Level Targeting—The True Free Market Alternative (We Try Again),” The Market Monetarist, July 19, 2012.”

Read Scott’s paper – the important thing is that we are making inroads with our “natural allies” – libertarians and conservatives.

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4 Comments

  1. I thought both you and Scott was pretty much a libertarians, of the Friedman ilk (me too!). Is that self-progress or did you mean libertarians who don’t care about macro. Seems to me that libertarians would almost always be in favor of a sound rules based (non-discretionary) approach. Sounds like NGDP targeting.

    Reply
    • Yes, you are right – borg Scott and I are libertarian. But whole I Think that NGDP is the “natural” libertarian position it is certainly not the mainstream view among libertarians.

      Reply
  1. Why it Makes Sense to Exit the Euro Zone in Times of Balance Sheet Recessions - SNBCHF.COM

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