Have a look at Tintin explaining NGDP targeting here.
HT Marcus Nunes.
The Tintin of NGDP targeting
Posted by Lars Christensen on October 28, 2011
https://marketmonetarist.com/2011/10/28/the-tintin-of-ngdp-targeting/
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Milton Friedman on exchange rate policy #1
Milton Friedman on exchange rate policy #1
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Ram
/ October 28, 2011Thanks for sharing my video, Lars! Warts and all, I think it could’ve come out a lot worse.
Lars Christensen
/ October 28, 2011Ram, it is an really good video so I hope a lot of people will watch it.
Benjamin Cole
/ October 28, 2011Great!
Blake Johnson
/ October 28, 2011Hmmm. The robot voices kind of creep me out. I think I will stick to hearing Scott Sumner’s presentations. Good explanation of NGDP targeting in any case, though I don’t really believe in the liquidity trap personally.
Alex Salter
/ October 29, 2011@Blake: Neither does Lars Svensson, and he’s pretty New Keynesian. At the very least, it’s strange to say monetary policy is ineffective when the central bank can print a bunch of currency and buy foreign exchange; I guarantee that would change peoples’ inflation expectations.