The momentum for NGDP targeting is clearly building. Anybody who is interested in monetary policy and in what will be driving the global market sentiment going forward should have a look this issue.
The latest convert is Christina Romer the former chair of Council of Economic Advisers.
Have a look at Dr. Romer’s open letter to Ben Bernanke.
Update: Scott Sumner has an excellent comment on Christina Romer, where he pays tribute to the great Bennett McCallum. Some thing I naturally appreciate very much given the attention that I have been giving to McCallum and the McCallum rule myself.
David Beckworth also has a comment on Romer (and some Baseball stuff an European like me can’t understand…)
See a few of my McCallum posts here:
Bennett McCallum – grandfather of Market Monetarism