“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.

Leave a comment


  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.

    • 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.

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