“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

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
  2. It is a great paper: I spruik it and the RBA here
    http://skepticlawyer.com.au/2012/10/29/time-enough-for-success/

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

Leave a Reply

Discover more from The Market Monetarist

Subscribe now to keep reading and get access to the full archive.

Continue reading