Hear, hear!! Beckworth's and Ponnuru's call for monetary regime change
When you are blogging you will often find yourself quote other bloggers and commentators. Mostly just four or fives lines. However, this time around I am not going to quote anything from David Beckworth's and Ramesh's latest article in National Review. So why is that? Well, I simply agrees strongly with EVERYTHING the two gentlemen write in their article and I can't quote the whole thing. It is simply an excellent piece on why the Federal Reserve and the ECB should switch to NGDP level targeting. If this will not convince you nothing will. So instead of quoting the whole thing, but you better just go directly to National Review and have a look. That said, I would love to hear what my readers think of the article. HT dwb PS While we are at it - here is one more reading recommendation - have a look at Matt O'Brien's latest story on Spain. I wonder if we would have been here is the ECB had been targeting the NGDP level. No chance!