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There is no doubt that the popularity of NGDP level targeting is increasing and with that partly also the popularity of Market Monetarism. However, as the popularity is growing so is the misunderstandings about both.
This is from CNB.com:
Earlier this week I was in London. Luckily it coincided with David Friedman speaking at the National Liberal Club in London. So I attended David's presentation. The event was arranged by the Adam Smith Institute.
Here is Tyler Cowen on Twitter:
Is the "Bernanke-Evans rule" working? Hell yes! At least in Mexico!
Not even Scott Sumner would answer "yes" to this question, but while NGDP level targeting will not cure the flu at least it will not kill you. Inflation targeting on the other hand will kill you if you get the flu. Confused? Then let me explain...
Even though NGDP level targeting is becoming increasingly popular I am increasingly getting worried that people don't really understand what Market Monetarists are talking about. The problem is that most observers and participants in the monetary policy debate continue to think about monetary policy in a highly discretionary way rather think about monetary policy in terms of rules.
I have been down and out with a nasty flu in the last couple of days - as has the rest of Christensen household - so I am not really up for blogging. A bit of Googlenomics will tell you that I am not the only one with a flu in Denmark. See what Google Trends has to say about the issue here.
Nobel Prize winning economist and founding father of the Public Choice school James M. Buchanan has died at age 93. His friends and students have already offered many kind words in his memory. Here I quote two of my friends professors Steve Horwtiz and Peter Kurrild-Klitgaard.