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I have earlier argued that NGDP targeting is a effectively emulating the outcome under a perfect Free Banking system and as such NGDP level targeting can be seen as a privatisation strategy. George Selgin has just endorsed this kind of idea in a presentation at the Italian Free Market think tank the Bruno Leoni Institute. The presentation is available on twitcam.
George Mason University professor Robin Hanson in my view is one of the most thought-provoking and innovative thinkers in the world. I often read Hanson’s blog Overcoming Bias and I always find my own views challenged and even though Hanson’s views often seem outrageous they surely make you think and personally I often conclude that Hanson is right.
Guest blog - The Integral Reviews: Paper 3 - Hall (2009)
I have now been blogging since early October last year and I truly enjoy it. Most of my readers seem to be happy about what I write and I believe that most of my readers and commentators are quite Market Monetarist sympathies. However, there is one exception - lefty blogger Mike Sax. Yes, I called him lefty - I don't think Mike would not disagree with this (if he called me a libertarian that would not make me angry either...). Mike is actually reading the Market Monetarist blogs and I think he pretty much understands what we are talking about. I will readily acknowledge that despite the fact that I probably disagree with 99% of what he has to say about economics and monetary theory.
The resident market monetarist at Britain’s Daily Telegraph Ambrose Evans-Pritchard has a comment on European monetary policy under the leadership of the new ECB chief Mario Draghi.
Guest blog: Why Price-Level Targeting Pareto Dominates Inflation Targeting
Scott Sumner and other Market Monetarists (including myself) favour the use of NGDP futures to guide monetary policy. Other than being forward-looking a policy based on market information ensures that the forecast of the future development is not biased – in the market place biases will cost you on the bottom-line. Similarly, I have earlier suggested that central banks should use prediction markets to do forecasting rather rely on in-house forecasts that potentially could be biased due to political pressures.