For the past nine years I've been promoting market monetarist ideas in the blogosphere. How important is NGDP targeting to the MM agenda? Much less important than many people assume. Kurt Schuler left the following comment in response to my previous post: Nominal GDP targeting has not yet been implemented anywhere. Accordingly, you have the luxury of comparing an untested policy whose defects (if any) have not yet been revealed in practice with well-tested policies whose defects are a matter of record. Advocates of inflation targeting were in the same position when it was first widely discussed. Then it was implemented, and after some years of apparent success came the Great Recession. If you are
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