MORE NGDP: Goldman Puts Out Another Note On The Hottest New Thing In Economics
This past weekend, Goldman said that the Fed should tilt its mandate way more towards creating jobs, and be willing to target a specific level of Nominal GDP. NGDP targeting has been a buzzy thing in...
View ArticleA Quick Guide To The Hottest New Idea To Save The US Economy
A major breakthrough in popular economic thinking happened last weekend. Goldman's top economist Jan Hatzius came out in favor of the Fed setting a target for Nominal GDP. Now, this is an idea that's...
View ArticleAGAIN, Goldman Calls For The Fed To Use "Unconventional Unconventional" Policies
For the past couple of weeks, Goldman's economics analysts have lead to a big popularization in the idea that the Fed ought to target a specific Nominal GDP and make sure it happens. NGDP targeting is...
View ArticleBernanke Just Peed On The Dream Of The Fed Targeting NGDP
He just got asked it: At his press conference, Ben Bernanke was asked about the super-hot idea of targeting NGDP. Basically he said it's not going to happen. While he said there was some discussion of...
View ArticleSorry America, Ben Bernanke Still Can Not Save Us
The debate over NGDP targeting is getting even hotter, and it looks as though the its advocates are getting even more strident in their belief that all the Fed needs to do is announce a specific goal...
View ArticleIs Bernanke Hinting At NGDP Targeting?
Federal Reserve Chairman Ben Bernanke gave a speech to soldiers and their families at Fort Bliss, TX, today explaining the Fed's role and what it's doing to stimulate the economy. But tucked away in...
View ArticleGOLDMAN: The Fed Is About To Screw Up
You know that Goldman Sachs is a leading proponent of NGDP targeting by the Fed, and in fact it was Goldman's call for NGDP targeting that explains why this idea has moved from academic fringes (and...
View ArticleGet Ready For Today's FOMC Minutes
Minutes from the November meeting of the Federal Open Market Committee will be published today, and investors will be scouring them for hints at drastic measures ahead from the Federal Reserve. The...
View ArticleForget Bernanke: A Paper At Jackson Hole May Have Changed The Future Of...
If you just knew two things about the current state of the US economy — that unemployment was unacceptably high and that inflation was subdued — you'd suggest that the proper course for the Federal...
View ArticleHow Nominal GDP Targeting Works In 3 Sentences
The hot talk in monetary policy these days regards Nominal GDP targeting. At Jackson Hole last week, economist Michael Woodford proposed that the Fed should target nominal GDP by commit ing to keep...
View ArticleWhen Michael Woodford Presented His Groundbreaking Paper At Jackson, He Got...
Last week at Jackson Hole, economist Michael Woodford (the world's foremost expert on monetary policy), presented a groundbreaking paper on what the Fed could do to stimulate the economy with interest...
View ArticleGoldman Presents: The Case For A Fed 'Double Punch'
The Fed is set to meet next week, and thanks to Friday's disappointing jobs report, economists have raised their odds of seeing QEIII adopted. That would mean that in an effort to boost the economy,...
View ArticleMeet The Blogger Who May Have Just Saved The American Economy
The Fed's announcement of QE Unlimited was a clear departure from past strategy: Rather than seeing asset purchases as an amount of money injected into the financial system, the Fed is now...
View ArticleA Sea-Changing Moment In Monetary Policy Could Arrive In The UK Sooner Than...
The big news in central banking this week came from the Fed, which announced the adoption of an "Evans Rule," a concept named after Chicago Fed President Charlie Evans, who proposed back in 2011 that...
View ArticleGOLDMAN: A Top Fed Official Has Endorsed Nominal GDP Targeting, And Nobody...
The hottest idea in monetary policy circles over the last couple of years has been the notion that the Fed could induce a better recovery by stating a target for Nominal GDP.The idea (which has been...
View ArticleThe Hottest Central Banker In The World Isn't Sold On NGDP Targeting
Incoming Bank of England Governor Mark Carney is delivering a three-hour testimony before Britain's Treasury Committee this morning.Carney's name has been associated with nominal GDP targeting –...
View ArticleThe Federal Reserve Is Still Derelicting Its Duty!
Last year I made the case that the Fed's failure to keep nominal income growth expectations stable was a dereliction of duty:[We] have long made the case that a nominal GDP (NGDP) level target would...
View ArticleYes, The Fed Can Do A Lot To Offset Fiscal Austerity
Mike Konczal has a new article where he claims there is now a great natural experiment unfolding in the U.S. economy, allegedly one that Ramesh Ponnuru and I proposedback in 2011:We rarely get to see a...
View ArticleIt May Be Time For The Fed To Order A True 'Helicopter Money Drop'
Without the Fed’s bond buying program, it’s almost certain the US economy would be in far worse shape than it is currently. Not to say, however, that things are great. Far from it. New consumer...
View ArticleIs It Time For The First Non-Human Chair Of The Federal Reserve?
Federal Reserve vice chairwoman Janet Yellen seems poised to receive the White House's nomination to replace Fed chairman Ben Bernanke in the top spot at the central bank when his term expires in...
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