Our new paper on nominal GDP targeting is out now. Below is part of the press release we sent to the media; for the full press release, click here. To read the whole paper, click here. The Bank of England should abolish the Monetary Policy Committee, use Quantitative Easing instead of interest rates to conduct […]
Nominal Gross Domestic Product (GDP) targeting is a type of monetary policy that people like me think would give us a more stable economy than we currently have. It would replace the Bank of England’s current monetary policy, inflation targeting. Nominal GDP can be understood as sum of all spending in the economy. Total spending can increase […]
I have to admit that I usually dislike Vox. The twitter parody account Vaux News gets it kinda right in my opinion—they manage to turn anything into a centre-left talking point—and from the very beginning traded on their supposedly neutral image to write unbelievably loaded “explainer” articles in many areas. They have also written complete nonsense. But they […]
Scott Sumner’s Adam Smith Lecture, delivered last week, is now online. For my money it’s the best outline of his view of the Great Recession and the correct role of monetary policy that I have yet seen. Scott’s presentation can be downloaded here, and Scott wrote about his trip for TheMoneyIllusion here.