Monday, October 24, 2011

Kevin Drum On NGPD Targetting

Kevin Drum has a long and illuminating piece on the Fed targetting Nominal Gross National Product (NGPD).  He focusses on the key questions: 1) Why?, 2) How? and 3)Would it work?

Bottom line answer to number 3).  Maybe.

I am slightly more optimistic than he is, but not a whole lot.