Reading the many eulogies to William Niskanen on the web recently, I have not seen too many mentions of his support for nominal expenditure targeting. It is sad to lose a long time advocate, just when the approach is gaining attention.
Here is a paper by him on the subject.
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Bill. That´s a wonderful piece. Perfectly pinpoints (in almost real time) the start of the "instability" in 1998 and that went on till 05 when Greenspan brought NGDP back to trend.
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