Ryan Avent, of the Economist, wrote a great post about the contributions of Scott Sumner and Market Monetarism in moving the Fed away from its disastrous monetary policy. HT Marcus Nunes.
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Musings on economics and politics, with a special interest in free banking and monetary disequilibrium.
Funny thing, appears that Woodford wasn't influenced by Sumner and neither was Bernanke. September Fool's day?
ReplyDeletePeterP, NGDP target is actually a special case of Eggertsson-Woodford, 2003. In fact, Sumner mentioned in one of his first blogposts that Woodford "emphasizes the importance of changes in the expected future path of monetary policy". So Woodford might affected Sumner and then Sumner back Woodford. Anyway Sumner deserves a lot of credit for the contribution to the discussion about NGDP targeting.
ReplyDeleteI see what you did there, anonymous - or should I say, Mr. Woodford???
ReplyDeleteYeah, I am Woodford and I woke up 5 AM to wrote a post. Common, I am one of Scott's fan, though let us not pretend that Woodford did not know what is NGDP targeting before (especially when he mentioned it in his paper).
ReplyDelete