Back in July, I shared here some thoughts concerning the Fed's conference in Chicago that month, which was dedicated to a review of its tools, strategies, and communications. Among other things, I said I was disappointed by the short-shrift given to NGDP targeting by Lars Svensson's paper…
On Twitter last week Stephen Williamson wrote that he was "puzzled by the infatuation with NGDP targeting. We have good reasons to care about the path for the price level and the path for real GDP. Idea seems to be that if you smooth Py … you…
The Fed’s persistent failure to reach its 2 percent inflation target ever since that target was first made explicit in 2012 has elicited a great deal of commentary in the last couple months, from economists, journalists, and some Fed officials themselves. And well it ought to, for…