NGDP targeting, monetary constitution, monetary rules, discretion, James Buchanan

(Originally appeared on January 12, 2013.) An important post from Lars Christensen at The Market Monetarist this morning.  Lars argues that many folks have misunderstood the argument for monetary easing in order to target NGDP growth by framing it in terms of discretionary policy.  The market monetarists,…

behavioral economics, Market Monetarism, monetary rules, NGDP targeting, Taylor Rule

Earlier this month a crowd of over a hundred and fifty gathered at George Mason University’s Arlington Campus for an academic conference co-hosted by the Mercatus Center and the CMFA. The conference, “Monetary Rules for a Post-Crisis World,” featured leading monetary economists, Washington’s top financial journalists, and…