Quack doctor tries to sell snake oil.

In the latest installment in his series, "Understanding Money Mechanics," Bob Murphy takes on Market Monetarism, and Scott Sumner's case for having central banks practice NGDP level targeting in particular.  A commentator there writes, "I hope George S. pipes up to defend MM! Seeing the other side…

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,…