[I bumped this ahead of the Lindsey post, so people could see my latest links. I don’t have anything new today, but added a few other blog posts that I recommend.]
Just so you guys don’t think I am completely goofing off, here are a few links:
1. A paper I wrote for the Adam Smith Institute, a UK think tank.
2. An article in Bloomberg.com. I thought the reporter (Scott Hamilton) did a very good job.
3. An interview with the BBC. I haven’t listened, but thought it went poorly. I now realize that I need a much simpler way of explaining NGDP vs. inflation targeting if I am going to do live interviews. (I believe the link will only last a week. Thank God!)
4. I was asked by The Economist.com to discuss the flawed US job market, and ended up discussing NGDP targeting. Sorry Ryan. (Insert hammer and nail joke here.)
5. Ramesh Ponnuru at the National Reviewdiscusses quasi-monetarism. (HT: John Thacker.)
6. Did quasi-monetarist views reach the White House? This Christina Romer document (p. 4) suggests the answer is yes.
7. The Kiwis reject my NGDP targeting idea. FWIW, I think NGDP targeting works best in large diversified economies. (HT: Richard A.)
8. Ryan Avent does a great job taking apart a lame NYT article on QE2. I would add that the way to test QE2 is by examining what happens before it is adopted, not after.
10. Ed Dolan should get more links—a great resource for economics instructors.
12. There’s no such thing as “public opinion,” only election results.
13. It would be an honor to serve with Paul.
14. Brad DeLong gets it.
15. And Niall Ferguson most certainly doesn’t:
“If the old methods were still used, the CPI would actually be 10 percent.”
16. Paul Krugman understands the damage done by people like Ferguson:
“What’s going on here? My interpretation is that Mr. Bernanke is allowing himself to be bullied by the inflationistas: the people who keep seeing runaway inflation just around the corner and are undeterred by the fact that they keep on being wrong.”
17. David Andolfatto responds to the goldbugs.
18. First he misinterprets Steven Landsburg, then Casey Mulligan. Paul Krugman needs to take a deep breath before launching his personal attacks. (I correct him in comment 68, but Noah Smith does a better job.
20. If the Fed is targeting the forecast, then what’s the purpose of fiscal stimulus?
22. David Beckworth on the Fed as a monetary superpower.
24. Steve Chapman exposes the foolishness of the inflationistas.
26. I wish I was able to defend my ideas as skillfully as Andy Harless:
If you wish, you can go further by making the rule forward-looking (using a forecast of nominal GDP instead of a lagged observation) and increasing the coefficient to a very high number. And you can enforce the credibility of the forecast by requiring the central bank to use the forecast implicit in a publicly traded nominal GDP futures contract, so that the market is putting its money where the central bank’s mouth is. You end up with the proposal that Scott Sumner has already made. People seem to think that Scott Sumner’s ideas about monetary policy are far out of the mainstream. But I’m not proposing anything radical here, just trying to fix some problems with the very orthodox Taylor rule.
27. Someone explain the “hot potato effect” to this guy. (HT: Kevin Tryon)