Assorted links


More on NGDP path targeting:​M

And Christina Romer is now on board:

First link seems to not work for me, try this:

NGDP path targeting will work for about at most 30 years, then it too will be arbitraged away.

...Maybe sooner...
Either way the only sustainable system is free market banking.

2. If you ever wondered why no one takes professors seriously, or pays much attention to what they have to say, this is a perfect example.

Today I read a couple jackass professors, right and left, complaining about the NYC police. Whatever their political perspective, who could take them seriously?

" ...the professor’s crime, exposing himself to a woman and her daughter in a parking lot...": if the ladies exposed to his willy-waggling were members of the University, it's legit to sack him. If they weren't, though, it's trickier. I suppose you could study the sentences handed out locally for w-w: if they imply that the local judges reckon it's pretty small beer, the Uni should do likewise.

Wouldn't the test be whether professionals in other fields--investment bankers, corporate officers, law firm partners--are commonly fired for criminal convictions of this nature? Unless your theory is that a professor is more like a bartender or a plumber in terms of prestige and moral heft.

I think you meant to type, "The culture that is Fairfax, Va."

The NGDP idea seems to be really catching on. A premise of this view must be that a central bank can determine the rate of inflation almost as precisely as if it was adjusting a nob on some machine. A non-rhetorical question: have advocates provided historical evidence that this is the case? Have they provided evidence that it is possible not only in temperate macroeconomic conditions but also in conditions of extreme volatility and uncertainty (e.g. will the euro exist in 2014?) and accelerating and unsustainable public debt?

Doesn't an NGDP futures contract solve that?

I just love hearing all these "free market" and "libertarian" types describing their preferred regime of socialist central planning of the money supply.

When this idiotic contraption of fiat money printing and debt collapses in the near future, gold (and, probably, silver as well) will pick up the pieces and move forward with a sustainable, instead of Soviet, financial system.

Central planning in money is a terrible idea. Competition in currency would alleviate that somewhat. Switzerland for example has two currencies which helps stabilize their economy.

Re: #3. Be sure to read her entry as a wonderful rebuttal of some of the "women are failing their countrymen if they don't work outside the home" tripe I've seen here recently.

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