In recent years, a growing number of prominent economists, including Michael Woodford, Christina Romer and Larry Summers, have switched their allegiance from inflation targeting to targeting nominal GDP, the non-inflation-adjusted sum of all spending in the economy. One of the best ways to understand the growing popularity of NGDP targeting, is to re-examine what went […]
The problem with central bankers’ inflation preoccupation A preoccupation with inflation deepened the last recession
