I think I might have to start rooting for Bob Murphy in all subsequent Murphy-Sumner clashes, simply on principle (and by "principle" of course I mean "spite").
When the Fed adopts an NGDP level target I might call that Scott Sumner Day.
When the Fed takes four years of grinding depression to enact something approximating good macroeconomic policy that we've known about for almost two centuries, I'm not going to toast Scott Sumner.
And as I've pointed out several times now, the fact that Scott seems intent on convincing the world that people who want monetary expansion actually don't want it, that makes it harder - not easier - to get policy makers to be expansionary.
Thursday, September 13, 2012
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"When the Fed takes four years of grinding depression to enact something approximating good macroeconomic policy"
ReplyDeleteNot fair to Bernanke. The Fed has done a lot. It got to the point where monetary policy was simply pushing on a string.
This latest round really takes the Fed outside of monetary policy into what amounts to housing policy. The only justification for it is the paralysis in Congress.