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3 comments:
"current AD and NGDP are determined by changes in the future expected path of NGDP."
http://www.youtube.com/watch?v=vzs0oUUFWmM&feature=related
My comment on Sumner's post.
http://www.themoneyillusion.com/?p=13353&cpage=3#comment-140460
The whole idea of a "hot potato effect" in the market for bank credit is just absurd.
Central banks can't target NGDP.
Confidence fairy tales won't do it (but they could create a massive run in the commodity market because "hyperinflationz!1!!!11!!1".
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