Ramesh Ponnuru has a new article up at National Review titled Hard Money. Ponnuru considers the difficult question of what the Fed can do to avoid both deflationary and inflationary spirals while at the same time promoting macroeconomic stability. His conclusion is that the Fed should move to a NGDP level target. I am glad to see this idea get a hearing at the National Review. Take a look at this timely article.
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