It’s Not About Credit, it’s About NGDP
May 09, 2012 at 09:56 AM EDT
Because Raghu Rajan’s posts on macroeconomics tend to drive me nuts, let me start off on a positive note, where I partly agree with him: It’s probably not a good idea to set a 4% inflation target. (In my view targeting NGDP would be a much better idea. If we must target prices, let’s level [...]
