For Fed NGDP Could Spell More Economic Stability: Ramesh Ponnuru
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Nov. 29 (Bloomberg) -- The minutes of the latest FederalReserve meeting were the subject of intense interest to asubculture of a subculture: those economics bloggers who haveadvocated that the Fed adopt a policy of stabilizing the growthof nominal gross domestic product. They -- OK, we -- wereexcited because the minutes show that the Fed is interested inour idea.
True, the Fed ultimately rejected it. But those of us withan optimistic bent take heart in the flimsiness of its reasonsfor doing so. Perhaps it will take just a little more argumentfor us to carry the day.