The US blogosphere – in particular Scott Sumner – was a major influence in getting my thick head around the advantages of Nominal Growth Targetting as an answer to the world’s problems. Hey, if I had not started on Sumner’s blog I would never have written Credit Where It’s Due.
So I am now rather chuffed that -via the magnifying influence of Samuel Brittan’s piece in the FT – our endorsement of that idea is now being picked up on US blogs. The first is the blog that Luis linked us to: Macro Musings talks of a Big Endorsement for NGDP targetting. Big means Sir Samuel, not me.
The second blog has my favourite mission statement for a blog ever*. The Money Demand quotes me a fair bit, and refers to it as Left Wing support for nominal GDP targetting.
US blogs are way way more developed, in depth and Professor-dominated than ours. This is a bit like a Beazer Home Leagues left back being given a trial at Arsenal.
*”Delicious Journeys Through Macroeconomics for the Purpose of Making Central Bankers Visibly Uncomfortable in the Presence of Really Great Links about Their Errors”