Even though NGDP level targeting is becoming increasingly popular I am increasingly getting worried that people don’t really understand what Market Monetarists are talking about. The problem is that most observers and participants in the monetary policy debate continue to think about monetary policy in a highly discretionary way rather think about monetary policy in terms of rules.
Keynesian economists have traditionally been much less concerned about ensuring a rule based monetary policy so it is not surprising that they continue to think in terms of different positions in the monetary policy debate in terms of “hawks” and “doves”. However, a surprisingly large number of anti-keynesian free market oriented economists have also fallen into this trap of thinking about monetary policy issues in terms of “hawks” versus “doves”. They see themselves as “hawks” who should fight the keynesian “doves”. They tend to think that central banks only err on the…
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Utopia, you are standing in it! 
Dec 16, 2016 @ 09:18:22
Interesting article so I included in my Around the Traps and thanked you for it.
I do not agree with him but it does provoke thinking on the subject
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Dec 16, 2016 @ 11:32:25
Yes, he is an interesting thinker
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