Posts tagged 'NGDP Targeting'

Some early morning Bean on NGDP

David joined the FT in 2011 as a Marjorie Deane fellow. He covered emerging markets, equities and currencies before making the jump over to FT Alphaville in May 2012.

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| Feb 27 10:33 | Comment |

It’s Charlie Bean, the Bank of England’s deputy governor for monetary policy, on nominal income targets. An old wine in a new bottle apparently, even if it is edging closer to the establishment.

Some excerpts (with our emphasis):

The question is: would outcomes have been materially better under an alternative framework, such as a nominal income target?

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Thursday con Carney [updated with written evidence]

David joined the FT in 2011 as a Marjorie Deane fellow. He covered emerging markets, equities and currencies before making the jump over to FT Alphaville in May 2012.

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| Feb 07 09:44 | Comment |

It’s Carney live. We know George Osborne is frustrated excited. Mark Carney, the next Governor of the Bank of England and the man Osborne once called “quite simply the best, most experienced and most qualified person in the world to do the job”, is in front of the Treasury select committee.

Here’s the live feed:

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Joining the Establishment, UK NGDP targeting edition

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Jan 31 20:42 | Comment |

Getting a favourable leader in the Economist is pretty Establishment, surely.

At the very least, it’s interesting that the red-top weekly has managed to endorse and explain a fairly specific nominal GDP target for the Bank of England. Read more

Guest post: Scott Sumner responds on NGDP level targeting

| Jan 24 12:07 | Comment |

Many thanks to economist Scott Sumner for this guest post responding to a recent comment by John Kemp, a Reuters analyst. Scott’s native writing home is The Money Illusion.

­­John Kemp recently posted the following qu­­estions in a comment at FT Alphaville:

Three questions for advocates of NGDPLT targeting to answer:

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NGDP level targeting: Yellen it from the rooftops, but nobody heard

Cardiff writes mostly about US macroeconomic issues, with daily excursions into other topics about which he claim no expertise. Before Alphaville, Cardiff spent a little more than two years as a reporter at Dow Jones Financial News covering investment banking, asset management, and private equity. Along the way he has written freelance pieces on a variety of other topics from behavioural psychology to Muay Thai, the latter also being a personal interest that involves frequently getting kicked in the shins (and torso, and head).

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| Jan 23 11:12 | Comment |

Given the boost that Goldman’s economists gave to the nominal GDP level targeting movement when they endorsed the idea near the end of 2011, it’s probably a good idea to listen to them when they write about the subject (whether you agree with them or not).

NGDPLT itself has many more high-profile evangelists now than it did then: the Fed adopting an Evans Rule was the latest shift in its direction, and of course the idea is being openly debated in the UK after Mark Carney suggested it would be more potent than flexible inflation targeting. Read more

How soon is now, UK NGDP targeting edition

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Dec 13 2012 13:00 | Comment |

All it takes — might not be very much. From the Bank of England Act 1998: Read more