See Scott Sumner’s post today about this piece about nominal GDP targeting by Kelly Evans. Scott writes:
What’s happened to the Wall Street Journal? They seem to be increasingly veering toward the Rick Perry school of monetary analysis.
I can’t imagine any reputable economist disagreeing with me on any of these three points, even if he or she hated NGDP targeting. The WSJ is simply flat out wrong.
Don’t you love it how the WSJ switches over to Keynesian economics, just after they’ve trashed the idea that the economy needs demand stimulus. Is there any model there?
But you really need to read Scott’s entire post to get the full flavor of his skewering of the Journal‘s “analysis.”
The only surprise here is that Scott actually seems to be surprised. What an innocent!