are there well inntended pro job class elements among the market monetarists ?

if so

they need to stop selling the new target

NGDP path is fine
as targets go
it has a built in accelertion expectation
if the CB can actually drive NGDP in the mid term

but can it ?

obviously
what counts is the monetary policy
that gets these NGDP level pathers
      back on their path and ...fast !

i've seen it  suggested
 the FED had the latent ability
to accelerate  real out put by over 2%
in 2008 !


i remain sceptical the FED could even accelerate product inflation by an extra 2%!

as i suspect most macronomists remain sceptical

market monetarists
show us the how


if as i suspect  you rely  on expectations voodoo
to do the heavy lifting

the scepticism will remain

btw

i see the keen aspect of a nominal out put path as CB target

indeed it finesses the bug a boo of accelerating inflation overtly

but to sugggest most of the difference will be " real " is bally hoo

high priest scott sumner is of course obviously
in the enemy class kamp

if as a market monetarist you aren't
if you see this new targeting paradigm
 as a better mouse trap
---even though it relies on asset management
ie uncle intervening to restore asset market values --

yup
relift capitalist paper
that just tanked

why ?

why prfer to spur deficient  spending
 by "re-engrossing"  big  asset holders ?

why high light
pure pigou wealth effect jingo ?

why are you not uncomfortable with your cult  leaders ?

you well intendeds
 may want a revived job market as much as i might

but you  are playing with anti job class agitators here

really little better then greg mankiw


salvation thru government aggregate
" wealth insurance " ?

give me a break !