Today’s NYT has a piece written by David Beckworth and Ramesh Ponnuru. I’m not going to excerpt it because you MUST read the entire article—it’s not that long.
It’s the single best piece on monetary economics to appear in a major publication since the Great Recession began. One step at a time, market monetarists are attracting more and more attention.
I’m traveling today, so I won’t have much time for comments. David has additional commentary at his blog.
Update: I hope Robert Hetzel enjoys their column, he’s been making similar arguments from within the Fed ever since 2008.