Further reading

🎧 Podcasts:

• Lawrence White & Scott Sumner on “The Money Illusion”, FA Hayek Program podcast, September 2021
• The Fed Framework Review, Macro Musings, January 2025 – this is an edited collection of past shows that discussed NGDP targets. 

📺 Recommended video:

• What can asset prices tell us about the great recession? Scott Sumner, February 2011 – a great way to see how Scott’s interpretation of events during the financial crisis were seen as idiosyncratic, but now look highly prescient.
• The Role of the Fed, December 2012 – David Beckworth and Scott Sumber present a congressional testimony about market monetarism.
• What does nominal GDP entail? IEA, August 2016 – a short interview with Scott Sumner about how expectations relating to nominal income grwoth are an important tool for central banks when interest rates are low.

🗞️ Relevant newspaper opinion:

• “The Simplest Way to Improve Monetary Policy” by Clive Crook, Bloomberg, April 8th 2022

🎓 Relevant academic articles:

• Frankel, J., 2019, “Should the Fed be constrained?” Cato Journal,  39(2): 461-470

✍️ Other things I’ve written

• Did the NGDP crowd win the battle of ideas? Kaleidic Economics, December 27th 2021
• Understanding NGDP targeting Kaleidic Economics, June 24th 2020
• Sound Money, An Austrian proposal for free banking, NGDP targets, and OMO reforms, Adam Smith Institute, 2016

📈Useful data:

• Mercatus Center Data Visualisation: The NGDP Gap, by David Beckworth
• US NGDP, FRED
• UK NGDP, ONS

🗳️ White paper

• I have written a white paper called “Delivering nominal stability” which is available on request