assorted links；NGDP水準目標
●David Beckworth, “Nominal GDP Level Targeting Links”（Macro and Other Market Musings, October 19, 2011）
ベックワースが掲げているリンクのうちで邦訳が存在するもの（私が発見できた範囲で）については以下にあわせてリンクを貼っておこう。
I. Some of my posts on NGDP level targeting
（3）The Case for Nominal GDP Targeting / 「NGDP水準目標がおススメなワケ」（拙訳）
（5）Why a Nominal GDP Level Target Trumps a Price Level Target / 「NGDPLTがPLTよりも優れているワケ」（拙訳）
（6）Target the Cause Not the Symptom / 「インフレターゲットの問題点 by David Beckworth」（erickqchanさん訳；道草、2011年3月2日）
II. Recent discussion by others on NGDP level targeting
（2）Money Rules--Scott Sumner / 「マネー・ルールズ」 by Scott Sumner（erickqchanさん訳；道草, 2011年6月19日）
（4）Hard Money--Ramesh Ponnuru / 「ハ−ドなマネー From “National review online”」（erickqchanさん訳；道草, 2010年11月18日）
（7）Changing Target--The Economist Magazine / The Economist 「目標の変更 ― 連銀は名目GDPをターゲットにすべきなの？」（227thdayさん訳；道草, 2011年8月28日）
What is nominal GDP level targeting?
A nominal GDP (NGDP) target (often called a nominal income target) is an alternative to an inflation target. The central bank would try to keep NGDP growing at a predetermined rate. An NGDP level target is the same thing except that the central bank would remember any previous deviations of NGDP growth compared to the target and try to make up for them in later years. If the target is 5% and NGDP comes in at only 4% one year, they would aim for 6% the next year.
●Evan Soltas, “What Is NGDP Targeting?”（Evan Soltas | economics & thought, May 5, 2012）/ エヴァン・ソルタス「名目GDP目標ってなんだ？ 完全しろうと向けのNGDP目標ガイド」（optical_frogさん訳；経済学101, 2013年8月23日）
●Yichuan Wang, “Nominal GDP Targeting: An Introduction with Market Applications”（Synthenomics, October 7, 2012）
●Scott Sumner, “The Case for Nominal GDP Targeting”（Mercatus Center at George Mason University, October 23, 2012）
Abstract
The recent financial crisis exposed serious flaws with inflation-targeting monetary policy regimes. Because of inflation fears, the Fed did not provide enough monetary stimulus in late 2008, allowing the largest decline in nominal spending since the 1930s. This demand shock intensified the financial crisis and led to high unemployment. Nominal GDP targeting would have greatly reduced the severity of the recession, and also eliminated the need for fiscal stimulus. The national debt today would be far lower if Fed policy had been more expansionary and Congress had not passed the 2009 fiscal stimulus. Nominal GDP targeting also makes it much easier for politicians to resist calls for bailouts of private sector firms. It assures low inflation on average, and reduces the severity of the business cycle. It also makes asset price bubbles slightly less likely to occur.
（追記）
●Scott Sumner, “Make nominal spending the new target”（Financial Times, January 1, 2013）/ 「名目支出を新目標に！ by Scott Sumner」（erickqchanさん訳；道草, 2013年1月3日）
●Stephen Gordon, “NGDP targeting could change the way we manage inflation”（Econowatch, January 7, 2013）
●David Eagle, “Central Banks Should Quit “Kicking Them While They Are Down!””（The Market Monetarist, March 26, 2012；David EagleによるNGDP水準目標関連のブログエントリーはこちらを参照）
