And that is uttered by uber Keynesian Brad Delong, a firm believer in the liquidity trap.
And before Scott Sumner even started blogging and pushing the NGDPLT idea Brad says he was “on to it”:
You know, I thought three-and-a-half years ago that this would work out very differently.
I thought three-and-a-half years ago that the Federal Reserve would announce that its mission was primarily to keep economy-wide nominal spending on its pre-2008 growth path, that this was an emergency situation, and as long as economy-wide nominal spending was below its pre-2008 growth path additional accommodation was warranted.
Anyone recalls Brad advocating NGDP targeting? Why doesn´t he link to it? After all his blog is one of the oldest on record.