tag:blogger.com,1999:blog-6837159629100463303.post7206134491769300611..comments2023-06-18T01:25:08.748-07:00Comments on Information Transfer Economics: Statistics of shocksJason Smithhttp://www.blogger.com/profile/12680061127040420047noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-6837159629100463303.post-10916576476967315442016-09-07T15:36:02.376-07:002016-09-07T15:36:02.376-07:00I think Sumner's reasoning is usuly pretty cle...I think Sumner's reasoning is usuly pretty clear, but his lack of a formal model is a problem. I appreciate the effort you're making here, because even if you never produce an entirely correct model, it doesn't mean the process won't be revealing and at least help clarify perspectives. I think yiur approach provides an interesting explanation, for example, for the seeming disconnect between micro- and macroeconomics.Antihttps://www.blogger.com/profile/17677035271760844211noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-41476885348654377462016-09-07T12:44:05.492-07:002016-09-07T12:44:05.492-07:00I didn't mean to make any implication about wh...I didn't mean to make any implication about whether higher inflation is good or bad, only that NGDP targeting would lead to higher inflation on average.<br /><br />I should add apropos of nothing that the argument above assumes status quo inflation is positive and continues have a positive average under the NGDP target (basically that the NGDP target is set high enough).Jason Smithhttps://www.blogger.com/profile/12680061127040420047noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-44995235766713197742016-09-07T04:35:32.475-07:002016-09-07T04:35:32.475-07:00Your reasoning seems sound, but do you claim that ...Your reasoning seems sound, but do you claim that higher counter-cyclical inflation is a problem?Antihttps://www.blogger.com/profile/17677035271760844211noreply@blogger.com