Scott Sumner writes:
Like the hardy band of hobbits who brought the ring to Mordor, our little group of bloggers from schools like Texas State, Bentley, The Citadel, Wayne State University have finally succeeded in bringing NGDP targeting (level targeting no less!) into the formerly impregnable Federal Reserve System. Kudos to Matt Yglesias as well. And of course level targeting-advocate Michael Woodford, who in all seriousness does have influence at the Fed.
I am assuming Scott is Frodo, so who does that make me?
