Brad DeLong: "Why LM Is Still Here"

Let me be the first to say that I really, really wish the Federal Reserve would pull a Paul Volcker--would change its operating procedures--and announce that it will buy as many risky and long-duration assets for cash as it needs to in order to push market expectations of nominal GDP five years hence back to its pre-2008 trend level of $18 trillion/year.

That's going on my poster: "Gentle Ben: We Need You to Pull A Volcker!"

My favorite poster so far: "Fuck Opportunistic Disinflation - It's a Dual Mandate!"