Dear Ben: It’s Time for Your Volcker Moment by Christina Romer

Wow, I remember DeLong writing this back on the 7th.

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.

Evans and Rosengren can quote from the piece and wave the physical New York Times about at next week's FOMC meeting.