colindoc84

How many times have you begun writing a book and scrapped what you had so far in order to start the project over again? Do you often make a big change to your vision for a book halfway through, and if so, do you have any stories about this process?

Hello Scott,

I have a question about your theory on monetary policy concerning emerging markets and smaller developed economies. You've stated an alternative to your NGDP targeting would be "total nominal labor compensation" targeting. You say this is because large supply side shocks in an NGDP regime could lead to unproductive choices (one of your examples was Kuwait reducing production of oil if the price doubled).

My question is do you support this in developing countries like Brazil with diverse and varied inner-economies too? Wouldn't this lead to unsustainable distortions across the different states? Or is this just an idea for your NZ/gulf oil states? And if so, since you don't support NGDP targeting for Brazil, what policy would you recommend for their central bank?

Thanks.