Christina Romer on NGDP Targeting

Christina Romer thinks that NGDP targeting will solve the world's problems. According to Christina, NGDP targeting will: (i) remove dissent from the FOMC; (ii) improve communication about monetary policy to the public; (iii) improve confidence; (iv) lower borrowing costs; (v) increase private spending. This reminds me of a Tom Waits song, "Step Right Up." Here's an excerpt:

That's right, it filets, it chops, it dices, slices
Never stops, lasts a lifetime, mows your lawn
And it mows your lawn and it picks up the kids from school
It gets rid of unwanted facial hair
it gets rid of embarrassing age spots
It delivers a pizza, and it lengthens, and it strengthens
And it finds that slipper that's been at large under the chaise lounge(2) for several weeks
And it plays a mean Rhythm Master
It makes excuses for unwanted lipstick on your collar
And it's only a dollar, step right up, it's only a dollar, step right up
'Cause it forges your signature
If not completely satisfied, mail back unused portion of product
For complete refund of price of purchase

See my earlier post on NGDP targeting.