According to BI’s Joe Weisenthal the Fed's announcement of
QE Unlimited was a clear departure from past strategy: Rather than seeing asset
purchases as an amount of money injected into the financial system, the Fed is
now aggressively using the power of future guidance.
It's a step in the direction of Nominal GDP targeting, the
hot idea endorsed recently by Michael Woodford at the Jackson Hole conference.
But while Woodford is one of the most respected monetary
academics in the world, the economist who deserves the most credit for taking a
wonky idea and making it mainstream is Bentley economics Professor Scott Sumner
who writes the blog The Money Illusion….
Read more:
http://www.businessinsider.com/who-is-scott-sumner-2012-9#ixzz26SYRRmCK
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