Really good link - Market Monetarism and Financial Crisis

Market Monetarist - Market Monetarism and Financial Crisis (guest post) - "In this version of market monetarism there are two monetary targets – expected NGDP and expected volatility of NGDP, and two instruments – size of the monetary base and interventions in the NGDP option market. The second target and the second instrument are less important than the first, as the ability to influence the NGDP options market is weak. In addition, it is not possible to avoid discretion when setting the NGDP volatility targets and determining the size of NGDP option interventions."