From Jeff Frankel:
The time is right for the world’s major central banks to reconsider the framework they use in conducting monetary policy. The US Federal Reserve and the European Central Bank are grappling with sustained economic weakness, despite years of low interest rates. In Japan, Shinzō Abe of the Liberal Democratic Party’s (LDP) was elected prime minister December 16 on a platform of switching to a new, more expansionary, monetary policy. Mark Carney, the incoming governor of the Bank of England, has made clear that he is open to new thinking.
Monetary policymakers would do well to consider a shift toward targeting nominal GDP. (Carney is evidently contemplating precisely this). The switch could be phased in via two steps, without abandoning the established inflation anchor.