NGDP Advisers

In a world where macroeconomic analysis is widely perceived to have failed, NGDP Advisers stands out as the rare Macro consultancy with a fully-fledged theory of the economy. Where other firms always seem to predict mean reversion and turn to ad hoc explanations for the latest developments, NGDP Advisers draw on the most compelling and predictive macroeconomic model yet devised: Market Monetarism.

Tenets Of Our View (free to view)

We at NGDP Advisers pride ourselves on having a coherent and unified theory of the macro economy. Although our approach is built on mainstream academic macro, the Market Monetarist synthesis to which we subscribe emphasizes certain points, and frame issues in such a way as to make some of our positions puzzling to new readers.

To help new readers and potential subscribers better understand where we come from, we present a series laying out how we see things. We address the following points:

1. The-price-of-money
2. Interest-rates-tell-you-little-about-the-stance-of-monetary-policy
3. Production-cant-be-faked
4. Why-nominal-gdp-matters
5. There-is-no-business-cycle
6. Why-confidence-doesnt-matter
7. Markets-are-good-forecasters


  • The monetary story of the “Great Recession” and ongoing “Long Depression” July 24, 2017
    Several decades after the “Great Depression”, Milton Friedman (with Anna Schwartz) provided a monetary explanation for the event. 80 years after the Great Depression, we came across the Great Recession. In this instance, the Fed was applauded for avoiding another Great Depression! In 2002, Bernanke himself “apologized” to Milton Friedman, saying “we won´t do it […]
    Marcus Nunes

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