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


  • Stop Talking About Unemployment March 28, 2017
    Scott Sumner wrote an interesting blog post on his vision of macro. It is a useful way of seeing where Scott stands today. However, we were puzzled. Should unemployment really be the centerpiece variable or should it be stable nominal spending growth at an appropriate level? It seems to us that “unemployment” is a very flaky variable. […]
    James Alexander

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