The latest thing in the world's most glamorous subject is nominal gross domestic product (NGDP) targeting. What in heaven's name is that? Well, Kevin Drum is here to help out all the non-econ majors. This post, which seems about right to me, is great because he isn't an econ major either, so he's thinking it out as he goes, and doesn't go too fast or lay down too much jargon.
If you make it through that, Steve Randy Waldman has more.