This is the next attempt to win over fg to NGDP targeting. Money Demand argues that "Minsky cycle creates the least damage if Minsky recession takes place in the context of stable NGDP growth. Minsky crash creates collateral damage if there is a downward deviation from the NGDP trend".
Other readings:
On Germany: Just Blame Germany by 'research ahead'.
On Austrian Business Cycle Theory: here, here, and here.
HT The Money Demand.
