Watch the queuing issue on a chart

The implicit deflator and NGDP,  YoY change.They have a fixed relationship because the tradebook error is relatively constant.  This is a queuing effect, changing to a NGDP target works better, but not does not save usm from severe recessions, Sumner is dead wrong on this.

The fixed relationship tells me that queues are stable, we are not going to do much better than this no matter how one wants to change the Fed rule.  Scott Sumner makes get causality backwards.  The Fed is a central bank, it always works the same and it always prices mostly the same things that fit into the monetary efficiency bag.  But its primary function is to keep Congress paying interest charges, and changing to an NGDP target will not effect it major function.