[Eliezer]

> NGDP level targeting says during economic downturns, the government should fill the gap

NO. It says the central bank should fill the gap, and that there's absolutely no point in the government's fiscal policy trying to fill the gap when it can be filled by creating enough money to keep NGDP on a level path.

[greenrd]

For my (slightly outdated) sceptical take on this idea, see http://rationalwiki.org/wiki/Market_monetarism