I'm not familiar enough with NGDP targeting (basically, I just heard the name, and know that it came up a few times after 2008), and sounds a hundredfold better than this wishy-washy design by a tea leaves cabal/committee. Though, I guess the committee then would determine the NGDP target. Which leads to the question, how do we know when a "deleveraging" is in order? (What's the consequence of sticking to 5% YoY GDP growth and never looking back? What if we overestimate the growth of the economy, that seems like real inflation.)