Would Hayek have supported NGDP targetting?

It's a tricky question but a remarkable turn of events - as Greg Ransom points out:

A number of those supporting NGDP targeting have a background in Hayekian macroeconomics.  And, as Lawrence White and others point out, as a general proposition Hayek supported the idea of maintaining a yo-yo-free volume of nominal spending.  Sumner bluntly counts Hayek as a targeted NGDP supporter.  That may be a bit strong, but it is plausible to assume that Hayek’s economics would lead him to favor NGDP targeting over price level targeting, inflation targeting, aggregate demand pumping, or any other Fisherian, Casselian, or Keynesian program

Here is Scott Sumner. Both eyes on the Fed.

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