NGDP targeting and control theory

The economists Scott Sumner, Karl Smith and David Beckworth, among many others, have been pushing for the past two years a branch of macroeconomics sometimes called quasi-monetarism or market-monetarism. The group of people are all bloggers and, unusually, are not so prominent in their fields. Instead, they've grown in prominence since the financial crisis in advocating a policy that the Federal Reserve can undertake to provide stimulus beyond the zero interest rate bound: NGDP targeting.