Gather all ingredients.
Preheat the oven to 300 degrees F (150 degrees C). Sift flour, baking powder, nutmeg, and cinnamon into a bowl; set aside.
Beat sugar and butter together in a large bowl with an electric mixer until light and fluffy. Add eggnog, egg yolks, and vanilla; beat at medium speed until smooth.
Gradually beat in flour mixture at low speed until just combined.
Drop spoonfuls of dough 1 inch apart onto ungreased baking sheets; sprinkle lightly with nutmeg.
Bake cookies in the preheated oven until edges are golden, about 20 minutes.
Cool on the baking sheet briefly before removing to a wire rack to cool completely.
