@MoneyIllusion agree inflation targeting is flawed, but not sure NGDP targeting is any better. For starters, CBs will be guessing G target.
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@MoneyIllusion@FriedrichHayek spike in oil prices in 2008 tanked the economy, then it recovered in 2009, then tanked with oil price, again!Thanks. Twitter will use this to make your timeline better. UndoUndo
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@MoneyIllusion@FriedrichHayek and the 2008 spikes in oil prices were directly related to Fed easing & fiscal stimulus.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@MoneyIllusion@FriedrichHayek and from 2009-2011, margin between producer price inflation & consumer price inflation caused hiring freeze!Thanks. Twitter will use this to make your timeline better. UndoUndo
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@MoneyIllusion@FriedrichHayek the problem we've had with central bank is getting too tight when the economy is GOOD, ie , 1988, 2000,2006Thanks. Twitter will use this to make your timeline better. UndoUndo
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@MoneyIllusion@FriedrichHayek Bernanke's mistake was to ease too much, too soon--when unemployment was still under 5% in 2008 violating lawThanks. Twitter will use this to make your timeline better. UndoUndo
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