@MoneyIllusion Agree monetary shocks have instantaneous impact on NGDP, but not because of expectations. Money demand holds the answer.
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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@MoneyIllusion Future is unknowable. Prediction markets can only describe present. Its like guessing red or black on roulette based on bets.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@MoneyIllusion@Noahpinion economist are forever explaining what happened 20 years later - Peter Drucker paraphrasedThanks. Twitter will use this to make your timeline better. UndoUndo
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