So many sharp economists in my TL want the Fed to target NGD. Forgot their own training? It’s *real* GDP that matters to ppls’ outcomes. Surely FED should dispense w/confusing ‘nominal’ side-trip & target RGDP directly. Namely, choose policies to make RGDP go up YoY. Done.
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I’ll walk u thru it say you wanna keep X times Y at a target. ok sound good right? but what if X go up while Y go down at the same time. OOP’S now who’s the dummy maybe I need a chalkboard
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no see thats the idea
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