Maybe I'm being dense but I'm not quite sure I see the distinction…
E.g. if your currency has a one-to-one peg to a price signal X, doesn’t that mean a zero rate of inflation w.r.t. X?
I include (a) because I think in the quoted text, when Nash talked about zero inflation here he meant “inflation” in the traditional sense, i.e., CPI-based inflation. Or is that not correct?pic.twitter.com/M7x3r2qNWa
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It's a very nuanced argument and I think he is saying we need to end the practice of having an x% target and determining x. Use an international price as a peg and have 0%
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Rather than using an apolitical price like bitcoin and then targeting 2% inflation versus bitcoin.
End of conversation
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