Scott Sumner on Alternative Approaches to Monetary Policy
Macro Musings with David Beckworth
00:00
Nominal GDP Level Targeting
The new prime minister in the united kingdom has supported nominal gdp level targeting some point in her past. She may ask the bank of england to switch over, but we don't know if that's going to happen. My fear is that a central bank will adopt nominal g t p, growth rate targeting because i think that's more acceptable to central bankers. I do think in the very long term, we are sort of trending in that direction. But we'll have to wait and see.
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