Patrick Horan and David Beckworth on *The Fate of FAIT* and the Future of the Fed’s Monetary Framework
Macro Musings with David Beckworth
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Flexibility vs Disdiscretion
The FOMC retains the discretion to determine how much makeup policy is enough. There's no strict time horizon for what constitutes an average. A simple nominal GDP target does avoid some of the temptation and problems created by you trying to divine in real time with a Taylor rule where we should be.
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