Macro Musings with David Beckworth cover image

James Bullard on FAIT, Nominal GDP Targeting, and the Fed’s Upcoming Framework Review

Macro Musings with David Beckworth

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Evolution of Monetarism and Flexible Average Inflation Targeting

The chapter explores the evolution of monetarism at the St. Louis Fed and introduces new monetarists like Chris Waller and Stephen Williamson. It delves into the concept of Flexible Average Inflation Targeting (FAIT) and discusses the challenges faced in finalizing it amidst the pandemic, including asymmetries in makeup policies and the importance of effective communication of policy goals.

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