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How the Fed Thinks about Inflation, Cryptocurrencies, and NGDP Targeting

Cato Podcast

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Is Nominal Income Targeting the Best Way to Promote That?

It would be, I think, very difficult to explain to the public the relationship of a nominal income target, nominal GDP target to those goals. It's a level of complexity that even some economists and policymakers struggle with let alone the general public. So it seems like it would be a reach to put that for us to have that as our fundamental framework. One in particular would be, what do you do with changes in trend growth?

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