Peter Ireland on the Fed’s Pandemic Performance and the Path Forward for Monetary Policy
Macro Musings with David Beckworth
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Is There a Multi Year Target for Nominal GDP?
I like your idea of having a multi year target to avoid the very predicament i was in last year. You can still call it inflation targeting of some kind, but it's anchored by a nominal g t p level target. I don't really see any inconsistency with members of the f m c making reference to a multi ear target path for nomenal g d p because implicit in its design is the two % inflation target. But you know, that month to month and quarter to quarter movements and inflation are reflective some extent of spy shocks. And we don't want to get distracted by that.
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