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Scott Sumner
Undertone
Exploring the Resistance to Implementing NgDP Targeting
This chapter delves into the reasons for institutional resistance against implementing nominal GDP (NgDP) targeting in the Federal Reserve. It discusses the perspectives and political constraints within the Fed and examines the feasibility of programmatically running NgDP targeting. The chapter also considers the implications of NgDP targeting on industries like oil and explores the role of the Federal Reserve as a backup during unforeseen events.
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