It’s preposterous. There’s no problem that’s getting addressed with this solution, this is a solution in search of some problem.
Federal Reserve
… are a Taylor Rule and Nominal GDP (NGDP) Targeting. Both offer similar costs and benefits. Chapter Federal Reserve Page number 739 … Inflation and Growth-Targeting Rules. Inflation … - page 739
… Economists generally believe that the economy’s - 10642 Economists generally believe that the economy ’s long-term real growth trend is determined by non-monetary factors. The Fed’s job is to minimize … - page 739
… If the demand for money (liquidity) rises, the Fed meets it by increasing the money supply; if the demand for money falls, the Fed responds by reducing the money supply. This minimizes the effects of … NGDP growth target, it expands the money supply enough to boost nominal income by 5 percent each year, which … - page 739
… its policy rate when inflation and real output growth are above trend and lower its policy rate when inflation and real output growth are below trend. Whereas NGDP targeting focuses directly on stable demand as an outcome, the Taylor Rule focuses on the … - page 739
… The problem with both rules is - 10645 The problem with both rules is the knowledge burden they place on central … - page 739
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