Making Sense of Nominal GDP Targeting

In less than a month, Jerome Powell will replace Janet Yellen as the new Chairman of the Federal Reserve.  This change will give the Fed a chance to reconsider how it conducts monetary policy.  There had been a consensus among macroeconomists since the 1980s, but like many things, it was shattered by the Great Recession.  Continue reading “Making Sense of Nominal GDP Targeting”