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supply shocks

NGDP targeting, productivity norm, inflation targeting, unsustainable booms, supply shocks
Booms & Busts, Economic Thought, The Fed & Central Banks

A Stable Spending Catechism

George Selgin/April 12, 2017June 19, 2022 /51 Comments

Although it has gained many converts since 2008, thanks especially to tireless crusading on its behalf by Scott Sumner, David Beckworth, and Lars Christensen, among other "Market Monetarists," the suggestion that the Fed ought to stabilize, not the inflation rate, or employment, but the growth rate of…

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