Short-fall, output gap, etc. Rates-of-change can be positive or negative. It is the Delta (Δ) between, the oscillation between Roc’s in money flows, and Roc’s in inflation, on the given interval that’s critical. Whether it is in an increasing trend (a buy signal) or decreasing trend (a sell signal).

In contradistinction to N-gDp level targeting (money illusion), real money constructs can be used to determine whether an injection of new money is robust (a buy signal), net neutral, or harmful (a sell signal). The demarcation is exact as the distributed lag effects of money flows are exact. That is monetarism, macro-economics, is an exact science.

The FOMC's monetary policy objectives should be formulated in terms of desired rates-of-change, roc's, in monetary flows, volume times transaction's velocity, relative to roc's in the real-output of final goods and services -> R-gDp. I.e., R-gDp is the nominal anchor.

Roc's in N-gDp, or nominal P*Y, can serve as a proxy figure for roc's in all physical transactions P*T in American Yale Professor Irving Fisher’s truistic: “equation of exchange”. Roc's in R-gDp have to be used, of course, as a policy standard.

## Dangerous Echoes

Short-fall, output gap, etc. Rates-of-change can be positive or negative. It is the Delta (Δ) between, the oscillation between Roc’s in money flows, and Roc’s in inflation, on the given interval that’s critical. Whether it is in an increasing trend (a buy signal) or decreasing trend (a sell signal).

In contradistinction to N-gDp level targeting (money illusion), real money constructs can be used to determine whether an injection of new money is robust (a buy signal), net neutral, or harmful (a sell signal). The demarcation is exact as the distributed lag effects of money flows are exact. That is monetarism, macro-economics, is an exact science.

The FOMC's monetary policy objectives should be formulated in terms of desired rates-of-change, roc's, in monetary flows, volume times transaction's velocity, relative to roc's in the real-output of final goods and services -> R-gDp. I.e., R-gDp is the nominal anchor.

Roc's in N-gDp, or nominal P*Y, can serve as a proxy figure for roc's in all physical transactions P*T in American Yale Professor Irving Fisher’s truistic: “equation of exchange”. Roc's in R-gDp have to be used, of course, as a policy standard.