If only the Fed "prayed on the NGDP level target altar", instead of the "boos" we hear, the applause would be deafening!
Very nice analysis. BTW, there's no link in the final sentence to an explanation for why you used M4 to define broad money.
Excellent analysis. One wonders, assuming that Fed reduces excess demand in an optimum way, how long will the supply issues persist..
Very nice analysis. BTW, there's no link in the final sentence to an explanation for why you used M4 to define broad money.
Excellent analysis. One wonders, assuming that Fed reduces excess demand in an optimum way, how long will the supply issues persist..