| http://www.w3.org/ns/prov#value | - Otherwise, a price level target is better.In my view, the NGDP growth path target mostly avoids the supply shock problem and so, there is no reason for a growth rate target.But what does McCallum think?ReplyDeleteAndy HarlessNovember 17, 2010 at 6:44 PMIt sounds as if Calomiris is supporting a growth (rather than level) target for NGDP. That strikes me as a really bad idea in general (and especial
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