Top Tweets for #NGDPLT
By the way, this is why #NGDPLT is so important under gov central bank regimes
NGDPLT allows productivity / supply deflation to be enjoyed by citizens
Inflation targeting ensures that never happens
The problem of confusing "deflation" as synonymous w/economic contraction
@AaronSepulvedaC @ideainofensiva @besttrousers Inflation seen from 2 perspectives:
a) red circle: what citizens care about because it affects their wallets (absolute terms)
b) green circle: what economists/central banks care about because it affects their economic models (rate of change terms)
Just target the %MoneyStream on final goods (#NGDPLT) & see prices fall without demand recession.
No pain necessary
The Fed keeps saying it wants to get the inflation rate back to 2%, but that shouldn't be the end goal. Monetary policy should remain tight until the 11% additional inflation we've had since January 2020 above the 2% trendline is erased.
https://t.co/l5IYmkf6Ih
He does have a point that needs to be addressed
Inflation targeting was great for the 1970s/80s problems, but a cumulative issue from the 1990s forward. That #NGDPLT is better is crystal clear now
As productivity increases in some sectors (see Slide2), AVG prices fall, so the Fed interprets that as an economic contraction, when the exact opposite is happening
So the Fed unintentionally pushes all other prices up through expansionary policy, making HOUSING even more unaffordable
#NGDPLT would allow prices to fall in economic expansions, & only rise during supply contractions. Then we could clearly see demand vs supply inflation.
#EconTwitter
People are incredibly bad at understanding inflation which is why it’s such an effective method of taxation
Even conservatives will defend it
Let's do deflation during economic expansions.
#NGDPLT
Instead of a 2 or 3% inflation target, how about 0%?
Read Selgin, White, Sumner, and Hayek
#NGDPLT and demand recessions go away.
Real shocks will become the only recession possible cause.
There’s no reason for the US to ever have a recession again. We know fiscal policy works, we can counter demand shocks with demand increases. There are many unsolved problems in economics, but “how avoid a reduction in demand” is not one of them
@AlonsoMoralesS2 @_Reaganite_ Correct, MoneyDemand is not stable.
Neither in Nominal nor adjusted for inflation terms.
#NGDPLT and chill
Let's #NGDPLT and chill
This allows productivity deflation (see 2014 & 2015) while reducing malinvestments (time-discoordinated investment)
A simple benchmark would be to stabilize the dollar against a *basket of commodities* (not currencies). That's a critical step to unleashing GDP growth & avoiding financial crises. Let's not learn the same lesson over and over again.
#PrivatizeEverything
#PrivatizeTheFed
(#NGDPLT as 2nd best)
With @LawrenceHWhite1
Central Banks like the Fed are nationalized Clearing House Associations, so privatize them.
#DenationalizationOfMoney
#Hayek #AustrianEconomics
https://t.co/e2tJrsYrTq
Two critical assumptions to what many economists (Fed, Peterson) are now arguing:
1) engineering a higher unemployment rate is critical to reducing wage growth (a reliable and reasonably static wage Phillips curve exists)
2) price inflation is being driven by wage growth
During economic expansions, CBs—unintentionally–push NGDP up to prevent deflation & during recessions it pushes NGDP below healthy levels to prevent high inflation.
Inflation targeting was a useful tool, but we can do better now with #NGDPLT & even #FreeMarketBanking.
Reducing consumption leaves more resources for capital goods production, so more consumer goods later
#Hayek did mention a stable #MoneyStream (#NGDPLT) would be ideal to achieve this—to take resources from late to early stages of production
Monetary freedom facilitates
1+
I think the heart of my disagreement with this @BobMurphyEcon piece is the implication that deferring consumption “leaves more” for others. There isn’t some fixed, pre-ordained supply of hamburgers.
#NGDPLT fixes this
🇦🇹😀🇨🇱
https://t.co/aU92evRh80
Actually, it is the failure to adopt NGDPLT that is responsible for everything bad happening.
#NGDPLT and chill
So you’re saying that macro policy that stabilizes aggregate nominal incomes actually prevents bank runs and shores up financial stability? Got it. If only there was a way to formalize this approach. https://t.co/UlT62sdCZc Oh wait, there is a way: https://t.co/GR4RZdGfx8
@Pat_Horan92 Overshoot under recessions and recoveries
Undershoots under expansions
And boom!!
We get #NGDPLT
If there is a constant obsession and chatter about whether an institution is doing things right or whether some near term policy shift could be devastating, then at a very fundamental level that institution is not well designed.
Doves and hawks should agree on this.
#ngdplt
Insightful Presentation by @JFrankelEcon of @Kennedy_School,@GeorgeSelgin of @CatoCMFA,@PIrelandatBC of @BostonCollege,and @1954Williamson at @BankofCanada's Mandate Conference on"Choosing The Right Target".
#LetsTalkInflation #EconTwitter #bocmandate #NGDPLT #CentralBankMandate
Here is the presentation on NGDPLT by Steven Ambler with cameos by @MacRoweNick and @1954swilliamson! Also, shoutouts to @PIrelandatBC, @GeorgeSelgin, @JFrankelEcon, and others. The Q&A was great too. https://t.co/QFRYUWTrM9 Thanks to @stephenfgordon for organizing conference.
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