Navigating by the Stars and Steadying the Ship Speed
Navigating by the stars can sound straightforward. Guiding policy by the stars in practice, however, has been quite challenging of late because our best assessments of the location of the stars have been changing significantly… the FOMC has been navigating between the shoals of overheating and premature tightening with only a hazy view of what seem to be shifting navigational guides.
Taking percent deviations of these growth paths from the actual NGDP level gives us the following Nominal GDP gaps:
Source: http://macromarketmusings.blogspot.com/2018/09/navigating-by-stars-and-steadying-ship.html
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