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The real world is nominal

The real world is nominal

Central banks shouldn’t target inflation at all — they should stabilize nominal spending

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Matthew Yglesias
Nov 19, 2021
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The real world is nominal
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David Roberts, one of the best climate policy analysts around, was way ahead of the curve in urging technocrats to abandon the dream of economy-wide carbon pricing as the go-to solution for climate change.

As he emphasizes in one of his posts on the subject, “understanding and planning around political economy is just as important as understanding and p…

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