Evan Koenig is a former senior aide to the president of the Dallas Fed. Evan returns to the show to discuss, the ins and outs of nominal GDP targeting, the practical applications of NGDP targeting, the reasons the Fed should consider it for the framework review, and much more.

Check out the transcript for this week’s episode, now with links.

Recorded on October 29th, 2024

Follow David Beckworth on X: @DavidBeckworth

Follow the show on X: @Macro_Musings

Check out our new AI chatbot: the Macro Musebot!

Join the new Macro Musings Discord server!

Join the Macro Musings mailing list!

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel 

Timestamps:

(00:00:00) – Intro

(00:01:06) – Evan Koenig at the Fed

(00:02:04) – Nominal GDP Targeting

(00:06:22) – Why the Fed Didn’t Consider Nominal GDP Targeting

(00:17:25) – How to Explain Nominal GDP Targeting to the Public

(00:23:10) – Main Arguments for Nominal GDP Targeting

(00:33:52) – Practical Applications of Nominal GDP

(00:47:19) – Nominal GDP Targeting and the Fed’s Upcoming Framework Review

(00:50:57) – Outro