Understanding Monetary Policy
Economist Scott Sumner discusses the distinction between nominal and real variables in macroeconomics and the role of monetary policy in driving nominal variables. He emphasizes that while the central bank can control nominal variables, the debate should focus on determining the proper path of nominal spending or inflation. Sumner also explores the relationship between monetary policy, business cycles, and long-term economic growth.In this clip
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Scott Sumner on Money and the Fed
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