The case for nominal GDP targeting by central banks
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Since the bankruptcy of Lehman Brothers in September 2008, central banks have exhibited a remarkable willingness to adopt new policies, tools and measures. Some were implemented quietly without debate. Others have received much attention. Among the latter ranks quantitative easing (QE), as first adopted by the Bank of Japan and later by the Bank of England, although neither has impressed researchers in terms of its effectiveness.1 As the Bank of Japan announced
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