Greenspan on NGDP targeting – Econlib

I’ve been reading Robert Hetzel’s excellent new history of the Fed, and came across this November 1992 quotation from Alan Greenspan: We have seen that to drive nominal GDP, let’s assume at  4 1/2%, in our old philosophy we would have said that [requires] 4 1/2% growth in M2. . . .  I’m basically […]