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Posted by Moises (188.143.232.26) on November 18, 2016 at 04:15:50:

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menactra data sheet PPS.  Some people claim that NGDP targeting is a bad idea because the public doesn’t understand NGDP, but they do understand inflation.  OK, the Fed should tell the public they plan to target the “real price level.”  To the public that phrase will sound like the “actual price level,” not the phony numbers that the BLS puts out, which (according to Peter Schiff) make inflation look lower than it really is.  The Fed’s reputation will rise.  The public will think; “Aha, I knew all along inflation was more than 2%.”  The “real price level” is also a dog whistle to economists that the variable being targeting is real output times the price level.
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