David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

In this special Macro Musings episode, David is back in the spotlight, as he is interviewed by Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth, as a guest on her *Stay-at-Home Macro Podcast*. David and Claudia discuss nominal GDP targeting at length, as they dive into what it is, why it’s important, and how it could be implemented in the wake of COVID-19. They also talk about the communication problems related to introducing NGDP targeting as well as David’s proposal for reforming the Fed’s current policies.   Special thank you to Claudia for letting us air this episode as a part of the Macro Musings catalog!   Transcript for the episode can be found here.   David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/ David’s Mercatus profile: https://www.mercatus.org/scholars/david-beckworth   Claudia’s Twitter: @Claudia_Sahm Claudia’s Equitable Growth profile: https://equitablegrowth.org/people/claudia-sahm/   Related Links:   Link to the original podcast: https://www.youtube.com/watch?v=1rHBQ-o8vDA Homepage for Claudia’s podcast: http://macromomblog.com/sahmpodcast/   *Facts, Fears, and Functionality of NGDP Level Targeting* by David Beckworth https://www.mercatus.org/publications/monetary-policy/facts-fears-and-functionality-ngdp-level-targeting   *Measuring Monetary Policy: the NGDP Gap* by David Beckworth https://www.mercatus.org/publications/monetary-policy/measuring-monetary-policy-ngdp-gap   *COVID-19 Pandemic, Direct Cash Transfers, and the Federal Reserve* by David Beckworth https://www.mercatus.org/publications/covid-19-policy-brief-series/covid-19-pandemic-direct-cash-transfers-and-federal   *NGDP Targeting and the Public* by Carola Binder https://www.cato.org/cato-journal/spring/summer-2020/ngdp-targeting-public