Which is preferable: embracing a monetary policy rule in which nominal GDP grows at a stable rate of 5% per annum (so when real GDP growth falls below 3%, inflation will go above 2%; when it goes above 3%, inflation will be kept below 2%) or dramatically increasing public spending and socializing the financial system?
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About the Author
Reihan Salam is president of the Manhattan Institute and a contributing editor of National Review.
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