Paging Adam Posen

Look Adam, we have had high inflation, but we’ve also had low (and negative) growth, nominal expenditures just aren’t accelerating in a dangerous way. The UK’s real GDP is a long way from peak because its nominal GDP is a long way from peak, and your job is to take charge of nominal GDP.

So please restate your commitment to a more expansionary monetary policy or we’re all screwed.

Signed,

Everyone.

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