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Carola Binder on the History of Inflation, the Fed Framework Review, and the Promise of Nominal GDP Targeting
Carola Binder is an associate professor of civic leadership and economics at the University of Texas at Austin, and she is the author of a new book titled, *Shock Values: Prices and Inflation in American Democracy.* Carola is also a returning guest to the podcast, and she rejoins David on Macro Musings to talk about this book and some recent work she has done on the Fed\u2019s framework review. David and Carola specifically discuss the history of inflation in the US, the advantages of adopting a nominal GDP targeting regime, what to expect from the Fed\u2019s upcoming framework review, and more.
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Transcript for this week\u2019s episode.
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Carola\u2019s Twitter: @cconces
Carola\u2019s website
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David Beckworth\u2019s Twitter:\xa0@DavidBeckworth
Follow us on Twitter:\xa0@Macro_Musings
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Related Links:
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*Shock Values: Prices and Inflation in American Democracy* by Carola Binder
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*Why Do We Dislike Inflation?* by Stefanie Stantcheva
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Timestamps:
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(00:00:00) \u2013 Intro
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(00:03:42) \u2013 *Nominal GDP Targeting: Lessons from Recent History*
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(00:12:18) \u2013 NGDP Level Targeting: Looking Through Supply Shocks and Policy Communication
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(00:17:16) \u2013 *Shock Values: Prices and Inflation in American Democracy*
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(00:21:44) \u2013 The History of Inflation and Deflation in the US
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(00:30:30) \u2013 Key Lessons from the Revolutionary War and Civil War Periods
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(00:35:37) \u2013 The Impact of Price Controls During World War II
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(00:40:42) \u2013 The Emergence of Price Stability: From the Great Inflation Period to the Present
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(00:46:24) \u2013 The Direction of the Fed\u2019s Framework Review
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(00:49:22) \u2013 Outro