Global commodities have returned to their nominal peak level, last seen in July 2008 and as such, Brazilian companies may well miss out on vital export sales.

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An increase in velocity means that the same monetary base would support a higher level of nominal GDP.

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When the discussion turns to nominal targeting, we can say Nominal Gross Domestic Income Level Targeting (NGDILT) ensures that total Wages and Profits grow at smooth steady rate.

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To achieve that undistinguished level, however, nominal GDP would have to grow an average of 5.52% annually over the next five years.

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Deflation pushes up the real burden of debt, while the value of assets linked to that debt, such as house prices, may have to fall even more sharply in nominal terms to return to a fair level.

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It seems to be evaluating past monetary policy in terms of the change in nominal rates (which rose in 2004 and 2005) rather than the level of real interest rates (which was low from 2002 through the first part of 2006).

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If the Fed continues to keep a lid on the growth of nominal incomes, slow wage growth may eventually bring real wages down to a level required for full employment.

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Keeping all things equal, the country would need to grow by 7.7% a year, or nominal bond yields to fall to a Teutonic 0.5% to stabilise government gross debt at its 2011 level of 70% of GDP.

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Various rules have been proposed, including a price-level rule (zero inflation), an inflation target rule (2 percent inflation), a nominal GDP target, and a Taylor rule designed to control the growth of nominal income by controlling the monetary base.

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