If that's right, then one of the big supposed benefits of nominal GDP targeting - that consumers and businesses will have some certainty about the future path of their nominal incomes - largely evaporates.

BBC: The Bank of England, the chancellor, and the target

However, even stranger than the performance of RGDP has been the path of nominal GDP (NGDP).

FORBES: This Economic Recovery Is Surely Different: It's FUBAR*

There still should be labor demand growth but simply not as much as you would have thought in the absence of a drop in the path of nominal demand.

FORBES: Corporate Profits and Aggregate Demand

The path of prices, and hence the inflation portion of nominal interest rates fell, and as best we can tell will not be raised.

FORBES: NGDP in the Long Run and Economic Plasticity

In his paper he recommended that the Fed commit to keeping policy easy until the economy reaches a particular target, such as nominal GDP (ie, output unadjusted for inflation) returning to its pre-recession path.

ECONOMIST: Central bankers wonder why success eludes them