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