They have too readily assumed that central banks can make at least short-term nominal interest rates what they like and have concentrated on esoteric exercises on the path they should follow.

他们过于轻易地就假定，央行至少能将短期利率维持在自己乐见的水平，并在他们应走的路线上进行秘密操作。

youdao

If nominal GDP fell below the target growth rate in one year, central Banks would seek to make up for that in subsequent years - in effect, following a path for overall nominal spending.

当NGDP在某年低于目标增长率时，中央银行会在接下来数年想法弥补：实际上就是通过控制名义支出以达到目标。

youdao

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