“Inflation and Growth–Targeting Rules. Inflation and growth targeting is a popular proposal for reforming the Federal Reserve. Two of the most prominent versions of inflation and growth targeting are a Taylor Rule and Nominal GDP (NGDP) Targeting. Both offer similar costs and benefits.”
Citation: Project 2025, Section 4.4: Federal Reserve, Paul Winfree, page 771, paragraph 3
Context:
This is the fifth of a number of proposals Winfree suggests for limiting the power of the Federal Reserve’s role, in the absence of abolishing it entirely (in decreasing order of preference/effectiveness.)
For the pros and cons of the Taylor Rule and Nominal GDP targeting, see the analysis below.
Full contextual analysis of Section 4.4: Federal Reserve here.
Section: Section 4.4: Federal Reserve