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George Selgin: 6% NGDP growth rate does not indicate tight monetary policy

George Selgin: 6% NGDP growth rate does not indicate tight monetary policy
NGDP growth not sign of tight money

George Selgin argued that a 6% nominal GDP (NGDP) growth rate does not necessarily mean that monetary policy is too tight. He described this rate as being on the high side based on past experience.

Selgin also stated that the growth rate of M2, a measure of money supply, is not the key indicator, emphasizing that NGDP data provide more meaningful information.

Selgin has previously described fractional reserve banking as a feature of most banking systems, addressing common misconceptions in the sector in a past analysis. He has also criticized the claim that banks can lend $9 for every $1 deposited, suggesting that such statements indicate poor understanding of banking principles in a separate commentary. These remarks reflect his ongoing efforts to clarify monetary and banking concepts.

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