"The Fed defines the dollar as a given fraction of 12- or 24-month forward nominal GDP, and make dollars convertible into futures contracts at the target price."
" If the public expected NGDP to veer off target, purchases and sales of these contracts would automatically adjust the money supply and interest rates in such a way as to move expected NGDP back on target."
". The public, not policymakers in Washington, would determine the level of the money supply and interest rates most consistent with a stable economy."
