It has recently been suggested in academia, however, that the level of nominal GDP should be made the policy goal instead, and one major central bank  BIS central bankers’ speeches  3  has gone so far as to leave open the possibility of its carrying out policy along these lines.
This has of course long been proposed in theory, and although it cannot be seen as having yet been tested as an effective alternative, the problem that causes it to be advocated lies in the fact that our existing instruments are not proving effective.