Economist Silvia Sees Nominal GDP as Pricing Power Limit

The video discusses the evolution of GDP from the Volcker era, highlighting a significant decline in nominal GDP despite steady economic growth and low unemployment. It explores the role of policy changes, labor economics, and global market dynamics in shaping economic outcomes. The discussion concludes with an analysis of the US economic outlook, noting minimal changes in GDP forecasts for 2017.

Discuss the significance of the GDP forecast changes from the beginning of the year.

What are the implications of having no change in economic policy expectations for 2017?