17-Oct (MarketWatch) — The Federal Reserve should target the level of gross domestic product, Goldman Sachs economists said ahead of a wave of speeches from central bank officials.

In a note published Friday night, Goldman Sachs said the best way for the central bank to loosen policy significantly further would be to target a GDP path, and commit to using more asset purchases to achieve that path.

“While a shift to a nominal GDP level target would be a big decision, it would be consistent with the Fed’s dual employment and price mandate,” the economists wrote.

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PG View: A timely position taken by Goldman Sachs in light of the inflation piece written by John Mauldin on Saturday. Yes, it does indeed seem that “inflation as a solution” is gaining traction. I say tom-a-to, you say tom-ah-to. I say inflation targeting, you say GDP targeting. Whatever you call it, it’s synonymous with dollar devaluation and you best be saving in something other than dollars if you hope to come out the other side unscathed.