Influence the Federal Reserve to set an explicit target path for nominal GDP and let the market guide Fed policy.

The U.S. economy is currently producing far below its potential output, confirmed by the unacceptable high level of unemployment. In order to make up for this shortfall in output, modern economic theory suggests policy designed to increase aggregate demand, thereby increasing the level of output and prices. Given the government's dismal fiscal situation, monetary policy is the most effective tool to increase aggregate demand. With an explicit NGDP target the Fed can stimulate the economy more effectively than targeting nominal interest rates. Also, regarding liberty and the power of the Fed, this strategy effectively lets the market guide monetary policy and interest rates. For the sake of those hundreds of thousands unemployed this should be a top priority.