NGDP over time

We can target a time centric NGDP growth rate in the sandbox system.  We end up with a three color, as I mentioned, because conservation of dimension, we now insure time.

It makes sense because we have seasons and seasonal adjustment is automatic and removes a huge arbitrage, making life easier for Nick Rowe and the fruit farmers. Good idea.

But we get NGDP betting congestion leading up to the date of the periodic NGDP release date.  The currency issuer needs to collect congestion fees on that, in addition to balancing loans and deposits with a short term rate.  If NGDP is coming in unexpectedly low, the bets pileup, the pit boss collects congest fees and then raises deposit rate and lower lending rate to get the necessary NGDP growth.   We treat this as, again, a finite capacity index space, we are just filling it with 'rates', interest charges on a periodic basis which includes both time and space tradebook errors, traders need to bet through a 'two stage' market maker, do triple entry accounting.

The alternative was a separate time insurance function priced via observations of the asynchronous currency issuer.

The simple analysis of betting congestion yields the aliasing effect, traders all know the release date, so they bet the sidelobes.  Trade space will be filled with abut 15% futures betting and the rest split between the separate S&L events. This is a quark system!