Household income categories - nominal dollars?

I am analyzing a household income change in a future year. I wanted to confirm that I should enter the predicted dollar change for each household income category as nominal dollars for the event year (2020 in this case) rather than in real dollars?
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  • Hello, When working with Event Year, you are really taking whatever dollar you are working with and deflating it to the year of the data set the model is built with. If you are working with a 2020 dollar, you should set the EY to 2020. This way, IMPLAN deflates your 2020 value to the data year and applies the appropriate dollar amounts to the multipliers. Once you have analyzed the event in a Scenario, you can set the Dollar Year for View to 2020, which then deflates your results back up to what 2020 would look like. Please note that it is common practice not to deflate to more than 5 years or so. To summarize you would use the Event Year that appropriately matches the dollar value you are starting with if it is nominal then the Event Year should be 2015 if it has built in inflation to 2020 dollars then 2020 would be the correct Event Year. You can then use the Dollar Year for View to view it's equivalency in any other year that is included in the underlying deflators.

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